Consumer complaint received 2017-08-01
Product: Student loan — Private student loan
Issue: Dealing with your lender or servicer — Received bad information about your loan
Company: SLM CORPORATION (MD)

This is a CLEAR breach of contract and a clear acting in bad faith by the financial institution, Sallie Mae. Dealing with this institution has been emotionally draining and I have incurred debt in reliance on a promise from Sallie Mae to have my disbursement on time. This is prejudicial behavior by a financial institution taking advantage of students who have no other means than to rely on false information to continue schooling. I was approved for a bar prep loan with Sallie Mae with my first disbursement scheduled for XXXX XXXX, 2017.  I was informed that I would receive my check within 7-10 business days after XX/XX/XXXX. I called on XXXX XXXX, 2017, exactly 10 business days after XX/XX/XXXX, and was told it was sent to the wrong address. I received my first disbursement on XXXX XXXX, 2017, 14 days after my disbursement date. I was told over the phone that my XXXX XXXX, 2017 would be on time without any issue since my address has since been updated. I informed Sallie Mae, that unlike most of its students, I have a young son ( 15 months ) that depends on me. It was imperative I receive my disbursement on time. My first interest incurred was XX/XX/XXXX, when I did NOT yet receive my disbursement. This is illegal in and of itself. On XXXX XXXX, 2017, I called Sallie Mae to verify that I would receive my disbursement on time. I was told that it was mailed to the correct address and that I should receive the disbursement check no later than XXXX XXXX, XXXX. I called Sallie Mae on XX/XX/XXXX after I did not receive my check. I spoke with 3 different supervisors and each supervisor provided different information. I called again on XX/XX/XXXX, and was told that another check would be disbursed in 2-3 business days and would take another 7-10 business days. When asked why it was not sent priority mail, I was told my disbursement was fine being mailed out regular mail. This was the third malicious misrepresentation on the part of Sallie Mae. I called Sallie Mae, again, on XX/XX/XXXX, 10 days from the XX/XX/XXXX disbursement date. I was told by a supervisor in the Florida office that I was given incorrect information up until this point and that supervisors continued to pass my call around simply to get me off the phone. I was also informed that it is not Sallie Mae policy for a supervisor to call me back, despite being told by 4 other supervisors that I would receive a call. I never received a call. I finally receive my XX/XX/XXXX disbursement check on XX/XX/XXXX. I deposited the disbursement check the same day. The check cleared on XX/XX/XXXX. On day 1 of the XXXX bar, XX/XX/XXXX, my debit card declined and I had a - {$5800.00} balance. The disbursement check I received on XX/XX/XXXX was stopped. It is now XX/XX/XXXX and I do not have a disbursement check. Further, Sallie Mae has fraudulently accrued interest on my account for funds that are not in my possession. This is illegal and further demonstrates Sallie Mae 's intentional acts of bad faith. As previously stated my first accrued interests was XX/XX/XXXX. My next accrued interest rates are as follows : XXXX XXXX, 2017 and XXXX XXXX, 2017. Sallie Mae has made it very clear, through its representatives, that it is not permitted to accrue interest for funds that a student has not received. I have brought it to 3 supervisors attention but interest still accrues. I spoke with 2 managers and 5 representatives again tonight and was given the run around again to avoid my situation being handled. All in all, my overdrawn bank account is subject to being closed and my balance going to collections ; I have XXXX late rent payments due to funds I did not receive. I have completed the bar exam but still do not have a full disbursement. This is a breach of contract and Sallie Mae continues to misrepresent the material fact of when I will receive my disbursement. I have relied, to my detriment, on the guarantee that I would receive my disbursement check on time. Furthermore, Sallie Mae continues to act in bad faith in my attempts to have this issue resolved.