Student loan -- Struggling to repay your loan -- Complaint #4470404
Complaint Overview
Complaint ID: 4470404
Company: SLM 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: Alabama
ZIP Code: 36303
Date Received: 2021-06-17T12:00:00-05:00
Date Sent to Company: 2021-06-29T12:00:00-05:00
Company Response: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Hello I signed up for a new program with Salllie Mae bc I couldnt afford the expensive monthly payments. They lowered it. Ive paid two out of the 3 months of the probation period. XXXX XXXX & XXXX XXXX They said my loan stays in delinquency until after the 3rd month. I didnt understand this meant they would keep reporting to it to my credit. So they have reported 6 individual loans 2 times to my credit worsening my credit score dramatically when I have paid these past 2 months. ( In the past they have refused to consolidate my loans. ) So I couldnt have prevented this hit to my credit. They said this is federal regulations. This is literally setting people up to fail. ALSO this whole time Sallie Mae is collecting crazy interested on my account because this program doesnt lower my interest rate until after the 3rd month. Basically making it so I dont make any dent in my loans during this two year lower monthly payment program. None of this repayment program is showing live on my Sallie Mae account. I have received one letter about my Payment plan. I only verbally agreed to this payment plan on the phone.
Frequently Asked Questions
What is Complaint #4470404 about?
Complaint #4470404 was filed against SLM Corporation regarding Student loan specifically about Struggling to repay your loan. It was received by the CFPB on 2021-06-17T12:00:00-05:00.
How did SLM Corporation respond to this complaint?
The company responded with: "Closed with non-monetary relief". 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 SLM Corporation?
Yes, visit the SLM Corporation company profile at readthecomplaint.com/company/slm-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.