Consumer complaint received 2020-11-30
Company: SLM CORPORATION
State: NY
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 am desperately requesting your assistance with resolving a conflict with Sallie Mae. Sallie Mae has the wrong graduation date as well as the wrong educational institution from which I graduated and received a degree in XXXX XXXX. Due to this mistake my loan repayment period was delayed by two years and an exorbitant amount of interest has accrued totaling over {$32000.00} and growing. I have been trying to work this out for almost a year but Sallie Mae refuses to accept responsibility for this error. 

I am asking for your assistance to resolve this issue-to have the correct repayment start date, the correct amount of my loans representative of the correct repayment starting date, as well as the correct amount of accrued interest as of XX/XX/XXXX. I can then make efforts to refinance the loan with the correct amount from XXXX of XXXX. Additionally, I would like my accounts to be marked current, properly recorded to the consumer reporting agencies, and interest to be frozen until this issue is resolved as well as in accordance with the government mandates for COVID relief. 

Sallie Mae had a financial contract with XXXX XXXX XXXX XXXX in XXXX, New Jersey. I was a XXXX student at XXXX from XX/XX/XXXX to XX/XX/XXXX. I finished full-time enrollment status at XXXX in XX/XX/XXXX and enrolled in classes less than half-time at XXXX XXXX XXXX, non-matriculated, to be transferred to XXXX for the final credits of my degree granted in XXXX of XXXX. Sallie Mae has erroneous documentation indicating I graduated from XXXX in XX/XX/XXXX with my loan grace period ending in XX/XX/XXXX. That equates to two years of additional loan payments and accrued interest. As per Sallie Maes promissory note, my loan payments were to start six ( 6 ) months after I stopped being a full-time student at XXXX XXXX which would be XX/XX/XXXX not XX/XX/XXXX! In XX/XX/XXXX the amount owed was roughly {$120000.00} and in XX/XX/XXXX the amount increased to {$140.00}, XXXX. As of the latest statement provided by Sallie Mae in XX/XX/XXXX the total loan amount is {$150000.00}, reflecting a {$6400.00} balance write off to be later discussed in this letter. Sallie Mae continues to add interest, over {$1200.00} a month! Aside from my accounts being in dispute for the last year, I am unemployed due to COVID and feverishly looking for a new job, interest continues to compound! Why is Sallie Mae exempt from the CARES Act, and President Trumps executive order to further suspend student loan repayments and interest to XX/XX/XXXX? Majority of the country is very financially vulnerable during this unprecedented time, while Sallie Mae continues to take advantage of their borrowers! 

I have provided all the documentation Sallie Mae requested including the information from the XXXX XXXX XXXX. Sallie Mae adamantly insists, because of the documentation they received in XX/XX/XXXX, from an unknown source, and based on that information my repayment period remains to stand as is-XX/XX/XXXX. I requested copies of their documentation from the unknown source regarding my enrollment status and graduation and was denied access, told I needed a Subpoena. The problem is my repayment start date is based on that erroneous information and not the correct information from XXXX XXXX XXXX XXXX, XXXX XXXX XXXX or the XXXX XXXX XXXX House. 

For almost a year I have tried to resolve this issue, providing all the requested documentation. After I filed a complaint with the XXXX XXXX XXXX, Sallie Mae has later acknowledged that there is an error in their documentation but refuses to accept responsibility. Their internal investigation still documents incorrect dates and information, and as a courtesy they processed a partial principal balance write off {$6400.00}. Considering the total amount of charges and interest accrued, {$6400.00} is only a drop in the bucket and is unacceptable. As of today, we remain in dispute. 
I think its important to note I had the opportunity to refinance my loans in XX/XX/XXXX, while I was employed, but Sallie Mae would not provide a financial statement indicating the correct amount to be refinanced to the lending institution. My mother, the co-signer, and I would like to pay the loans, but we would like to pay the correct amount! We have done everything we can in good faith to resolve this issue, but all our efforts have failed. 

This ongoing dispute has become an enormous burden financially and emotionally. Now being unemployed due to the pandemic, the financial hardship intensifies and feels overwhelming. We are both in fear of having our credit destroyed, risking the financial stability of my future and my mothers retirement. I feel I am being held captive and even penalized for Sallie Maes mistake and this is so wrong! 

I am turning to you for help please and your assistance with resolving this issue. I have exhausted all avenues and efforts on my own. I feel bullied by this large financial institution and it has taken its toll. A representative from Sallie Mae stated himself that he knows of other cases that are similar to mine. This means it is more than me suffering from this problem and Sallie Mae should be thoroughly investigated and held accountable. I am hopeful that you will be able help me along with the others who are victims of Sallie Maes poor business practice and ethics. 

As said earlier, I am desperately in need of your assistance and intervention. I will work with you in hopes of correcting and resolving this conflict. I thank you for your time and efforts in advance and would very much appreciate your guidance.

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