Consumer complaint received 2022-02-15
Company: U.S. BANCORP
State: TX
Product: Student loan
Sub-product: Private student loan
Issue: Dealing with your lender or servicer
Sub-issue: Received bad information about your loan

Complaint:
In 2021, both my co-signor ( father ) and myself received letters from XXXX stating that he had been removed as a co-signor from my loan. We both later received a letter in XXXX of 2021 stating that the initial release was done in error, and he had been added back. My co-signor submitted an inquiry to XXXX on XXXX asking what would be required for him to be released from this loan, to which XXXX responded noting my on-time payment requirement had been met, and I simply needed to submit the application to have him released. On XXXX I called XXXX to ask how to do this, as it is not listed on their loan servicing site anywhere. The representative stated he would email me the application, which he did the same day. I completed the application as it was provided and gathered the required supplementary documentation, which I submitted on XXXX. I was right away notified my signature must be physical and scanned or DocuSigned. I then DocuSigned the application, and resubmitted this on XXXX. I heard nothing further from XXXX aside from their automated response that my documentation had been received, so on XXXX, I reached out for an update on the status of my application. On XXXX I received a call and a letter from XXXX. The letter stated that the application was missing pages for personal references. I emailed XXXX back asking how I could be missing pages when the entire application they sent had been completed and returned. XXXX then claimed that I needed to enter " N/A '' in any location I had left blank. The application does not state this is a requirement, but I still did this and re-submitted the application again on XXXX. On XXXX I called XXXX to inquire about the status of the processing of my application, and spoke with a manager named XXXX. She informed me that my application would not be accepted as is, because it was signed in XXXX and the supporting documentation was now too old ( I pointed out how XXXX failed to process the documentation in a timely manner in the first place, which makes this an issue they should be resolving despite the allegedly old information they claim to now have, she was not moved by this argument ). She then put me on an extensive hold while she tried to look into the letter I received from XXXX claiming personal references were missing. When she returned, she stated she could find nothing about this in their documentation and has historically never been asked by US Bank to have applicants submit this. She also then stated that she didn't believe the DocuSigned application would be acceptable. She then proceeded to tell me that she's never in the course of her employment seen US Bank approve a co-signor release, and she recommends that all applicants just re-finance their loans to get the co-signor removed. My loan terms, however, do specifically indicate that a co-signor will be able to be released, which is what we are trying to do. I did resubmit the documentation with my most recent paystubs and re-signed in DocuSign so the date signed was XXXX. This was all submitted to XXXX once more. On XXXX, I received a letter from XXXX stating that my application could not be processed because it was not signed and my documentation was out of date. Clearly, none of these these allegations in the letter are accurate, and XXXX and US Bank are doing everything they can to dissuade me from further trying to release my co-signor.

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