Consumer complaint received 2022-07-31
Company: SLM CORPORATION
State: TX
Product: Student loan
Sub-product: Private student loan
Issue: Struggling to repay your loan
Sub-issue: Problem lowering your monthly payments

Complaint:
I co-signed for 3 private student loans that my daughter received via Sallie Mae. Unfortunately my daughter has not been in a financial position to repay those loans so I have made all of the payments to Sallie Mae for these loans ( all of the loans are currently in good standing/not 30-days late ). 

However, due to unforeseen circumstances I have had a reduction in income- which is why I proactively reached out to this lender for temporary payment arrangements for these loans. 

My daughter and I reached out to this lender via a conference call on XX/XX/2022 and again on XX/XX/2022 in an effort to request that this lender work out a deferment/forbearance or lower monthly repayment plan with me/us. During the first call we were transferred to multiple representatives ( each stating that some other department would be able to assist us ). After being asked to re-verify ourselves with each call transfer we reached the final representative and were asked to both complete lengthy financial assessments before we were finally told that a deferment/forbearance was not an option but we could make a $ XXXX payment that day instead of the regular payment of $ XXXXmonth for the 3 loans ( and continue with those reduced payments for 6 months or so ). I would have accepted that arrangement but unfortunately I did not have the funds to make the reduced payment during that call so I opted to call back at a later date to secure that or a similar payment arrangement. I called back on XX/XX/2022 with the same request ( in an effort to keep the loans current/not allow them to become 30-days or more late ), I was transferred to the Loan Resolution Department, spoke with a representative that requested that I complete another lengthy financial assessment ( because he stated he could no longer use my previous assessment ). After that process was completed the representative asked that my daughter call them and complete another assessment as well before a decision could be made. 

My daughter called their Loan Resolution Department a couple days later, completed her lengthy financial assessment and was told that they could not defer/forbear the student loans unless someone broke into her car and/or she was without transportation or if she/we had some other/similar situation - then we could defer the loans for one month, otherwise no other payment arrangement could be made ( we were not given an option to temporarily lower the payments ). The representative also notified my daughter that she should request that additional family members co-sign for the loans- however that is not an option. 

I am frustrated with this lender because they seem to have made their payment arrangement process so difficult that is non-existent. They also seem to be unwilling to meet us halfway as we work to repay these loans- all proactive efforts made to reach out to them in a timely manner ( and/or to temporarily reduce the payments via a payment plan or deferment have been denied by this lender ). These are unfair and oppressive practices. 

This lender will however send correspondence stating that the loans require attention ( again as of the date of this complaint they are not 30-days late ) but when we contact them their representatives waste our time by holding us on the call to collect countless amounts of information from us but will not offer a solution and/or temporary assistance to us in our efforts to keep the loans in current status. 

I would like some real repayment plan assistance from this lender regarding this matter. 

Thank you.

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