Consumer complaint received 08/31/2016 about Student loan (Non-federal student loan) with BANK OF AMERICA, NATIONAL ASSOCIATION (TN).
Issue: Getting a loan
Sub-issue: Can't qualify for a loan

Complaint: I attended XXXX XXXX from XXXX XXXX XXXX. I was unable to afford the school tuition on my own so I had to take out student loans. When filling out the applications at the school I was ensured that all of my loans would be federal student loans with low interest rates. I never had a choice in who I was taking the loans out with or what the terms were. I was just given the application to fill out. I had no knowledge that I was taking out private loans for my tuition until after I stopped attending school and they became due. During my program at XXXX I was having financial difficulties due to trying to work full time and go to school full time. I spoke with the head of the criminal justice department about the possibility of having to drop out of school to get a part time job. He directed me to speak with XXXX of the financial counselors and was very adamant that quitting the program would be a huge mistake and school should come before anything else in my life. When I spoke with the financial counselor she told me that I could take out extra federal loans for living expenses while I was in school. She said these loans were made just for people like me who needed some extra help while in school and struggling financially. She said they would be just like the federal loans I had initiated for my tuition but were just with different banks. She gave me a list of websites to use and gave me all of the school documents that I would need to apply for these loans. I was assisted in applying for these loans at the school. I was made to feel like I had no choice. I was essentially bullied into these loans that I am now stuck with. During the course of my time at XXXX I took out XXXX private student loans for living expenses that I thought to be federal loans with low interest rates. Also, I have XXXX private loan that was used towards my tuition at XXXX. All of these loans were explained to me as being federal loans with low interest rates that I could get payment assistance on if ever needed after I was out of school. I was pushed into these loans when I discussed my financial difficulties and my desire to end my attendance at the school with the faculty there. I was forced into bankruptcy in XXXX because of these student loans and have been paying them diligently every month. I have a very good job and make a decent wage but am unable to move forward with my adult life because of these loans. I can not buy a home because my DTI is too high even though I now have outstanding credit. Had I been told the truth about these loans and the implications of getting them, I would have never done so. I was lied to about the type of loans I was getting and the interest rates I would get. Also, there is no way when I took out these private loans that I showed with my pay at the time that I could afford to pay these back. I feel as though there were predators on both the lending side and the education side. Thousands of dollars were so easily accessible to someone young who is just trying to get an education and believing in what they are being told by the school they are attending. They clearly had no qualms about getting me into over $ XXXX in debt at a very young age because they were retaining a student who would continue to get loans to pay the tuition. All they cared about was getting my money. These loans have essentially ruined my financial life. I am XXXX XXXX XXXX and am unable to buy a home or start a family because I still have many years to pay back these loans. I am currently trying to refinance these loans to have a lower payment which has been very tough and stressful. I was taken advantage of by this school and these lenders just to try to better my life with an education.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation