Consumer complaint received 2026-04-20 00:00:00
Product: Student loan — Private student loan
Issue: Dealing with your lender or servicer — Don't agree with the fees charged
Company: SLM CORPORATION
State: CT

Complaint narrative:
XXXX XXXX XXXX XXXX XXXX XXXX, XXXX XXXX XXXX, CT XXXX Phone : ( XXXX ) XXXX XX/XX/XXXX Sallie Mae XXXX SLM Corporation XXXX : XXXX XXXX XXXX XXXXXXXX XXXX XXXX XXXX XXXX XXXX, DE XXXX RE : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX : XXXX and XXXX XXXX XXXX : XXXX XXXX | XXXX : XXXX XXXX XXXX Original Loan Amount : {$9900.00} | Current Balance : {$8100.00} Disbursement Date : XX/XX/XXXX Dear Sir or Madam : I am writing to formally dispute and lodge a complaint regarding the terms and conditions of the above-referenced private student loan. I am the cosigner on this loan, which I signed on behalf of my husband, XXXX XXXX, to help finance his career training education at XXXX and XXXX XXXX in XXXX. I believe that the loan terms were materially misrepresented to us at the time of origination, and that I was not provided with adequate or transparent disclosure about critical features of this loan. 1. Failure to Disclose Variable Interest Rate At no point during the loan application or signing process was I clearly informed that this loan carried a variable interest rate. I understood this to be a standard student loan with a fixed, manageable rate. I was never toldeither verbally or through clear written disclosurethat the interest rate could fluctuate over the life of the loan. The current rate of 12.125 % is unconscionable for a student loan and was never a rate I agreed to or was made aware I might face. Had I been properly informed that this loans rate could rise to double-digit levels, I would not have agreed to cosign. 2. Predatory, Credit-Card-Level Interest on a Student Loan A 12.125 % variable interest rate is more consistent with a credit card or unsecured consumer debt than with a student loan intended to help families invest in education and career training. This rate is significantly higher than both federal student loan rates and the rates that were commonly advertised by Sallie Mae at the time of origination. My husband and I took out this loan in good faith, believing we were accessing an educational lending productnot a high- interest revolving credit instrument. The result is that after more than eight years of repayment, the current balance of {$8100.00} remains disproportionately high relative to the original disbursement of {$9900.00}, due in large part to the excessive interest charges. 3. Inadequate Disclosure at the Time of Signing The exit interview documents provided by XXXX and XXXX XXXX list this loan as type LOANNNB through an SLM Alternative Loan servicer, but the nature and risks of a variable-rate private loan were not explained to me in plain language. I was not provided with a clear comparison to federal loan options, nor was I advised about the implications of a variable rate in a rising-interest-rate environment. As a cosigner, I am legally obligated on this debt, yet the terms I am being held to were never transparently communicated. Under the Truth in Lending Act ( TILA ) and applicable state consumer protection laws, lenders are required to provide clear and conspicuous disclosure of all material loan terms, including whether the rate is fixed or variable, the applicable index and margin, rate caps, and the potential for payment increases. Relief Requested In light of the above, I am requesting the following : a ) A complete copy of all original loan application documents, disclosures, promissory note ( s ), and Truth in Lending disclosures provided at the time of origination for Loan XXXX XXXXXXXX. b ) A full accounting of all interest charged to date, including the interest rate applied during each billing period since disbursement. c ) A retroactive adjustment of the interest rate to a fixed rate consistent with what was available for comparable student loans at the time of origination ( approximately 46 % ). d ) A recalculation of the outstanding balance reflecting a fair and properly disclosed interest rate, with a credit applied for any overpayment resulting from the inflated variable rate. e ) A written response to this complaint within thirty ( 30 ) days of receipt, as required under applicable federal and state regulations. Please be advised that I am also filing copies of this complaint with the Consumer Financial Protection Bureau ( CFPB ), the Connecticut Department of Banking, and the Connecticut Attorney Generals Office. I reserve all rights under federal and state law, including but not limited to claims under the Truth in Lending Act, the Connecticut Unfair Trade Practices Act ( CUTPA ), and any other applicable consumer protection statutes. I have acted in good faith throughout the life of this loan and have made consistent payments. I am simply asking for transparency, fairness, and accountability regarding the terms of a loan that has placed an undue financial burden on my family. I look forward to your prompt response and a fair resolution of this matter. Sincerely, XXXX XXXX XXXX XXXXXXXX XXXX XXXX XXXX

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