Wells Fargo & Company Student Loan Complaint

Wells Fargo & Company Student loan department,

Non-federal student loan Can't repay my loan Can't get flexible payment options Colorado

I was issued this loan in - as I was starting prerequisite classes for -. The school informed me that I was not able to apply for a federal loan and would need to pay up front or get a private loan. In order to register for the next semesters classes I chose to apply for a loan at on of the nearest banks, Wells Fargo. In - I chose to use my - knowledge on a volunteer trip to - for - - months. While attempting to defer payments during my time out of the country I was told that my loan could be deferred for a maximum of 3 months, but that I had to make that request at no earlier than the first of the month that I would like to start the deferment ... ... a time in which I would be outside of the country. I ultimately choose to defer payments for the next 3 months that I would be allowed


As I gathered information for my taxes this year I came to the realization that I had only paid $190.00 of my principal on this loan that I have been paying on since -. After further research, I discovered that I have paid $4000.00 more then the principal balance in interest to date. As a kid taking out the loan, I was aware that a 9.5 % interest rate was excessive ( even in - ), however Wells Fargo took advantage of my naivet and desperation. This bank counted on the fact that a young student would be overwhelmed by the variety of challenges ( living independently, completing -, working full time ) to the point of ignoring the complex financial details of their predatory student loan. Negative amortization is when a lender sets monthly loan payment at a level too small to cover even the interest. This practice has left me with essentially the same debt despite over $16000.00 in payments.