Consumer complaint received 2018-03-20
Company: PNC Bank N.A.
State: NY
Product: Student loan
Sub-product: Private student loan
Issue: Struggling to repay your loan
Sub-issue: Problem lowering your monthly payments

Complaint:
I would like to complain about what I believe is undue burden placed on the student borrower by XXXX XXXX XXXX/PNC Student Loans when it comes to temporarily reducing loan payments as a result of a lower income. 

I called and spoke with a customer service representative from XXXX XXXX XXXX ( the servicer of my PNC Student Loans ) at the beginning of XX/XX/XXXX to discuss lowering my monthly payments, as I wasn't employed full time as of yet and was going to have trouble making payments once my loans entered repayment. I was told about a Loan Modification Program PNC Student Loans offers which temporarily reduces payments for eligible students, and received an application for this program via the XXXX XXXX XXXX online portal on XX/XX/XXXX. 

I filled out this application and sent it in via mail, and was called a week later by a representative about needing to submit additional pay stubs as those provided for my Co-signer were not consecutive. I resubmitted these paystubs Receiving no updates, I called XXXX XXXX XXXX to follow up on the status of my application about 3 weeks later, where I was told the application had been denied on the grounds that the pay stubs submitted were not consecutive. When I told them I had already sent these, I was told they were never received and I would need to reapply. 

I resent an application XX/XX/XXXX, and received a denial on XX/XX/XXXX via the online portal, on the grounds that my income/expense and my co-signer 's income/expenses did not meet the criteria for this program. I was discouraged and frustrated. 

I reapplied to the program on XX/XX/XXXX with new financial information, as in this time I was hired full time at a job out of state and moved out of my parents house- as a result my expenses greatly increased. I sent this application in via e-mail this time, as a result of having previous mail-ins not received ( the prior re-submission of pay stubs that were never received ) and hoping this would be a more timely, efficient method and I would be able to receive a response quicker. 

I called XXXX XXXX XXXX the third week of XX/XX/XXXX to follow up on the status of my application as I had not heard anything back. During this time, I learned that the applications I had sent in after my first application was closed in XXXX ( because of the missing pay stubs ) were invalid, since I was using the application forms sent to me in XXXX that had been closed. The representative told me the XXXX and XXXX applications were invalid because I needed to be sent new application forms to reapply ( even as the forms as the exact same as the original forms. ) I was extremely frustrated that this was never communicated to me, asked that a new application be sent so that I could reapply. I also asked which method would be most effective to send in the application- via mail or via e-mail- as I wanted to ensure my application was received, an was advised to send the application in via mail. 

I received the new application via the XXXX XXXX XXXX online portal on XX/XX/XXXX, and resent my application via mail XX/XX/XXXX. I called to follow up on the status of this application on XX/XX/XXXX and was told my application was being reviewed by the lenders and a decision was still pending. I called again to follow up on the status of the application on XX/XX/XXXX and this time as told I needed to send additional student borrower pay stubs, as I only sent 2 in ( as the application requests ) but since I am paid weekly, the pay stubs only reflect 14 days and need to reflect 30 days a pay. Additionally, I needed to resend a form where I had mistakenly checked a box then scribbled it out- I needed to resubmit this form without a check. 

I corrected and resubmitted these documents on XX/XX/XXXX. I called XXXX XXXX XXXX to follow up on the status of my application on XX/XX/XXXX. I was told I needed to reapply, as a line in the co-signers financial statement was incorrectly filled out and misleading. I am not waiting for a new application to be sent via my online portal, so I can apply for this program for the 5th time over the past 8 months. 

My complaint has to do with the tediousness and lack of communication throughout this entire process. It seems unnecessary that I should need to reapply every time there is a small mistake ( such as accidentally checking then scribbling out a box, to indicate that it was check ). It seems ridiculous that there isnt a way to submit an application online, that everything is via snail mail. I think it is also ridiculous that I cant receive e-mail or phone call updates to my applications status when it changes- I wouldnt ever find out about the errors with my application or additional documentation needed without calling the customer service line every week for updates- which involves navigating through an automated operator and being placed on hold for about 20 minutes collectively each call. It honestly feels like XXXX XXXX XXXXPNC Student Loans is trying to make the process of reducing payments as difficult as possible, which is frustrating for me, a struggling student borrower who has been making regular interest payments on my student loans since they were disbursed my freshmen year of college, have never missed a payment, and truly want to be able to continue making regular payments on my loans, but am just struggling with a lower income due to being less than a year out of college. 

The past 8 months of applying, re-applying and follow up calls have been frustrating and very stressful, as I have had to make full payments this entire time which I can barely afford, and unless they are lowered soon I fear I wont be able to make payments anymore. Additionally, if I compare my experience trying to lower my student loans with XXXX XXXX XXXX/PNC Student Loans with XXXX XXXX XXXX, I am even more aggravated, as XXXX XXXX XXXX made the process extremely quick, informative, and handles the paperwork themselves. Clearly it does not need to be this complicated, I truly believe that XXXX XXXX XXXX/PNC Student Loans is just purposefully making it so.

Company response to consumer: Closed with explanation