Consumer complaint received 2016-07-12
Company: WELLS FARGO & COMPANY
State: MO
Product: Student loan
Sub-product: Non-federal student loan
Issue: Can't repay my loan
Sub-issue: Can't get flexible payment options

Complaint:
After graduating in 2013, I had n't found a job during the six month grace period before payments would begin. I had difficulty finding a job in my career field so I settled for a full-time job at a family-owned distribution company. I worked there for two years and even after receiving a promotion, I still was not making enough to afford my monthly payment. I reached out to Wells Fargo multiple times for different options for repayment, but to my avail, none of them worked for me. They offered me only two months of forbearance, which I refused to do because I needed a lower monthly payment, not higher. They also connected me to their Loan Modification department, where I spent weeks gathering all the information needed and was reassured what I was requesting was ABSOLUTELY feasible ( I asked to drop the payment $ XXXX-XXXX ) only to get denied. Their explanation was that though the monthly payment was more than 55 % of my monthly income, it was only XXXX % of my co-signers ' income, therefore, they should cover what I can not. I explained that my sister was struggling with her monthly payments as well and ended up having to file bankruptcy and my parents are not in a financial place to help both of us. After explaining my concern for being denied, the customer service representative laughed and said, " well you could just default on the loan but it will not help you or your cosigners and we will end up getting the money somehow. '' They also shared with me that they have a co-signer release policy and that I qualified for this feature but was later denied because my income did not meet the requirement for them to drop off. As a last resort, I tried the Loan Consolidation at their recommendation, and again, was denied even WITH cosigners. I have exhausted all efforts and finally reached out to a financial advisor, whom pointed me to the CFPB. I have never missed a payment, been late, or defaulted on these loans and do not wish to not pay this debt back. I am asking for them to work with me on my monthly payment. I have gotten to the point where I either pay this or go to the grocery store ; it 's scary, unbearable, and causes me daily XXXX. I can not pay other bills or live comfortably, as these have consumed my being. My payment has gone up 3 times since I entered repayment and they describe it as " legal '' because it is a predetermined amount that is figure by the amount owed and the life length of the loan left. I do n't understand how anyone could afford this monthly payment ; mine is easily a mortgage payment. I have learned through all of this that Wells Fargo cares nothing about getting their money. They offer you no sympathy and are not willing to work with you, even if you are struggling day-to-day just to make ends meet. I have done a lot of research on bankruptcy cases where student loans were considered and won but the number is low. I am trying everything just to survive and not feel like I will be in shackles by Wells Fargo for the rest of my life. I am just starting my career and have many working years ahead of me, but at this time I can not afford these payments and live. I would just like to feel a sense of peace and relief - PLEASE HELP! I can give you anything you need!!!

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