Consumer complaint received 2020-10-06
Company: WELLS FARGO & COMPANY
State: MI
Product: Student loan
Sub-product: Private student loan
Issue: Struggling to repay your loan
Sub-issue: Can't temporarily delay making payments

Complaint:
On XXXX XXXX I received a letter from Wells Fargo regarding a private student loan forbearance request. The letter was dated XXXX XX/XX/XXXX. The letter stated that I was denied the ability to obtain an in-school forbearance request because I had exhausted the maximum amount of in-school forbearance. I was baffled because a Forbearance request had been approved thru XXXX of XXXX, and I simply was asking for an additional Forbearance term to finish the last of outstanding work related to my academic education that was slowed on account of contracting the COVID-19 virus in Late XXXX XXXX of XXXX, and the disruption that all students have faced due to the XXXX2 pandemic. 

Now, Wells Fargo extends Forbearance beyond the maximum time, my request thru XX/XX/XXXX was such a case. These requests are manually evaluated by their underwriting division. 

I contacted Wells Fargo and inquired about the denial. The representative reviewed the notes and read them to me. The notes specifically stated that the denial was because " I had reached the maximum forbearance period, had been in-school for twelve ( 12 ) years working towards a degree, for which six ( 6 ) of those years was to obtain a XXXX degree. '' I was shocked, and offended because no one had contacted me from Wells Fargo for additional information. To be clear, I hold a XXXX XXXX XXXX in XXXX that was conferred in XXXX. I hold a XXXX  of XXXX. The two ( 2 ) final degrees that WF approved thru XX/XX/XXXX were for an additional dual-degree research-based XXXX XXXX XXXX in XXXX. Furthermore, I hold the title of XXXX XXXX when working in industry, and have an earning potential well into six ( 6 ) figures based upon my last salary. Finally, the duration of my academic education is reflective of the struggle I've faced as an individual with a documented learning XXXX that is on-file with the academic institutions I've attended. Yet, none of this was taken into consideration. Thereto, I have made payments on my student loans during portions of the quoted twelve ( 12 ) year period when not enrolled in a degree-seeking program. 

What the evaluator in underwriting, and thus Wells Fargo, is attempting to do is to compel me to leave my current academic program, obtain suitable employment, and make payments on loans that they hold. That is, WF is attempting to compel me to find employment of some kind during a pandemic. To be clear, the dual degree was under a fellowship and I am thus contractually required to finish it. Wells Fargo has provided no offer, nor mentioned, temporary relief due to the SARS-CoV-2 pandemic when Federal Legislation has instructed private lenders to offer relief to borrowers. As my payments began in XXXX of XXXX, WF is reporting adverse credit information to compel me, a student of non-traditional age, with a documented learning XXXX, from a minority background, to obtain employment during a pandemic. Again, no temporary hardship relief has been offered, and the forbearance request under in-school deferment was denied. 

Intentionally or unintentionally, Wells Fargo is discriminating against me as a minority with a " learning XXXX, '' at a time when a significant portion of all United States persons are experiencing hardship due to sickness and loss of employment. It makes no sense to abandon an education that I am contractually required to finish to seek employment to pay WF. Likewise, it makes no sense for me to try and seek employment during a pandemic, especially when my line of work and/or formal education would make it likely that I would have to relocate to states currently marked as pandemic hot spots. 

I do not expect to be treated like this -- at all. I find it appalling that Wells Fargo would resort to such methods to maintain steady increases in shareholder equity, and to maximize profits in a low interest rate market.

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 non-monetary relief