Student loan -- Struggling to repay your loan -- Complaint #6360583
Complaint Overview
Complaint ID: 6360583
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: Wyoming
ZIP Code: 82801
Date Received: 2022-12-25T12:00:00-05:00
Date Sent to Company: 2022-12-25T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
My monthly payment with Sallie Mae has risen to an unmanageable amount and they did not put any effort toward working with me to lower the payment. The absolute most I can afford to pay them per month is {$300.00} ; the current balance due for XXXX is {$410.00}. I contacted Sallie Mae 's Office of the Customer Advocate in late XXXX. I'd read online that people have had success in the past getting their payments lowered this way. I offered to either pay at most $ XXXX or default. It didn't work. The individual I spoke to told me to pay what I could in XXXX then wait for their collections department to contact me. I had planned to do that, however, I had a surprise vet bill this month and I chose to save my cat 's life instead of paying Sallie Mae. I have no faith that Sallie Mae 's collections department will help me. I absolutely can not afford to pay them $ XXXX. I only owe {$23000.00} altogether, but even at $ XXXX my loans are not due to be paid off until XXXX because the interest rates on my three loans are 11.375 %, 12.5 %, and 13.5 %. I've never once missed a payment with them. I've been at most four or five days late. I am almost XXXX years old and a XXXX XXXX XXXX XXXX XXXX XXXX and I have to borrow money from my mother in order to buy groceries. I can not afford car repairs. I eat ramen and broccoli. I do not and can not spend my money on unnecessary things. One of the cosigners on my loans is my grandmother, who is XXXX years old and struggling to heat her house. The other cosigner is my mother, who works XXXX XXXX and tries help me, but she can't really afford it. I don't know what else to do. Thank you.
Frequently Asked Questions
What is Complaint #6360583 about?
Complaint #6360583 was filed against SLM Corporation regarding Student loan specifically about Struggling to repay your loan. It was received by the CFPB on 2022-12-25T12:00:00-05:00.
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.