Student loan -- Struggling to repay your loan -- Complaint #4352890
Complaint Overview
Complaint ID: 4352890
Company: Vermont Student Assistance Corporation
Product: Student loan
Sub-Product: Private student loan
Issue: Struggling to repay your loan
Sub-Issue: Can't get other flexible options for repaying your loan
State: Vermont
ZIP Code: 056XX
Date Received: 2021-05-05T12:00:00-05:00
Date Sent to Company: 2021-05-06T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I attended Vermont XXXX XXXX obtaining a XXXX XXXX and a XXXX XXXX XXXX in XXXX XXXX from XX/XX/XXXX - XX/XX/XXXX with funding provided through federal and private loans through VSAC. I wasn't aware of the Public Service Loan Forgiveness option when I first became a public servant in XXXX, so all of my payments made prior to consolidating all of my loans with XXXX in XX/XX/XXXX were part of PSLF, but not the public service period which covers 36 additional payments not being counted for PSLF. So, that is one problem. The other issue is with the private loans through VSAC - Vermont Student Assistance Corporation. The original private loan was for {$61000.00} in XXXX when I graduated. I have currently made {$53000.00} in payments. So, assuming the APR was low, I would only have {$8100.00} remaining to pay. But, the VSAC statement sent to me on XX/XX/XXXX has a balance of {$51000.00}, which means if I paid off the current balance, I would be paying {$100000.00}, which is {$43000.00} MORE than the original loan amount. So, VSAC would be earning {$43000.00} in interest on these loans. When I realized this was just a losing game and I couldn't pay any longer, I stopped paying during the Pandemic, and I offered {$15000.00} in settlement of the remaining debt, but they refused to accept a debt settlement amount and stated my only option was to participate in their " Private Loan Rehabilitation Program '', which means no reduction in my overall balance, it just means I have to pay the same balance, which has been growing every month as they add more and more interest, and it just takes longer to pay it off. This not sustainable at all. I can not keep paying more and more every month for a debt that should be paid off with less than {$10000.00}! Please help. I am drowning with the VSAC private loans. I want to do the right thing and have tried to pay these loans off, but it just feels like a neverending process. Thanks, XXXX
Frequently Asked Questions
What is Complaint #4352890 about?
Complaint #4352890 was filed against Vermont Student Assistance Corporation regarding Student loan specifically about Struggling to repay your loan. It was received by the CFPB on 2021-05-05T12:00:00-05:00.
How did Vermont Student Assistance Corporation respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Student loan) and describe your issue in detail.
Can I see other complaints against Vermont Student Assistance Corporation?
Yes, visit the Vermont Student Assistance Corporation company profile at readthecomplaint.com/company/vermont-student-assistance-corporation to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.