Consumer complaint received 2025-02-25 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: FL

Complaint narrative:
Dear CFPB Representative, I am writing to formally request an investigation into my private student loan with Sallie Mae, which I obtained to attend XXXX XXXX  in XXXX XXXX, Florida. I believe that I was coerced into taking this loan under misleading and unclear circumstances. Additionally, I am experiencing severe financial hardship, including homelessness, and I am requesting a modification of my loan terms to a 2 % interest rate and a reduced payment of {$50.00} per month to reflect my current financial situation. 

Coercion and Lack of Transparency I took out this private student loan without full disclosure of the terms, conditions, and long-term financial consequences. XXXX XXXX  did not properly explain my repayment obligations, the loan structure, or my alternatives. The universitys financial aid office : Pressured me to take out the loan without thoroughly explaining the terms, interest rates, and repayment obligations. 
Did not inform me of alternative financial aid options, such as federal student loans, grants, or scholarships, which could have been more beneficial. 
Failed to provide accurate information about job placement assistance and potential earnings after graduation. 
Led me to believe that this loan was necessary to complete my education, but I was unable to finish my degree due to financial and personal hardships. 

The misleading practices and lack of clear guidance have left me in a dire financial situation, with a loan that I can not afford and no degree or career opportunities to justify this debt. 

Financial Hardship and Inability to Pay I am currently facing severe financial hardship, including homelessness and unemployment. My current circumstances make it impossible for me to afford my current loan payments, and I am requesting an adjustment based on my hardship : Reduction of my interest rate to 2 % Lowering of my monthly payments to {$50.00} Temporary forbearance or alternative relief while I stabilize my financial situation I have been actively seeking employment, and I am doing my best to recover from this situation. However, my financial instability and the weight of this loan make it incredibly difficult to move forward. 

Request for Investigation and Relief Given these circumstances, I respectfully request that CFPB investigate Sallie Maes lending practices in collaboration with XXXX XXXX  and review my case for potential fraud, coercion, and lack of proper disclosure. 

Additionally, I am submitting this complaint to XXXX in the hopes of securing relief, loan modification, or possible cancellation due to predatory lending practices and financial hardship. 

I appreciate your time and attention to my case, and I look forward to your prompt response regarding the next steps in resolving this matter. Please contact me at XXXX or XXXX to discuss further.

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