Consumer complaint received 2026-07-09 00:00:00
Product: Student loan — Private student loan
Issue: Struggling to repay your loan — Can't temporarily delay making payments
Company: SLM CORPORATION
State: VA

Complaint narrative:
Hi there, I'm writing to follow up on victim compensation as I believe I am affected by this lawsuit and I'm hoping you can provide more information. My situation was a little rare so here 's a brief explanation. I was a student loan borrower through Sallie Mae from XX/XX/XXXX to XX/XX/XXXX while I was studying overseas at XXXX XXXX in XXXX, XXXX. I'm a U.S. citizen but I found after enrolling and the approval of my student visa that Sallie Mae was the sole loan provider and U.S.-based financial aid was no longer accepted, a change that took place at the time of my enrollment. My private student loans with Sallie Mae accrued an interest of approx 21 %. During the Coronavirus epidemic, XXXX, XXXX underwent the strictest/longest lockdown in the world. This kept me from working as I was stood down ( or laid off ). I continued to make payments as my wife 's role was considered essential but when turning to Sallie Mae for additional payment assistance, I was put on a forbearance program instead. I enquired if there were alternative options that would allow lowered interest for a short time so I wouldn't fall behind on overall repayment due to the unpaid interest. I was advised forbearance was my only option. Over the years with Sallie Mae, I attempted to ask for a lowered interest rate through refinancing or alternative income-driven assistance that didn't put me further into debt and ruin my credit score at an increased rate. Forbearance was the only option advised. I feared going into collections or putting my co-signer under stress so it was the route I had to take. When the lockdown in XXXX ended in XX/XX/XXXX, I returned to work. The monthly minimum payment at the time was approx {$760.00} ; the total of paying on the 2 loans taken out. By XX/XX/XXXX, I refinanced approx XXXX remaining on the loans with another company where I reduced my interest rate to approx 7 %. I moved back to the U.S. in XX/XX/XXXX. In XX/XX/XXXX, I filed a complaint against the company with the CFPB and Sallie Mae as well as I felt I was taken advantage of by Sallie Mae ; not only by the astronomical amount I was being charged for interest as a student but also the lack of flexibility with repayment during an unprecedented time. I didn't know that a lawsuit for this exact situation was underway and that this wasn't the first time Sallie MaeXXXX has undergone scrutiny for the same behavior. The complaints I filed against the company have since been dismissed, but upon reading this article https : //www.consumerfinance.govXXXX I believe I am very much affected by this lawsuit. I've felt so financially defeated and disadvantaged during this time, but I've worked very hard to improve my financial situation despite Sallie Mae 's deception. Coming across the article above gave me hope. Any interest rate that goes into double digits creates unnecessary pressure on someone who is already attempting to create a better financial situation for themselves through the pursuit of higher education. It takes advantage of the consumer, especially those who must use private loans because they are studying abroad ( like myself ) and qualify for student aid but are unable to apply it so they must rely heavily on Sallie Mae. It puts borrowers in an impossible position where Sallie Mae has all control. During a global epidemic, over {$700.00} a month went to repayment instead of groceries, rent, healthcare, etc. In XXXX, approx {$820.00} was paid in interest. In XXXX, approx {$5300.00}. In XXXX, the final year I was with Sallie Mae, approx {$9200.00} in interest was paid. This was reported on taxes for those years, but as I was living overseas I didn't receive a return. I believe I have been victimized by this company and have been overlooked because the loans were private. However, I don't believe that gives a company the ability to abuse its power as they've did with me.

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