Consumer complaint received 2026-03-06 00:00:00
Product: Student loan — Private student loan
Issue: Dealing with your lender or servicer — Received bad information about your loan
Company: SLM CORPORATION
State: NJ

Complaint narrative:
Thank you for the response. However, the explanation provided by Sallie Mae does not address the core issues raised in my complaint and fails to provide the documentation necessary to verify the accuracy of my interest rate calculations. My promissory note clearly states that the variable interest rate must be calculated using the one-month XXXX index rounded up to the nearest one-eighth of one percent ( 0.125 % ) before the fixed margin is applied. The examples I provided demonstrate multiple months in which Sallie Mae charged a rate 0.125 % higher than the maximum permitted under the contract, even when applying the rounding rules specified in the agreement. Examples Examples of Overcharging ( XX/XX/XXXX XXXX XXXX ) Month XXXX ( % ) Rounded Index ( % ) Contractual Rate ( % ) Actual Charged ( % ) Overcharge ( % ) XX/XX/XXXX XXXX XXXX XXXX XXXX XXXX XX/XX/XXXX XXXX XXXX XXXX XXXX XXXX XX/XX/XXXX XXXX XXXX XXXX XXXX XXXX XX/XX/XXXX XXXX XXXX XXXX XXXX XXXX XX/XX/XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Example Calculation XX/XX/XXXX : Published XXXX XXXX : 4.32689 % Rounded UP to nearest 0.125 % : 4.375 % Margin : XXXX % Contractual Rate : 13.750 % Actual Charged by Sallie Mae XXXX 13.875 % Overcharge : 0.125 % Note : Even if rounding were applied after adding the margin, the resulting rates would not change. This confirms that the overcharges can not be explained by rounding order ; Sallie Mae consistently charged rates above the contractual maximum The response from Sallie Mae does not dispute the specific XXXX values I cited, nor does it provide a calculation showing how the rates they charged were derived. Instead, the response appears to rely on unspecified internal policy or generalized statements about how rates are determined. Internal policies can not override the clear contractual language contained in the promissory note. To resolve this matter, I request that Sallie Mae provide the following information : 1. The exact interest rate calculation used for each billing cycle beginning in XXXX through the present. 2. The specific XXXX value ( or replacement index value ) used for each rate adjustment. 3. The rounding methodology applied to the index, demonstrating how the final interest rate was calculated in accordance with the promissory note. 4. Documentation identifying the replacement index and spread adjustment used after XXXX cessation, along with confirmation that the replacement methodology complies with the terms of the loan agreement. 5. A complete audit of my account identifying any months where the interest rate exceeded the contractual formula and a refund of all excess interest charged, including any compounded interest effects. Without this information, I can not verify that Sallie Mae has complied with the terms of the loan agreement. Simply stating that the rates were determined according to internal procedures does not resolve the discrepancy between the contractual formula and the rates actually charged. Additionally, the companys response did not address the credit reporting harm caused by the inflated balance, including the XX/XX/XXXX late payment that resulted from the incorrect loan balance. If the balance was inflated due to excess interest charges, the reported delinquency would also be inaccurate and must be corrected. I respectfully request that the CFPB require Sallie Mae to provide a complete accounting of the interest rate calculations, correct any overcharges, and update any inaccurate credit reporting associated with the account. Until a transparent calculation is provided that demonstrates compliance with the promissory note, the issue remains unresolved.

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