Student loan -- Getting a loan -- Complaint #7851991
Complaint Overview
Complaint ID: 7851991
Company: SLM Corporation
Product: Student loan
Sub-Product: Private student loan
Issue: Getting a loan
Sub-Issue: Confusing or misleading advertising
State: New Jersey
ZIP Code: 080XX
Date Received: 2023-11-14T12:00:00-05:00
Date Sent to Company: 2023-11-14T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Sallie Mae has been providing misleading advertisements about scholarships through their scholarship programs and platforms such as XXXX and XXXX. Sallie Mae has not made students aware of scholarship displacement, a practice that postsecondary institutions use to force students who have received outside scholarships into additional student loan debt or make them drop out of college. Sallie Mae has known about the practice for years and continues to mislead students, knowing that the students will become victims of scholarship displacement. Sallie Mae uses their scholarship platforms, XXXX and XXXX, to force students to get their loans once they become victims of scholarship displacement. Sallie Mae must be investigated for their misleading and predatory advertisements and practices. I have added new information to this complaint with a screenshot of how Sallie Mae uses their scholarship businesses to steer students into getting their loans.
Frequently Asked Questions
What is Complaint #7851991 about?
Complaint #7851991 was filed against SLM Corporation regarding Student loan specifically about Getting a loan. It was received by the CFPB on 2023-11-14T12:00:00-05:00.
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.