Consumer complaint received 2017-02-28
Product: Student loan — Non-federal student loan
Issue: Dealing with my lender or servicer — Received bad information about my loan
Company: SLM CORPORATION (CA)

My name is XXXX, I am a student with enormous loans which are accumulating huge amount of interest at 10.750 %, that I am responsible to pay. I have been faced with a dilemma which I would like to discuss in this letter. First, I am writing to you to receive loan discharge based on two caveat : 1 ) - Sallie Mae, loan management, servicing and asset recovery company have been facing lawsuits and it is deemed unlawful to ask students to issue any payments to the company whatsoever. 2 ) - Sallie Mae, per creditable sources, also lost paperwork, misapplied payments, surprise late fees, including some of the highest interest rates. They also fail to provide accurate information so we as borrowers know what we are being faced with financially and lastly processing delays and faced with an overall confusion. Therefore, in my letter I would like to discuss my situation vis a vis their allegations and its effect on my loans and financial issues with payments. 
My request for loan discharge is not out of the norm, Sallie Mae has demonstrated that it is systematically and illegally failing to meet the borrowers needs and that includes, some of the highest interest rates that they fail to provide accurate information so we as borrowers know what we are being face with financially They continue to create obstacles for repayment by withholding information ; processing payments incorrectly ; failing to respond when borrowers complained ; illegally cheated many struggling borrowers like myself out of their right to lower payments, which causes us to overpay for student loans. Sallie Mae has also deceived private student loan borrowers about requirements to release their co-signer from the loan ; also, harmed the credit of XXXX borrowers, including XXXX veterans In addition, Sallie Mae improperly directed myself along with many other borrowers into forbearance when we otherwise might have qualified for income-driven repayment plans, and did not adequately keep borrowers in income-driven plans informed of deadlines to maintain their eligibility under such plans. Therefore, I am demanding my loans from such corrupted lender to be forgiven and to receive a possible repayment for whatever I have already paid. 
In the final analysis, the allegations of the Consumer Financial Protection Bureau imposed a lawsuit against my lender, which comes down to the Department of Education regulations to assist in helping the student loan borrowers, including through higher defaults. However, giving the fact that Sallie Mae had an advancing policy recommendations to streamline enrollment and reenrollment in income-driven plans, reforms which I personally believe would made a meaningful difference for millions of Americans with student loans but since it could not commit further in helping me get on my feet with a drowning debt, I believe also that any borrowers serviced by Sallie Mae are entitled to receive discharge of my private loans due to the fact that the negative credit impact and constant harassing calls from collections on past due amounts that I am unable to pay and they know because I have ran out of forbearance. The reason I needed forbearance on my loans is because I am unable to pay instead of giving options that I qualify for due my annual income being less than what I owe sallie mae. Not only that the interest makes my loan go from {$25000.00} to around {$60000.00} if sallie mae would have explained this to me when initiating my loan I would have not signed on of this loan. To make matters worse the negative credit impact makes feel like I am drowning. I am unable to get approved for any type of loans to help me pay of my loans or credit cards to make my monthly payment to sallie mae possible. I wish money grew on trees but that is n't the case. I got these loans to get an education to live and now I 'm living in a nightmare for doing so HELP!