Sallie Mae Student Loan Complaint

Non-federal student loan Can't repay my loan can't decrease my monthly payments

Sallie Mae Student loan department,

Non-federal student loan Can't repay my loan Can't decrease my monthly payments Massachusetts

I am a recent graduate of an Interpreting program and have currently begun working within my field. Accepting a position in my field resulted in a financial gap in my salary ( I took a - % pay-cut from my last - job ). Upon contacting my private student loan provider I alerted them of my financial change and requested other payment options. They refused to work with me in order to find a suitable repayment plan. I have been paying back my private loans since I was in college, never missing a payment, and their only solution to my financial situation was to allow my private loan debt to go to collections. I refuse to accept that they are unwilling to extend the term of my loans, making payments affordable for me. I understand fully that I am responsible for paying back my student loan debt and I am not trying to justify not paying what I borrowed. I am simply making a minimal ( entry-level ) salary and am need assistance on repayment plans. If my private student loans provider extended the term of my loans, my payment would become affordable. They have refused to do so because my total debt is $2000.00 less than the acceptable amount of debt a borrower needs to extend payment terms. I graduated one year ago, and am finally perusing the career I dreamed of in college. Now my student loan providers have suggested I quit this job in order to work at a restaurant so I can make ends meet on an unfairly large monthly student loan payment. They are making it impossible for me to continue working in the field, that I went to school for in the first place, in order to obtain a higher paying job to pay them back ( at 10 % ) for the education I will not be utilizing. I ca n't believe that any student loan provider would refuse to give their borrowers alternative payment plans. I am simply looking for accommodation for entry-level salary borrowers that is fair.

Sallie Mae customer in Massachusetts
Apr 12, 2016

* Source: CFPB Complaint Database

Sallie Mae response to complaint:
Closed with explanation

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