U.S. Bancorp Student Loan Complaint

U.S. Bancorp Student loan department,

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

I initially filed a complaint ( Case No. - ) on - -, 2016, after US Bank denied my request to modify my student loan because I could not afford the payments. After this complaint was filed, US Bank provided me with the opportunity to defer payments for two months so I would have time to submit another modification request. My original request was denied because US Bank determined ( using a formula that has never been explained to me ) that the debt I owe is not a large enough portion of my overall debt. I explained my monthly income would go down ( by $1100.00 ) because I had a teaching contract that was not renewed - - - ( - ), a collections manager, assured me at that time he would personally review the new application ( to be submitted once I had pay stubs confirming the reduction ) and that he was " sure US Bank could find a way to make it work. '' On - -, 2016, I mailed the updated application and supporting documentation to US Bank, and the tracking information confirms it was received by US Bank on - -, 2016. I


received notification from US Bank in the mail ( attached ; dated - - ) that now my loan can not be modified because I make too little ( " debt-to-income and/or payment-to-income ratios indicate a payment amount that is not affordable and/or not sustainable despite applying maximum modification terms '' ). So, two months ago I made too MUCH to qualify for a loan modification ( despite not being able to afford the monthly payments ) and now I make too LITTLE to qualify for a loan modification. I immediately called - - and left another message, indicating I 'd received the letter and would need to speak to either he or his supervisor so I could get a detailed explanation on how this determination about my loan modification had been made. I also informed him I would be filing another complaint with the Consumer Financial Protection Bureau. I would LOVE to know how much my income needs to be in order for US Bank to determine I will qualify for a loan modification. The bottom line is that if I could not afford the monthly payments when my income was $1100.00 more than it is now, I do not know how US Bank expects I can afford the monthly payments now. US Bank has not offered another solution to me or been willing to work with me at all. My credit has taken a huge hit because of problems with US Bank - something I made very clear to - - during our -/-/- phone conversation - and I am trying to prevent things from getting worse.