Consumer complaint received 2025-06-29 00:00:00
Product: Student loan — Private student loan
Issue: Dealing with your lender or servicer — Trouble with how payments are being handled
Company: SLM CORPORATION
State: PA

Complaint narrative:
XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXXXXXX ( XXXX ) XXXX XXXX XX/XX/XXXXXXXX XXXX XXXX Consumer Financial Protection Bureau XXXX. XXXX XXXXXXXX XXXX  XXXX XXXX Subject : Formal Complaint Regarding Potential Mismanagement of Student Loan Payments by Sallie Mae Dear CFPB Officer, I am writing to formally file a complaint against Sallie Mae regarding three of my private student loans that appear to have been mismanaged. I believe my loan payments may have been incorrectly applied, resulting in excessive interest accrual, extended loan terms, and potential financial harm to me as a borrower. 

The loans in question are : Loan 1 : Sallie Mae ( Private Student Loan ) - Original Disbursement Date : XX/XX/XXXX - Total Borrowed : {$13000.00} - Loan ID : XXXX Loan XXXX : Sallie Mae ( Private Student Loan ) - Original Disbursement Date : XX/XX/XXXX - Total Borrowed : {$11000.00} - Loan ID : XXXX Loan XXXX : Sallie Mae ( Private Student Loan ) - Original Disbursement Date : XX/XX/XXXX - Total Borrowed : {$6300.00} - Loan ID : XXXX Issues Identified : 1. Improper Allocation of Payments In reviewing my loan records, it appears that a disproportionate amount of my payments have been applied to interest rather than principaleven after years of consistent, on-time payments. This suggests that the servicer may not have been applying payments correctly or fairly.

2. Excess Interest Collection A detailed analysis of my payment history raises serious concerns that Sallie Mae may have collected more interest than was contractually or legally justified, given the balances and interest rates.

3. Lack of Transparency and Accurate Amortization Reporting Despite repeated attempts to obtain clear amortization schedules and explanations, I have not received a transparent breakdown showing how my payments were applied. This lack of clarity has made it difficult to verify the accuracy of interest calculations and loan balance trajectories. 

4. Failure to Properly Acknowledge Overpayments or Advance Payments I have evidence that prepayments or advance principal payments may not have been applied to reduce interest charges or principal balances appropriately, potentially violating fair servicing practices.

Relief Requested : - A full audit and accounting of all three Sallie Mae loans to ensure all payments were correctly applied. 
- Reallocation or refund of any misapplied funds or overcharged interest. 
- XXXX correction of any inaccuracies in loan balances and amortization schedules. 
- Consideration for monetary compensation or adjustment if financial harm or unfair practices are confirmed. 

I have enclosed copies of my payment summaries, screenshots, and analysis that raise serious questions about the servicing of these loans. 

Thank you for your attention to this matter. I respectfully request a thorough review and would appreciate written updates on the progress and outcome of your investigation. Please feel free to contact me directly with any questions or for additional documentation. 

Sincerely, XXXX XXXX

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation