Student loan -- Struggling to repay your loan -- Complaint #4588956
Complaint Overview
Complaint ID: 4588956
Company: Discover Bank
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: Florida
ZIP Code: 33764
Date Received: 2021-07-30T12:00:00-05:00
Date Sent to Company: 2021-07-30T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
After graduation, I contacted the discover student loan department to get on a payment plan and was manipulated to believe that as long as a made the minimum payment my principal loan amount and interest rate would not fluctuate and I would be safe from negative amortization. This apparently was not the case. My original XXXX student loan with XXXX % interest rate, resulted in my paying a total {$14000.00}. The total break down of that amount is as follows. Final principal interest paid is {$9100.00} and total interest paid is {$5600.00}. In return, trying to keep up with the accruing interest and principal while I was making their " minimum payment '' caused me to become financially unable to get on a payment plan with federal student loans. the result was the treasury department garnishing my 2018 tax return, in which, they took money from my child dependents which is against the law. I understand paying interest but the end result when I was making minimum payments allowed Discover student loans, over the course of 3 years to take advantage of my minimum payment situation. They did not look out for the borrower and then end result was an interest rate of XXXX %. In my opinion, this was malicious. I was forced to pay off the entire loan while my young family had to suffer from lack of money due to what had occurred. Even when I called back discover student loans on the phone the representative was shocked when he looked at my account.
Frequently Asked Questions
What is Complaint #4588956 about?
Complaint #4588956 was filed against Discover Bank regarding Student loan specifically about Struggling to repay your loan. It was received by the CFPB on 2021-07-30T12:00:00-05:00.
How did Discover Bank 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 Discover Bank?
Yes, visit the Discover Bank company profile at readthecomplaint.com/company/discover-bank 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.