Consumer complaint received 2017-10-22
Product: Student loan — Private student loan
Issue: Struggling to repay your loan — Problem lowering your monthly payments
Company: CITIZENS FINANCIAL GROUP, INC. (MI)

To preface my story, here 's the shorter end of it : I went to XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX University from fall XXXX to spring of XXXX. During that time, I earned two XXXX, in XXXX XXXX XXXX XXXX XXXX. I worked on and off in a factory for my first XXXX when I could, as I also went to school during summers to spread my classes out each semester. I started working in my field of interest during my second XXXX stint ; I held my position with this employer, stating out part-time start while in college and now their XXXX XXXX XXXX. 

During my education, I paid XXXX XXXX a total of {$98000.00} in tuition. Just tuition. Or {$130000.00} if you include my tuition, classroom fees, technology fees, student life fees, and software fees. Keep in mind this is what I paid XXXX. This does n't include transportation ( I commuted 35 minutes into XXXX XXXX for 8 years and lived at home with my folks ), computer, art supplies, books, food, etc. My parents were in no financial position to assist my education, so I had to do all of this on my own [ but I do n't think higher education should be a parent 's responsibility anyhow ]. 

I took out private and federal student loans every semester between XXXX and XXXX. 

-- -- -- -- XXXX XXXX XXXX I consolidated all but one of my private student loans to Citizens Bank, serviced via XXXX XXXX to which it totaled {$84000.00}. My variable interest rate was 5.88 % for a 15 year term. Total finance charges are estimated at {$42000.00}, making my total loan amount of {$120000.00} over its life. As of XXXX XXXX XXXX, my monthly payments to XXXX are {$710.00} a month. That is 21 % of my annual gross income [ of {$42000.00} gross ]. 

I called XXXX about reducing my monthly payment and they said this is n't an option for my loan. They only offered forbearance ; two months at a time. To my understanding, I will have to go back into repayment [ if I am even granted forbearance ] for three months and apply again, if needed. Forbearance is my last resort, as this will cause my monthly payments to go up once I am in repayment. If I can not afford {$710.00}, I am not going to be able to afford anything more than that, clearly. 

-- -- -- -- I also have a private student loan with XXXX that has a principal balance of {$24000.00} as of XXXX XXXX and my current balance is {$28000.00}. With an interest rate of 5.00 %, that makes my monthly payments {$210.00}, making it 7 % of my annual gross income [ of {$42000.00} gross ]. This loan is due to be paid off in XXXX. 

I have not made any attempt to lower my payment or putting into forbearance yet. 

-- -- -- -- I honestly want to keep paying as much as I can on what I owe, but it looks like I am quickly running out of that luxury ; sadly. I want to pay back every cent what I owe, but I have to be able to do it where I can still have a life. Otherwise, I am just working as a corporate slave every day to pay off a debt that is going to keep me buried for the next 24 years. How am I supposed to contribute to society to keep it healthy? 

Making only minimum payments on everything in my life is becoming very taxing on my checking account, and by extension, my mental and physical health as well. To give you an idea of my burden, here are my financial obligations, which include : - Storage Unit - {$110.00} mo - Rent ( to my mother ; still live with her ; this includes my phone costs and car insurance ) - {$270.00} mo - Credit Card payments ( I only use these now when I am really behind ) - {$210.00} mo - XXXX XXXX Student Loan - {$160.00} mo - Roth IRA - {$75.00} every paycheck ( every other week - I 'd like to be contributing 18 % of my check to retirement, but this is not feasible right now, so I just put 5 % away for now ) - XXXX XXXX XXXX - {$710.00} mo - XXXX XXXX ParentPlus Student Loan - {$160.00} mo - XXXX XXXX XXXX - {$210.00} mo - XXXX XXXX XXXX ( had to take this out to pay off old credit card debt because I can not keep up with my own debt to income ratio ) - {$300.00} mo - Car Payment - {$220.00} mo - Life and Renters Insurance - {$88.00} mo And just in reminder, my annual income is {$42000.00} gross. I do not earn overtime, however, I do work an average of 43 to 58 hours a week. 

-- -- -- -- Please reach out to me if you need more detail on any topic I may have brought up. Thank you VERY much for your time and consideration in what my best options are. I sincerely look forward to hearing from you.