Consumer complaint received 2019-05-24
Company: SLM CORPORATION
State: GA
Product: Student loan
Sub-product: Private student loan
Issue: Dealing with your lender or servicer
Sub-issue: Received bad information about your loan

Complaint:
I have four seperate loans with Sallie Mae all with interest rates from 8.75 % to 11.75 %. When I took out the first 2 loans I was under the impression the interest rate was lower. Secondly the last 2 loans have different co-signers in which they told me could be release within 6 months of on time payments. After repaying on the loans on time for the past 2+ years I called to have my co-signers released in which I am now told theres an application process and that my co-signers can not be release as there are a group of rules that must be met first, one being the borrower can not be on a reduced payment plan. When I took out the loans these additional co-signer release stipulations where NEVER explained. When I called to inquire about this I was told I shouldve known because its on their website however it says they can change the co-signer release stipulations at anytime. The consumer advocate XXXX claims to have listened to the recording in which these stipulations where described to me but will no allow me to heard the recording. I previously filed a complain about how Sallie Mae told me the only way to have a lower monthly payment ( previously $ XXXX/mo ) was to go into collections which I did in good faith that they were giving me the best advice. I was young and didnt really know better. They call themselves fixing the issue after my complain with CFBP by crediting the interest charged during that collection period however I do not find this a satisfying solution. I also do not believe they credited my account with all the fees and interest applied to my accounts during the advised collection period. Taking a closer look at my billing Ive noticed they charge me interest twice a month for each loan. Over the last 2+ years Ive paid anywhere from $ 17k-20k and my overall balance has only decreased by approximated $ 3k. When I asked about this XXXX, their consumer advocate, told me that they apply my payments to the interest accumulated while I was not making full payments and still in school. However, upon my calculations I accumulated less last $ 10k in interest so that should be well paid for by now. Ive called asking for original loan documents and now payment activity which takes 3weeks to receive which to me is unacceptable and unrealistic and makes me believe they are altering documentation. The loans all have astronomical balances higher than what was originally borrowed. Ive called to ask about lowering interest rates in which XXXX told me we dont do that here. Ive tried to refinance but am unable to because of the previous collection in my report and my high credit card balance in which I had to live off of while paying this high monthly bill. Unfortunately this is a universal issue in which many borrowers are facing and are not recieving any help or answers. Many similar complaints found online which leads me to believe Sallie Mae is practicing in deceptive repayment practices, consumer fraud, & subprime lending.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation