Consumer complaint received 2022-10-06
Company: SLM CORPORATION
State: NY
Product: Student loan
Sub-product: Private student loan
Issue: Struggling to repay your loan
Sub-issue: Problem lowering your monthly payments

Complaint:
In XX/XX/2022, I spoke to a really nice representative at Sallie Mae asking about why one of my student loans suddenly came out of deferment. I am still in school and was under the impression that the loan would be deferred while I was still in school. The representative was understanding and informed me that there is only a 48 month time limit on deferment. 
She also indicated that if I pay 4 months or 4 payments, I will be eligible for assistance with my loans. 

I did that and contacted them last week. We went through a financial statement where they went over the expenses. They stated that I was in a negative cashflow, which I already knew and why I was asking for help. They went through the same process with my cosigner, my mother, who is also struggling at the moment. Their only solution was to get someone else to guarantee the loan when they are helping me. This made absolutely NO SENSE and infuriated me. Essentially they are trying to rope someone else into the situation so that they can sue someone else and ruin their life as well as mine and my mother 's. I was NOT told that this loan would only be in deferment for 48 months. The initial loan was very small and has ballooned to a ridiculous amount. They amortize the loan in such a way that the interest is ridiculously high and then play these political games to place blame on the student for not knowing better. This is predatory and victim blaming. They are legal loan sharks that the government has allowed to oppress and entire generation of students and we wonder why there is so much economic distress in this country? The people who need student loans are not people who have money. They are people who are trying to improve themselves and go through school. I am not lazy and am working 3 jobs while going to school full time. As a non-traditional student, I have expenses above and beyond traditional students. This experience is hard enough without having to have loan sharks breathe down my neck. The current representative that called took what I said about their predatory practices and then blamed me for signing for the loan. I know I am in financial distress, they have told me that they would rather me go bankrupt than help me unless I give them another person to harass, and now I have to deal with their unscrupulous and brainwashed representatives that just push their threats onto me. I do not understand how this practice is legal. When they promise help, all I wanted was for them to have me pay {$50.00} instead of {$110.00} per month. I am supposed to graduate next summer so we are also not talking about a large amount of time. The way they do business is " legal '' because the lawmakers have lobbyists lining their pockets with money. This is unacceptable to have conditions for people who are in temporary financial distress, thereby ensuring that myself and my family will be harmed further because of their practices. They need to be stopped.

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