Consumer complaint received 2018-06-02
Company: WELLS FARGO & COMPANY
State: NV
Product: Student loan
Sub-product: Private student loan
Issue: Struggling to repay your loan
Sub-issue: Problem lowering your monthly payments

Complaint:
I currently owe {$110000.00}. I took out 4 loans between the period of XX/XX/XXXX-XX/XX/XXXX that amounted to over {$90000.00} in debt. I went to XXXX school from XX/XX/XXXX to XX/XX/XXXX, and therefore was able to defer my loans until after graduation. After I graduated law school in XX/XX/XXXX, I deferred my loans as long as possible because I took a low paying job. After all 4 loans became current, I opted to consolidate the loans in an attempt to lower my payment and make it one payment. I applied on my own and did not qualify so I had my mom cosign. My mom makes great money and has good credit so she was approved, therefore we were approved for the new loan in XX/XX/XXXX. I wasn't aware she would not be treated as a normal " co-signer '', which in my mind is more like a safety net. Instead, they take her income into consideration and my payment each month started at {$800.00}. In XX/XX/XXXX of this last year, I called them and asked about options to lower my payment. They said because my mom makes so much money, I wouldn't qualify. Again, my mom does NOT pay my loan. She simply guarantees it. I can not afford the payment, so I asked about other options. They presented me the option of deferring the loan for a 2 month period. I went through the application process and was told as long as I paid my payment for XX/XX/XXXX, my loan would be deferred for XX/XX/XXXX and XX/XX/XXXX. When I went to pay my payment in XX/XX/XXXX, I saw I owed about {$2500.00} instead of the usual {$800.00} payment. They had not approved my application for a forbearance but had never called me to tell me that. When I asked why they said because I didn't have a phone number on file. Not sure how a bank doesn't have my phone number or can't reach me. In any case, I should have never even been PRESENTED the idea of a forbearance because you apparently can not utilize that option until your loan is at least 9 months old and mine was not. Somehow that became my problem. I asked them again what I could do about the now {$2500.00} I owed at once and they gave me no options. My payment is now {$850.00} due to late fees, etc. and I owe the money I never paid during the " forbearance ''. I want to just default but I can't because my mom 's credit has now been negatively affected from the missed payments and if I default, I know it will hurt her credit anymore. I have called Wells Fargo multiple times over the past 6 months asking them for help with my payment. I would rather do the right thing and pay my loan, but {$850.00} a month is almost 40 % of my current income. Had they worked with me in the first place and set my payment according to my income rather than mine AND my mother 's I would have never requested the forbearance and I would be current with my payments. It's destroying my credit, my mom 's credit and my ability to pay my other bills having to pay this, and I just want Wells Fargo to work with me and allow me to lower my payment. I would think they'd like to get something from me rather than nothing ( in the event I default ).

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