Consumer complaint received 2023-02-17
Company: SLM CORPORATION
State: MD
Product: Student loan
Sub-product: Private student loan
Issue: Struggling to repay your loan
Sub-issue: Can't get other flexible options for repaying your loan

Complaint:
I began college in XXXX. I applied for a loan with Sallie Mae because my college, XXXX XXXX in XXXX PA, refused to give me financial aid because my parents income was " too high '' despite the fact that they did not help me. I applied with a cosigner and every loan I took out raised my interest and my payment. I was told when originally taking out my loan that it would not affect me taking out multiple loans instead of one per semester. They pushed me to take out multiple loans rather than one large one. Even when my father, who has the larger income, was out of work, we asked for help or financial aid and XXXX told us to pull me out of school if I could not afford it. Sallie Mae also refused any help despite the sole income for my payments being on disability. I was told after college that I would be offered different repayment plans to help pay because of my high interest rate. I graduated college in XXXXXXXX XXXX XXXXXXXX. A year went by of deferment and I was told I could apply for a " graduate '' repayment plan for a year after. I called one month for my last deferment plan and they told me I had until ___ ( I can not remember the exact month ) to apply for the graduate repayment plan. I called back before the end of the deadline that I had been told, that I was too late to apply for it. I told them that I was unable to pay my loans with my current income and asked for an income based repayment plan. They told me they do not offer that, but if I let my payment default, that the collections people would offer me other solutions for payment options. I asked to speak to them before then because I did not want to miss my payment and they said no. I let my payment default, with no other option, and they told me my only option was to pay my payment. The payments I have take up my entire paycheck and leaves me with no extra money left over. I went back to school and took classes to help defer my payments with interest only payment and still have been offered no help with repayment plans. I have asked monthly about any help they could offer and have been told I'm out of luck every time I have asked. I have also tried to refinance through multiple companies and been denied because no company wants to refinance a Sallie Mae loan. Even now, I have asked for an income based repayment plan and been denied. My payments now, without school forbearance, would be around {$2700.00}. My current income is {$3700.00} a month, leaving a {$1000.00} for food, rent, car payment, and other living expenses for a month. I am unable to pay this and have expressed this to Sallie Mae multiple times with. no help. I am constantly told that it is my problem and they have no help to offer me. My current loan total is {$170000.00} for an undergraduate degree. I have been taken advantage of by XXXX XXXX and Sallie Mae, starting when I was XXXX and a first generation college student. I did not know what I was doing when I was younger and now have to suffer the consequences of my naivety.

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