Wells Fargo & Company Student Loan Complaint

Wells Fargo & Company Student loan department,

Non-federal student loan Can't repay my loan Can't temporarily postpone payments Texas

My daughter applied for - student loans from the Wells Fargo Student Loan Division to finish her - - at the University - Kentucky. She graduated in - 2016 and took a $ -/hour apprenticeship position with a local Veterinarian while she applied for and awaited acceptance at accredited schools where she could complete a - program and become a Veterinarian herself. Before her first payment towards the - Wells Fargo - loans came due, she applied for continued deferral and was denied. She appealed and was again denied deferral, and was told that she had to make the total $390.00 monthly payments beginning - -, 2016. She only makes approximately $ -/month so Wells Fargo is asking her to pay 40 % of her income towards her private student loans each month, which obviously does not leave enough left over for her to live on, so she would end up going into default on her loans in order to be able to pay rent and buy gas to go to work, etc. but Wells Fargo did n't care. Wells Fargo knew that the co-signer ( me ) would have to step in and make the payments on behalf of my daughter so that she would not go into default on the loans. In essence, by denying her deferral, they were side-stepping the borrower and going straight at the co-signer. I feel this, at a minimum is unethical, and hope that it is also illegal banking practices, similar to Wells Fargo 's other illegal banking practices that have been in the news lately, and would appreciate the Consumer Financial Protection Bureau 's assistance with this matter, and hopefully force Wells Fargo to reconsider and allow my daughter deferral while she awaits acceptance into a - program.