Student loan -- Struggling to repay your loan -- Complaint #5523298
Complaint Overview
Complaint ID: 5523298
Company: SLM Corporation
Product: Student loan
Sub-Product: Private student loan
Issue: Struggling to repay your loan
Sub-Issue: Problem lowering your monthly payments
State: New York
ZIP Code: 117XX
Date Received: 2022-05-01T12:00:00-05:00
Date Sent to Company: 2022-05-01T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I went on the modified repayment plan with Sallie Mae in XXXX of XXXX. Shortly after the COVID-19 pandemic broke and I only received 3 months of forbearance. When I tried to ask about options as I had lost my job in live entertainment and I had to get a new job where I received significantly less money, I was told there was nothing they could do to modify the amount I was paying. I continued to struggle through these payments, but I payed my loan amount each month despite encountering times where I was left with {$20.00} to my name for a full week. In XXXX of XXXX, my time of the modified repayment plan was up. Unfortunately I was also dealing with the deterioration and slow death of a close family member which, as any normal human being with a sense of empathy knows, requires unpaid time off. I called Sallie Mae to try to get in front of the problem, and inform them that not only was I dealing with this incredibly stressful event, but wasn't making enough money to pay the full amount of my loans. I was consistently cut off by the customer service agent who was " helping '' me and told there was nothing they could do. I was told, as someone who does not make enough money and is currently dealing with stressful personal issues that will and continue to effect me financially, I don't qualify for any benefits through Sallie Mae. I was told that, to qualify for any benefits, I would have to make 5 qualifying payments ( the full amount each month ) which I made clear I could not pay. How is someone supposed to complete any qualifying payments to become eligible for a program specifically made for those who are struggling to pay their loans? As I audibly and uncontrollably started crying, I was put on hold because he figured that was the perfect time to update my account- despite not doing or achieving anything during our call. After being on hold for at least 2 minutes, the agent came back on the phone, told me he updated my account, and asked if there was anything else he could help me with. Of course, there was not- and it was clear there was absolutely nothing he wanted to help with as I was offered no other options or given any other advice, so he signed off, thanking me for 'choosing " Sallie Mae .
Frequently Asked Questions
What is Complaint #5523298 about?
Complaint #5523298 was filed against SLM Corporation regarding Student loan specifically about Struggling to repay your loan. It was received by the CFPB on 2022-05-01T12:00:00-05:00.
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.