Consumer complaint received 2023-03-02 00:00:00
Product: Student loan — Private student loan
Issue: Dealing with your lender or servicer — Received bad information about your loan
Company: CITIZENS FINANCIAL GROUP, INC.
State: VA

Complaint narrative:
XXXX engaged in unfair and abusive practices in connection with its private loan program in violation of the Consumer Financial Protection Act of 2010XXXX helped to create private loan programs for students at XXXX XXXX XXXX , the school run by XXXX until it filed for bankruptcy and ceased operations in XXXX. XXXX improperly induced students to take out those loans to pay the tuition amounts not covered by loans or other tuition assistance from the federal government. XXXX knew that the student borrowers did not understand the terms and conditions of the loans and could not afford them, resulting in high default rates and other negative consequences. 

I attended XXXX XXXX XXXX prior to their bankruptcy and was encouraged to take out private loans as a XXXX year old kid who had no idea what I was getting myself into. The representative said it would be easy to qualify and that my education would be funded in full. They steered me to private loans as they said it would be easy to qualify. Assuming their guidance was in my best interest, I reluctantly applied and was approved. I took classes there for a period of XXXX years and was promised at the time of signing up for private loans that their career department would work tirelessly on my behalf to find me a job after my degree program was completed. Needless to say, the job prospects were few and far between after graduation and the careers department seemed to solely focus on new applicants and getting them loans via private lenders rather than helping the students they promised a hot job market for in the past. I believe my loans were initially serviced by XXXX XXXX, which has since sold the loans, and most recently, they show up under Citizens Bank and and being handled by XXXX XXXX. I have requested documentation on the original loan amount and account numbers and have never received anything. I received a random letter in the mail a few weeks ago stating the loan is now in collections and that I could settle for half of the outstanding balance ( roughly XXXX XXXX ) if I could pay in full. I just checked my credit report and it still shows Citizens as the private loan lender and the collections company is nowhere to be found. It is concerning that I attended a for profit college that misled me about job prospects and was eager to sign me up for high interest loans with no consideration to my life prospects or future employment opportunities. I feel as though I was duped by the school along with so many others and to this day can not get an answer from the XXXX or XXXX lender that has purchased my loans as to any details about the loan or the associated amounts. I feel as though this deceptive marketing and promise of career prospects that amounted to very little qualifies me to have these existing loans XXXX so I may resume my pursuit of healthy financial freedom. Please assist me in righting this wrong that happened so many years ago and continues to haunt me to this day. Thank you for your time!

Company response to consumer: Closed with explanation