Consumer complaint received 2022-09-20 00:00:00
Product: Student loan — Private student loan
Issue: Dealing with your lender or servicer — Don't agree with the fees charged
Company: WELLS FARGO & COMPANY
State: NC

Complaint narrative:
In XX/XX/XXXX, I received my student loan disbursement. According to the terms of the loan, my interest rate during school, or the Interim period, would be one rate and after school I would receive a higher interest rate. Specifically, 6 months after finishing school. There was also a 0.5 % interest rate reduction if you finished school. 

XX/XX/XXXX was 6 months after XXXX and I was going to have to begin the repayment process. I still had to take the XXXX XXXX XXXXn XXXX, so I requested an additional 6 month pause. My request was approved. My first payment was XX/XX/XXXX, and like all loans some money went to interest some went to principal. I received my loan statement and noticed that I was charged too much interest during school. I contacted Wells Fargo about this and for 3-4 months it was just a back and forth with no resolution. 

XX/XX/XXXX I started making my payments on a monthly basis. I was charged two late fees once I started making payments in XXXX and because of the late fees the amount I was paying wasn't covering the monthly payment because of the late fees. For about 18 months I wasn't receiving monthly statements, but I continued to pay each month, the best I could and finally in XXXX of XXXX, I called Wells Fargo to try and get some information about my loan and maybe some assistance. This is when I first realized I had been charged about 17 late fees and nothing I had been paying had gone to principal. I was told during the conversation that my late fees would be removed and that I had not been given the 0.5 % off my interest rate after I XXXX  but they would make those change. I asked if I could get that retroactive since I did XXXX XXXX  and was told NO. I was also told that my interest rate during school should now reflect the correct amount. At this point, I was just so frustrated with the entire process. I continued to pay every month but was still not receiving monthly statements. This went on for about 3 years. 

In the summer of XXXX I tried to refinance my loans with Well Fargo for a lower interest rate and was denied. At that point, the only time I addressed my student loans was to send money for payments. This would continue until XXXX of XXXX. My credit score was in good shape and I was approved for a lower interest loan with Wells Fargo and was able to remove the cosigner off my loan. 

I borrowed $ XXXX in XXXX of XXXX. When I refinanced in XXXX I still owed almost XXXX. This didn't stand out to me at first but when I started to contact Wells Fargo about it, Covid happened and it wasn't easy to get in touch with someone. In XXXX of XXXX Wells Fargo sold my loans to XXXX. Before the switch I requested all my loan information on two separate occasions and never received any of it. In XXXX of XXXX I refinanced my loans with XXXX XXXX XXXX XXXX. I've paid {$33000.00} and still owe $ XXXX on a $ XXXX loan. 

Due to the late fees and higher interest rate I was charged the entire life of the loan, I feel I have more than paid back this loan.

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