Consumer complaint received 2025-09-25 00:00:00
Product: Student loan — Private student loan
Issue: Struggling to repay your loan — Can't get other flexible options for repaying your loan
Company: SLM CORPORATION
State: MS

Complaint narrative:
I have been making monthly payments of around {$1000.00} a month to Sallie Mae. Earlier this year, I did a forbearance program for a couple of months. In their terms and conditions, per the rep I spoke with today, it says that I am ineligible for any kind of forbearance OR other alternative payment options ( which the letter says SOME, not ALL ). When read the terms and conditions, I was ONLY given the forbearance part of the statement, and not the or other alternative payment options. I started at XXXX when I took these loans ; I had no financial education, no financial role model, no banker, no closing agent to explain anything to me, and I was only told sign here. The subprime interest rates I was given as this ignorant XXXX XXXX XXXX are equivalent to the XXXX mortgage crisis ; these XXXX XXXX XXXX are who Sallie Mae XXXX upon in hope of making as much profit as possible. I am behind on my payments for XXXX months, a little over {$3000.00}. I was told by a Sallie Mae agent on the chat a few days after the XXXX  missed monthly payment that I HAD to be delinquent before I could do any loan modification ( which, in and of itself, is predatory and encourages the borrower to be behind for XXXX XXXX XXXX aggressive collection efforts ). I was not told because of the forbearance that I was ineligible for any other alternative payment options by that agent. I was told by a Sallie Mae collections agent on XX/XX/year> that the forbearance from earlier is denying me eligibility for for ANY flexible alternative payment options. I filed for bankruptcy and had my meeting of creditors on XX/XX/year>. Sallie Mae is not part of the bankruptcy because it would spike my monthly payments to more than my paycheck. Keep in mind, XXXX XXXX letter says SOME repayment methods you would possibly not qualify for. The verbiage some is, in and of itself, deceptive when Im told I dont qualify for ANYTHING because of the forbearance. XXXX XXXX emails about late payments always state how theyll work with you on payments, and they purposely do that to get your hopes up, only to destroy them when you try to work with them on paying them back. I am sick and tired of the lies, the deception because I was DECEIVED into being late on my payments in the first place so I could try and a loan modification program, and the incompetence of Sallie Mae on actually working with me on payments. What Sallie Mae does should be illegal ; giving an XXXX XXXX XXXX XXXX  of XXXX  because of their PARENTS creditworthiness, then roping their parents into owing debt, with subprime rates equivalent to that of the XXXX mortgage crisis. Everything done in predatory. Youll call them, get denied even though they said they work with their consumers, and IMMEDIATELY call you the next day collecting on your unpaid balance, and call XXXX times a day if you dont pick up. Sallie Mae shouldnt be allowed to exist ; private student loaners shouldnt be allowed to exist. They are inherently predatory, and need to be abolished. XXXX XXXX needs to atone for their XXXX. To top this off? The system they use is incompetent, biased, and is designed to deny everything possible in the name of profit. I work in lending at a bank, and their practices and lack of risk analysis INFURIATES me. The pictures attached display XXXX XXXX XXXX that they work with their consumers, the verbiage of a forbearance terms and conditions stating SOME repayment methods. A reputable company would state which repayment programs are and arent eligible ; this is abusive because it gets the hopes of the borrower up, only to be crushed when they try to actually, in good faith, pay what they owe.

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