Consumer complaint received 2016-01-22
Company: SLM CORPORATION
State: OH
Product: Student loan
Sub-product: Non-federal student loan
Issue: Dealing with my lender or servicer
Sub-issue: Having problems with customer service

Complaint:
I XXXX in four years from XXXX University with a XXXX in XXXX in 2014. The financial aid department did n't do much to prepare for what comes after graduation. Each year I would get a financial aid package from XXXX outlining the scholarships, grants and loans needed to go to school for that year. I was later told by Capitals financial aid office that they could not recommend any loan company to students but somehow I got stuck with Sallie Mae loans every time without any input from me. My parents paid for the first 2 years with parent plus loans and grants. I continued the last 2 years and paid for it on my own. My parents took out loans through XXXX using XXXX XXXX XXXX XXXX. This has been a great experience for them with adjustable payments and low interest rates. My loans, however, are with Sallie Mae and that is where I would like to file a complaint against. It has been 2 years since graduating, my experience has been nothing but a nightmare. I have XXXX private loans with Sallie Mae, totaling about {$56000.00} with a 9.250 % interest rate. The bills started coming 6 months after graduating and at this point, I still had not found a career in my field and was working for just a little over minimum wage. Sallie Mae was expecting me to be able to pay over {$700.00} a month, when I was barely bringing home $ XXXX monthly. After SEVERAL phone calls with Sallie Mae 's very rude staff and being told that I had no options to help reduce or defer this payment, I was finally able to speak to a reasonable staff member who told that they do, in fact, offer forbearance. There is no reason that this fact was n't brought up to me during my first phone call with them. Instead, it took about 2 weeks to get this answer and for someone to be willing to help me. So, I went into a year of forbearance. During this year, I began working in my field of study. After the year of forbearance was over, the statements started coming in again. Although, I was working in my field, I still found these payments that Sallie Mae was asking for to be very unreasonable. Sallie Mae 's payments alone are taking HALF of what I bring home every month. On top of my federal loans ( which have been reasonable ), and my monthly rent and utilities, I am struggling to get by month to month. This should not be the case for someone with a degree who is working a reasonably paying job in her field. I should not have to worry about how to get by every month and how I am going to ever afford to buy a house, get married, or have a family and kids of my own. Something needs to change. I have tried working with Sallie Mae asking if there is any way to reduce my payments and change to another repayment method, but according to them, I have exhausted all of my options by using up my one year of forbearance that they offered me all at once. I have been told by some at Sallie Mae to stop making payments and then after some missed payments they could help me. According to Sallie Mae I have to destroy what little credit I have in order to receive help. This is what is so frustrating about dealing with this company. I have considered consolidating my loans, but I do not want to put the burden of cosigning another loan on anyone in my family, and my credit score is not quite where it needs to be to do it all on my own. I really want to get the word out on Sallie Mae and how they treat their customers, so that hopefully we can put a stop to this someday. I have written letters to my state Senators and Representatives and anyone who I think can help in this matter. The more we get the word out there, the better. I understand That Sallie Mae is a business and needs to make money. The problem I have is that they are making money by destroying the futures of young people like me. I want to pay back what I owe but not 10 times what I owe. Please HELP me.

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