Consumer complaint received 2016-11-03
Company: Vermont Student Assistance Corporation
State: VT
Product: Student loan
Sub-product: Non-federal student loan
Issue: Can't repay my loan
Sub-issue: Can't get flexible payment options

Complaint:
This is my 2nd complaint I 'm submitting against Vermont Student Assistance Corporation ( VSAC ). 

To sum up the unresolved issues : - In XXXX XXXX, I requested to lower my private student loan payments with VSAC to $ XXXX for six months so I could make payments on my federal student loans that quality for loan forgiveness. VSAC denied this request even after I met with them in person and provided a full financial disclosure. 
- After two months of correspondence ( including my Vermont House and Senate Representatives and filing a complaint with the Consumer Financial Protection Bureau ), VSAC granted this $ XXXX/mo reduced payment plan from XXXX XXXX - XXXX XXXX. However, AFTER I signed and submitted the reduced payment forbearance application, VSAC then told me that they would not allow me to utilize the remaining months of reduced payment forbearance left on my account with the reason given that I did not submit a plan to make full monthly payments after the six month forbearance. I have never submitted such plan with any of my other forbearance requests. 
- Upon VSAC telling me they would not allow me to use additional forbearances left on my account, I revised my proposal to a higher payment amount of $ XXXX/month provided that they would allow me to utilize the remaining number of months of reduced forbearance ( and no pay forbearance ) on my account. I was going to place my federal student loans again in no-pay forbearance in order to make the higher payments to VSAC, just to ensure I 'd be allowed to utilize the remaining number of reduced payment forbearances left on my VSAC account as I do not think I 'll be able to make full monthly payments ( roughly $ XXXX/mo ) in XXXX and do not want to default - which I 've explained several times to VSAC. This revised proposal was rejected by XXXX XXXX - General Counsel of VSAC as of today, XXXX XXXX. 

There is no logical reason as to why VSAC can not allow me to utilize the remaining months of reduced forbearance on my account. I have made 93 months of payments on my account and will continue to do so, but need to do so within my financial means. 

In this complaint, I 'm asking for the following : 1. A response to the questions I 've posed to VSAC several times ( see below ) and, 2. that I be able to utilize all remaining months of reduced and no-pay forbearance left on my account. 

Questions posed to VSAC that have gone unanswered : 1. Please provide me with the # of months of reduced forbearance and the # of months of no-pay forbearance left on my account. 

2. I do not wish to work with XXXX XXXX. I would like the name of another Customer Relations supervisor that I can work with directly on my future questions and issues. 

3. Please provide an explanation as to why my previous months of reduced forbearance were approved without a plan to make full monthly payments if this is the requirement for granting forbearance, per your previous email attached. 

4. Please provide your regulations/VSAC Standard Operating Procedures 's regarding granting of/requirements for granting a forbearance. 

5. Why if VSAC can not agree in advance to grant a 'block ' of forbearances, how can VSAC deny a 'block ' of forbearances as you claim you will do come XXXX XXXX - even though I have repeatedly stated that I will not be able to make full payments at that time, and hence my revised payment proposal of $ XXXX/month from XXXX XXXX - XXXX XXXX with the full use of my reduced payment forbearances left on my account.

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 explanation