Student loan -- Struggling to repay your loan -- Complaint #6427583
Complaint Overview
Complaint ID: 6427583
Company: SLM Corporation
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: Massachusetts
ZIP Code: 017XX
Date Received: 2023-01-11T12:00:00-05:00
Date Sent to Company: 2023-01-11T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Servicemember
Consumer Narrative
Sallie Mae knowingly approved my student loans ( now totaling more than {$210000.00} ) between XXXX and XXXX for a school and degree that would not warrant that amount. I was too young at the time and had parents that were uninformed of the financial risks associated with these loans and interest rates. Instead of pointing me to other forms of education assistance, they simply approved enormous loans to a young, first-generation student. Today, those loans are in deferment because I needed to drop out of that school ( XXXX XXXX ) for lack of funding. Now, those loans are a huge determent to any financial moves I can make alongside my wife ; I understand I knowingly agreed to those terms as an XXXX. old, but they must understand that I was too young to accept to $ XXXX, $ XXXX amount loans! Now these loans are still separate, totaling around {$210000.00}, which means they will charge me monthly payments for each individual loan ( XXXX loans of about $ XXXX to {$60.00} each! ). These amounts, even after I finish my degree and with a working spouse, will never allow any type of financial freedom. Refinancing with other institutions has been impossible as each I've reached out will not touch such large loans. In summary, Sallie Mae approved lucrative loan amounts, and then didn't even allow me to finish the degree for lack of funds.
Frequently Asked Questions
What is Complaint #6427583 about?
Complaint #6427583 was filed against SLM Corporation regarding Student loan specifically about Struggling to repay your loan. It was received by the CFPB on 2023-01-11T12:00:00-05:00.
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.