Consumer complaint received 2016-05-14
Company: WELLS FARGO & COMPANY
State: VA
Product: Student loan
Sub-product: Non-federal student loan
Issue: Getting a loan
Sub-issue: Can't qualify for a loan

Complaint:
I currently have XXXX private student loans through Wells Fargo, both in good standing, for an approximate total of {$28000.00} -- each is cosigned by an individual, one with an approximate 12 % interest rate and the other with an approximate 3 % interest rate. Having graduated from graduate school in late 2015 and nearing the end of my graduation grace period, I sought a Student Loan Consolidation from Wells Fargo for these XXXX loans. Based on my current circumstances -- XXXX FICO score ( depending upon the formula employed ), immaculate credit history, ~ $ XXXX/hour employment and climbing, an XXXX degree, in my late XXXX, and have minimal non-student loan consumer debt in good standing -- I saw no reason why Wells Fargo could n't consolidate my XXXX loans, which they already own and have owned for years, with them into XXXX without a cosigner. 

They refused. 

After multiple telephone conversations, they produced excuses that referenced my credit history and income-to-debt ratio. I explained that my credit history is blemish-free and they diverted the conversation to the income-to-debt issue. When I asked what they included in this ratio, they claimed privileged/proprietary formulas that they would not disclose, except to say that I held " too much '' debt. After I pushed even further, it seems that they are strangely including these loans with Wells Fargo as part of the income-to-debt ratio, as well as my federal student loans. They also are including my entire monthly rent, but refuse to consider that I am only responsible for roughly half, since I am married, and further refused to consider household income unless my wife was a cosigner. When I demanded an explanatory letter detailing the explicit reasons for this rejection using concrete information, instead of generalizations, the letter I received was nothing more than standard corporate generalspeak to hide what had actually happened or their reasons for their behavior. 

This is infuriating. 

Wells Fargo will not consolidate loans that I already have with them without a cosigner, which should be unnecessary in my current circumstances, and are including information in this calculation that is both misleading and inappropriate. As a consumer without any bad debt, who has the credit history and score that I do, and reliable employment, there is simply no reason for them to treat me as such, particularly since I 'm not even asking for new loans. Moreover, since the federal government loaned me money to go to graduate school, without a cosigner, and will consolidate these loans without a cosigner, I do n't understand why private banks are allowed to treat American students with such disdain and disregard. 

CFPB needs to investigate my issue, in particular, but the overall private student loan industry, as well. Student loan debt in the United States is a very large and serious issue made worse by predatory, abusive, and despicable practices by private banks. My current situation is a perfect example.

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