Student loan -- Struggling to repay your loan -- Complaint #4671973
Complaint Overview
Complaint ID: 4671973
Company: SLM Corporation
Product: Student loan
Sub-Product: Private student loan
Issue: Struggling to repay your loan
Sub-Issue: Can't temporarily delay making payments
State: Maryland
ZIP Code: 20740
Date Received: 2021-08-29T12:00:00-05:00
Date Sent to Company: 2021-09-14T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Servicemember
Consumer Narrative
I have attempted to resolve this issue on several occasions with Sallie Mae. I contacted the company 's customer service department in XX/XX/XXXX and explained that I had been laid off from my full-time job with a law firm due to the Covid-19 pandemic in XX/XX/XXXX. I further explained that a job offer that I received with the federal government was rescinded in XX/XX/XXXX due to budgetary reasons. I also informed the customer service agent that I could only obtain temporary work at the moment and that full-time hours were not guaranteed. The agent failed to offer me a deferment in order to temporarily stop payments. The agent stated that I no longer qualified for a deferment. A denial email was sent on XX/XX/XXXX. The agent then offered a plan that required me to make interest only payments on the loan. These payments amount to {$220.00} per month. I can not afford this monthly payment due to my loss of income. When I requested that the loans be remodified ( lowering the interest rate which lowers the payment ), I was denied this request without explanation. The agent simply stated that you can afford to make the payments of {$220.00} per month based on the financial information provided to Sallie Mae. I can not even pay rent for housing at this point. There is an arrears of rent at this point, yet Sallie Mae claims that I don't financially qualify for my loans to be remodified. In addition, the agent that spoke with on XX/XX/XXXX claimed that she worked in the loan modification department and was extremely rude. She stated that my loan payment would only be reduced by an insignificant amount so she didn't understand my need for modification. I would like her unprofessional behavior reported to management. At this point, I must borrow {$220.00} to pay the past due amount and prevent the negative reporting of information to the credit bureaus. However, the loan payments are 45 days past due so another {$220.00} is still due to bring the accounts current. This I can not afford at this time.
Frequently Asked Questions
What is Complaint #4671973 about?
Complaint #4671973 was filed against SLM Corporation regarding Student loan specifically about Struggling to repay your loan. It was received by the CFPB on 2021-08-29T12:00:00-05:00.
How did SLM 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 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.