Student loan -- Dealing with your lender or servicer -- Complaint #5752575
Complaint Overview
Complaint ID: 5752575
Company: SLM Corporation
Product: Student loan
Sub-Product: Private student loan
Issue: Dealing with your lender or servicer
Sub-Issue: Problem with customer service
State: New Jersey
ZIP Code: 07087
Date Received: 2022-07-09T12:00:00-05:00
Date Sent to Company: 2022-07-09T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
The borrower initially reached out to the Loan Servicer ( Sallie Mae ) in XXXX 2022, requesting a co-signer release. Borrower has fulfilled the requirements stipulated by Sallie Mae : 1- Submit a signed and fully completed application. 2- Be old enough to enter a legally-binding contract in your state of residence. 3- Be a permanent resident at the time you submit the request. 4- Provide proof of income. 5- Be current on all Sallie Mae-serviced loans at the time of application review and have not been 30 or more days past due within the last 12 months. 6- Demonstrate a satisfactory payment history on the loan ( s ) requested by pre-paying an amount equal to the required 12 principal and interest payments or by making the required 12 on-time principal and interest payments. 7-Have had no student loan ( s ) in a hardship forbearance or modified repayment program for the 12 months before you apply. 8-Demonstrate the ability to assume full responsibility for repayment of the loan ( XXXX ). Borrower has requested the co-signer release 3 times - XX/XX/2022, XX/XX/2022 and XX/XX/2022. Each of these times, the request has been denied, even when the borrower complies with all the requirements established by Sallie-Mae to release the co-signer. Co-Signer has contacted Sallie-Mae multiple times via the Chat Feature of their website, and each time he has contacted the loan servicer, they provide different information, with the last communication mentioning the following : " Unfortunately, we could not approve the request because the borrower did not meet our eligibility requirements. You will remain equally liable for the Current Balance of the loan. In order to protect the borrowers private information, we are unable to provide the specific decline reason ( s ) to you. We encourage you to speak with the borrower for the specific reason ( s ) as to why the request was declined. The borrower can request a reconsideration. '' The co-signer is authorized to communicate with the loan servicer to know the status of the application of the co-signer release, which was submitted by the borrower. Sallie-Mae mentions that information on the application can not be communicated to the co-signer, even when the co-signer provided financial and personal information to initially process the loan. Therefore, the loan servicer is not complying with providing adequate information to the co-signer and the borrower.
Frequently Asked Questions
What is Complaint #5752575 about?
Complaint #5752575 was filed against SLM Corporation regarding Student loan specifically about Dealing with your lender or servicer. It was received by the CFPB on 2022-07-09T12:00:00-05:00.
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.