Consumer complaint received 2022-01-20
Company: SLM CORPORATION
State: CT
Product: Student loan
Sub-product: Private student loan
Issue: Struggling to repay your loan
Sub-issue: Problem lowering your monthly payments

Complaint:
I started XXXX  XXXX University in XXXX and after my mother exhausted 529 plans she had for both myself & my brother in my first year of college, XXXX, I consulted with the school 's financial aid office at my college about scholarships and other financial aid options. I was informed there were no scholarship options available to me due to the fact I was a XXXX XXXX XXXX  and there were no hardship options available to me because my mother was over the income threshold to receive aid without a loan. The financial aid office staff told me the only option I had was to take out a loan and I would need a co-signer. The only loan option offered to me was through Sallie Mae and I was told I had to make a decision quickly in order to register for the following semester. My mother raised both myself & brother as a single parent, so she has always worked full time to support us. Because my mom is mostly unavailable during work hours, I quickly called my grandmother for advice as what to do. Because I wanted to continue my education in order to obtain a career in XXXX XXXX with a concentration in XXXX XXXX, I was led to believe I had no other option but to take out the loan through Sallie Mae. I had my grandmother on the phone as I continued to communicate with financial aid staff and to get the process started, my grandmother agreed to act as my co-signer. There was no explanation as to interest rates, how the interest is compounded vs. the principle or the impact these loans would have on my life, my credit, my overall life and lives of my family. Every year until I graduated, I went to the school 's financial aid office inquiring about scholarship & financial aid options outside of loans and each year I was told I did not qualify all while maintaining a XXXX. GPA and higher. Each time, I was told my only loan option was Sallie Mae & I would need a co-signer. This forced me to have to take loans for the remaining three years while my grandmother and mother co-signed. As I struggle significantly to re-pay these loans, I have done some research and a review of what the financial aid office offered me vs. what I could've been offered along with the fact the interest rates on these loans are over 9 % & 12 %. I have contacted Sallie Mae on innumerable occasions to try to get some type of assistance and/or guidance with repayment or modification options. Each time I communicated with a Sallie Mae representative, I was told I did not qualify for modification due to having an income and I could request a forbearance, but interest would continue to accumulate. I now owe almost {$110000.00} for just 3 years of student loans for my XXXX XXXX degree. This balance is negatively affecting my credit along with my mother and grandmother and has got to the point where my grandmother has become XXXX  ill behind this debt. It has become difficult for my mother to obtain a mortgage for a home and my grandmother fears the home she has could have a lien put on it. I have attempted to refinance these loans through other agencies and have been unsuccessful even with a cosigner. My mother is now supporting my brother with his college attendance and my grandmother has assisted me financially as much as she is able, but she is XXXX, has limited income and trying to keep her home from going into foreclosure. I am at my wit 's end and do not know what else to do. I believe the practices of the university I attended, and Sallie Mae were deceitful as myself and my co-signers were felt to believe there were no additional options in working towards my continued education. Sallie Mae XXXX XXXX  XXXX University falsely presented and offered loan options they knew based on the financial status of my family and myself, we would never be able to repay while having to take care of basic needs and household expenses. I am respectfully submitting this complaint as these types of deceitful practices are an injustice.

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