Consumer complaint received 2016-12-28
Product: Student loan — Non-federal student loan
Issue: Can't repay my loan — Can't decrease my monthly payments
Company: DISCOVER BANK (DE)

First, I would like to provide you with some background and understanding. I have a private student loan with Discover, roughly in the amount of {$80000.00}, including interest, that was borrowed at a very high interest rate, due to the fact that it was borrowed around XXXX, when the economy collapsed. This loan was used for my XXXX degree. I graduated from XXXX XXXX University in XXXX. It is now XXXX and I just graduated XXXX this past spring. I am now employed full-time in a XXXX XXXX job as XXXX, making roughly {$50000.00} per year. I am now ready, willing, and able to make payments every month on my Discover loan and all the other loans I have. However, in addition to the Fed Loans I am paying off from XXXX, I am also making payments on other significantly large private loans used for my XXXX degree. Needless to say, an extremely large portion of every paycheck goes towards paying off these loans. When you take that expense, plus all the other expenses of living, I am in dire need to get my student loan payments lowered. Therefore, I recently contacted my borrowers in an attempt to get my payments lowered. 

The only borrower who has not been willing to significantly lower my payments has been Discover Student Loans. After my phone call with them today, I have spent roughly 20 hours on the phone with them trying to find someone who has the authority to help me. The first ( and still only ) payment reduction they have offered me is lowering my current payment of {$840.00} to {$770.00}. That is a reduction of {$70.00} on a {$800.00} monthly payment. To me, this reduction is laughable when you compare it to the other private loan payments I have had lowered. For example, the next largest private student loan payment I have is with XXXX. That payment was lowered from {$820.00} per month to {$280.00} per month. That is why I have spent so many hours on the phone trying to find someone who can meaningfully lower my payments. This brings me to my complaint ... 

I finally got in touch with a gentleman by the name of XXXX, who claims to be the head of Discover 's Payment Assistance Department. Our initial conversation gave me hope, as he told me that if there was anyone who could get my payments lowered, it was him. After over a month of phone conversations with XXXX, I have been offered time and time again the same laughable {$70.00} reduction on a $ XXXX monthly payment. I explained that I am simply looking to have my payments temporarily lowered until I can pass the XXXX and get a pay increase. Discover currently offers a few options to get your payments lowered temporarily. However, there is only XXXX program that significantly lowers them, called their " Hardship '' program. The reason this is the only option that significantly lowers it is because it is the only option that actually temporarily lowers the interest payment. Without that, the lowest your monthly payment can be lowered is 10 % above the total amount you earn in interest every month. For me, this is the {$770.00} every month. This is not something I can afford. I am submitting a complaint because I have repeatedly asked the head of Discover 's Payment Assistance Department to tell me why I am being denied the " Hardship '' Program that would actually give me the temporary help I need. First, XXXX told me that he could never tell me why I am being denied that program. Then XXXX told me that he did n't know. Then XXXX told me that he did n't know but that someone who did would send me a letter telling me specifically why I in particular am being denied the " Hardship '' program. XXXX told me I would receive the letter within a week. That was a month ago now. I called to see why I had n't received it and XXXX told me that it was because the guy who sends the letters was on vacation. XXXX and Discover are both liars