Consumer complaint received 2018-11-05
Company: Social Finance, Inc.
State: NC
Product: Student loan
Sub-product: Federal student loan servicing
Issue: Dealing with your lender or servicer
Sub-issue: Problem with customer service

Complaint:
XX/XX/XXXX I submitted a complaint to the Consumer Financial Protection Bureau and on XX/XX/XXXX I submitted a second complaint against XXXX/ XXXX/ Sofi lending but CFPB never did anything with the complaint because they said it was a duplicate however there was more information listed in the second complaint I had placed.

Unfortunately the Consumer Financial Protection Bureau has turned out to be just as useless as those lenders that lie and deceive. When was there ever true resolution to an issue posted other than the company did all they needed to do. This has become a soap box for complaints and that seems all that it is. I see nothing being done to fix the issues with all of the companies lending to students who have always been told that education is everything, education is priceless. My education came with a cost and interest fees and they seem to be endless. There is so much debt in this nation because of the interest that is charged to people wanting to learn.

It was reported around the end of XX/XX/XXXX The Consumer Financial Protection Bureau filed a federal lawsuit against XXXX XXXX and two subsidiaries seeking restitution for affected borrowers and money penalties. The report stated : XXXX  cheated struggling borrowers out of their rights to lower their payments " through shortcuts and deception. ", illegal practices made it harder for some borrowers to repay their student loans, XXXX failed consumers who counted on them to help give a fair chance to pay back student loans, '' XXXX said in a statement. " At every stage of repayment, XXXX chose to shortcut and deceive consumers to save on operating costs. '' The list went on and on.

I felt I fell into this category and I attempted to seek relief towards the loans that had been transferred to Sofi/ XXXX from XXXX. I was only seeking fairness and resolution to get ahead and I had not know earlier that XX/XX/XXXX that I could make a formal complaint through CFPB. I asked that XXXX  pay the ridiculous amount of interest accrued during the time they held my loans, my background like many others started this way : In XX/XX/XXXX I applied for a loan to go back to school. My loans had a 2 % interest rate, upon graduation the rate was 7.7 %. I had put off payments towards the loan until graduation in XX/XX/XXXX I was given a variety of information from my lender that was both misleading and unhelpful time and time again. When I graduated my loans had accumulated to XXXX   dollars, I did what I could to start to pay back the debt but never could get ahead. In XX/XX/XXXX XXXX finally informed me about the income based repayment and for 3-4 years I made payments totaling almost 13 thousand however my loans gained XXXX of interest over the period of time and I now owed XXXX.

I had no choice but to refinance with another lender, Sofi/ XXXX . When I refinanced the loan after the payments I had made for three years the total amount was for XXXX dollars. Sofi seemed the better option with structured payments, it seemed to be my only option of clearing my debt someday. I was poorly informed and I feel defrauded by XXXX XXXX/ XXXX. My claim submission reply through the CFPB website from the company was that they had billed everything correctly on their end, that's it.

XXXX  created obstacles, and misinformed me throughout the history of my loans making paying the loans down impossible. Now Sofi/ XXXX have my loan and the one rep I had spoken to stated that people have loans forever. Who wants to live like that, how is that something to look forward to? Sofi/ XXXX have no income based repayment program setup and I currently can not afford to make payments on my loan.

Company response to consumer: Closed with explanation