Consumer complaint received 2019-03-20
Company: WELLS FARGO & COMPANY
State: CO
Product: Student loan
Sub-product: Private student loan
Issue: Getting a loan
Sub-issue: Denied loan

Complaint:
I officially completed my degree at XXXX on XX/XX/XXXX, I had previously applied and been award 2 separate student loans from Wells Fargo ( totaling the amount of {$40000.00} ) and I still had about {$14000.00} owed to XXXX for my last semester. On XX/XX/XXXX I called Wells Fargo and spoke with XXXX XXXX, my new private loan consultant. At that point I gave him all my information and he claimed he would be with me " every step of the way '', he did inform me that because I was not currently in school sometimes the financial aid office did not accept certain loans and that I may wan to call my school before I began the process. I decided to move forward with the paperwork and contact my school while Wells Fargo approved my loan, my cosigner and I filed all of the necessary paperwork online and all was well. I was temporarily approved for the loan through Wells Fargo and was informed that it had been sent to XXXX for them to confirm I was a student and that was the amount I owed. 

On XX/XX/XXXX the loan was certified by XXXX and the was pending funding. During this time Wells Fargo 's systems crashed and all access to online banking was inaccessible for a day. I waited about 2 weeks and grew impatient so I called XXXX on XX/XX/XXXX and was told that they were just waiting for the loan to pend, I then called Wells Fargo and was informed that my loan had been denied. After going back and forth for hours I was informed by a Wells Fargo representative that it was XXXX 's policy that they would not accept a private loan 30 days after the date of graduation. I immediately called XXXX and was informed that this was not true, that XXXX was happy to accept a payment. 

My cosigned got involved at this point and sent an email to XXXX ( my loan consultant ), who I had left voicemails for nd never heard back from after our initial conversation. That evening XXXX from Wells Fargo called my phone and left a voicemail claiming that they had called XXXX on 3 different occasions to push the loan through but that was their policy and there was nothing more they could do, he advised me to contact XXXX for further direction. 

The next morning I contacted XXXX were they informed me that on XX/XX/XXXX they had contacted Wells Fargo ( about 2 weeks after they certified the loan and were waiting for payment ) and spoke with XXXX who told them that it was Wells Fargo 's policy that a student most be attending classes or within the 30 day after graduation period to qualify for a loan, at that point XXXX at Wells Fargo cancelled XXXX denied ) the loan from funding. 

On XX/XX/XXXX I called XXXX at Wells Fargo and after going over this entire timeline he finally admitted that it was Wells Fargo 's policy that preventing me from receiving the loan I had applied for. I explained that if I had just been informed of this policy from the day I had applied I could have avoided months of waiting for funding, late fees accruing through XXXX, and a credit pull for both me and my cosigner. He said he understood and put me on hold while he went to see if there was anything he could do. He came back on the line to inform me that there was nothing further he could do. 

I hung up and called XXXX where a wonderful student XXXX connected me with a loan advisor named XXXX, she explained that XXXX XXXX may be a good option because they pay past due balances up to 364 days after the date of graduation. 

Wells Fargo was manipulative and my loan advisor was untrusty worthy. If they had best practices and cared about fair and responsible banking they would have informed me of their lending policies upfront and I could have made an informed decision. Instead my money, credit, and time was absolutely wasted by Wells Fargo.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with non-monetary relief