| 06/05/2018 |
Yes |
- Student loan
- Private student loan
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- Struggling to repay your loan
- Can't get other flexible options for repaying your loan
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Web |
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When I was in college, I got a lot of mailers from RISLA stating that they were the loan company that would really help me. Being only XXXX at the time, and a first-generation college student, my mother and I were eager to find a student loan option that would really help me. Boy were we wrong. RISLA has done nothing to help me, and they do not look out for their customers, only themselves.
When I applied, as I stated, I was only XXXX. My mother had to be a co-signers on my account. The loan officer told her ( never me, no-one once reached out to me and I didn't think anything of it at the time because I was so young ) that she would have to co-sign, but the loan would be mine, and that she could be taken off after " a year or so. '' Flash forward to 6 years later, when it is clear that I can not take her off the loan unless I check almost all of these impossible buckets, which includes having a DTI that I, as someone with student loans, would never be able to have. The loan officer also told her about the income based repayment plan, stating that if I, the borrower, was making below a certain amount ( i.e. my gross income ) they would readjust my payment amount per month so that I could afford it. Not once was it mentioned the two biggest caveats : 1 ) that I would make no dent in my principal AND my loan amounts would actually INCREASE each month, and 2 ) that they wouldn't actually be basing this plan off my gross income, but rather the income of me and my co-signer. My co-signer, as I stated earlier, is my mother who is not helping me with my loans. She was put on as a co-signer only because I could not get the loans, and we made it clear that she would not be responsible for the payments. She is not a co-borrower, but RISLA does not seem to know the difference as they use the terms interchangeably in all of our communications ( i.e. they choose which term and its accepted definition works for whatever argument they are making ).
So now to the present. Last year, I was making about {$28000.00} annually before taxes. They wanted me to pay almost {$1000.00} a month on my loans. I applied for the income based repayment ( IBR ) and my payments were reduced to about {$500.00}. {$500.00} a month when I was making about {$1500.00} a month was still a burden. I have a car payment and insurance that equaled about {$500.00} a month, as well as general living costs. I ended up not being able to move in to an apartment with a roommate, because I wouldn't be able to afford food, let alone any other necessities. I thankfully received a major promotion, and am now making a little less than {$44000.00}. Still, {$1000.00} a month payments were too much for me. I reached out to RISLA many times during XX/XX/2018 to see if they could only consider my income and not my mothers when doing this option, as she was not paying the loans and was only a co-signer. The answer numerous times over was no. They gave me other options, including refinancing ( which would increase my payments to $ XXXX/month ) or getting rid of my mother as a signer ( which would make me ineligible for the income-based repayment program, and an option which I clearly did not qualify for ). My mother called, and she was told that they would likely make the initial decision to not do the income-based, but that we could appeal it and we would likely win that appeal and reduce my payments. Whoever said that clearly was lying, because they didn't even consider my appeal. I wrote a letter explaining the situation that I submitted with my application, and it is clear that they probably didn't read it because they did not respond to me at all other than sending me and email saying my application was denied. My mother called to appeal, and she was treated rudely and told it doesn't matter what we say, this is what we signed up for. How did we sign up for this when no-one even told me about it?
Overall, RISLA did not work to help me. They took advantage of me, and made me sign on a dotted line at the age of XXXX without explaining anything or even speaking to me at all. And they unfairly judged my payment plan using my mother 's income, knowing she wasn't helping and that she was only a co-signer. They would not work to help me, which is something they say they will do, and treated me rudely on the phone and through email. And they just were deceptive. They never told me the nuances of the income based repayment plan, how it would increase my balance or how it would take my co-signer 's income into account, not only during the loan application but also during my time with them. I am very upset, and now have to take on a major financial burden that I can not afford. I think they need to right their wrongs.
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| 03/08/2019 |
Yes |
- Student loan
- Private student loan
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- Getting a loan
- Confusing or misleading advertising
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Web |
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On XX/XX/2019, I contacted my current private loan company RISLA ( " Rhode Island Student Loan Authority '' ) about refinancing a loan. The representative reviewed the account and noted that I had a high interest rate of 7.75 %. The representative advised me that refinancing my loan through their program would greatly reduce my interest rate and could result in a lower monthly payment. The representative advised that as long as met minimum credit requirements, that I would be able refinance. I reviewed the requirements outlined on their website and noted the following qualification statement : " Unfortunately, refinancing isn't an option for everyone. If you are looking to refinance your loans, you are going to need to have good credit, or at least have a cosigner with good credit. What exactly does that mean? Although criteria varies from lender to lender, having good credit typically means : Being current on all of you existing debt Having little to no delinquency of your outstanding debts over the past few years Having a credit score at least in the mid 600 's, but often higher Having no public records such as judgments, liens, or bankruptcies on your credit report Being able to demonstrate your monthly earnings and meeting the lender 's minimum earning thresholds. '' In reviewing my situation, I confirmed that I met and exceeded all the above outlined criteria. Reasonably relying on the lender 's website statement and representative, I applied for refinancing of my private loan.
No more than five minutes after applying online to refinance, I was informed that I did not qualify for the loan and my application was denied.
On XX/XX/2019, I received a letter from the lender outlining the reasons for the denial.
In their denial, the lender noted the following reasons for the denial : 1 ) Excessive obligation in relation to income 2 ) FICO score below acceptable value 3 ) Liquidity is less than monthly expenses On XX/XX/2019, I called the lender to review the denial letter. The lender representative specifically cited the following reasons for the denial.
1 ) My savings liquidity was too low.
2 ) My debt to income ration was 67 %, which exceeded their 50 % requirement 3 ) My credit score was XXXX, not the XXXX that they require.
The lender also informed me that a hard inquiry would be noted on my credit profile due to the refinancing application.
When considered in its totality, this lender coaxed me into making an application for a loan that on its face was attainable. Nothing in their stated criteria on the website nor in the statements made to me by the representative indicated that I needed to have the money in my savings account, a 50 % debt to income ratio, or a XXXX credit score to qualify for the loan.
In further explanation of their reasoning for the denial, the lender indicated to me that their guidelines for qualification are subject to change and that explains why the criteria they use is not outlined on their website.
This was an unfair solicitation and constitutes an unfair business practice. RISLA fraudulent induced me into making an application, not adequately spelling out the specific criteria for which to qualify. Furthermore, I am now penalized for making the application due to the hard inquiry placed on my credit report.
I request a full accounting and investigation of their unfair application practice.
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| 03/19/2020 |
Yes |
- Student loan
- Private student loan
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- Dealing with your lender or servicer
- Problem with customer service
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Web |
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XX/XX/XXXX XXXX XXXX XXXX.- present, complete estrangement from my son ( borrower of 2 Rhode Island Student Loan Authority loans ) XX/XX/XXXX Upon realization that he had not started to repay these loans, I ( co-borrower ) assume responsibility of the 2 loans. ( and also his loans from other lenders ) Please see attached 2 pg schedule of actual payments made to RISLA. These payments were made responsibly and consistently to the best of my ability. Also, attached credit report proving at least 3 full years in good standing reported by RISLA.
XXXX I am diagnosed : XXXX/XXXX/XXXX. Paid loan # XXXX in it's entirety, roughly $ XXXX. My plan : hoped my son would be then responsible for the 2nd loan and I could start to help myself regarding my failing health.
My son, ( borrower ) did not respond and I CONTINUED payments ( greater than 24 ) on the 2nd loan ( # XXXX ) until XX/XX/XXXX XX/XX/XXXXDealing with ramifications of my XXXX 's diagnosis both physically and financially. Impossible to make the loan payments on the 2nd loan any longer.
XX/XX/XXXX Terminated from my job of 35yrs. Rendered XXXX XXXX XXXX XXXX, Dr. XXXX, XXXX XXXX XXXX XXXX XXXX, XXXX, MA.
Please see completed XXXX form attached.
PRESENT : I have requested RISLA release me as co-borrower of the remaining loan. I've tried to express to RISLA that my extenuating circumstances have created such a hardship that I can not make any type of payments and maintain a minimum standard of living. My circumstances during the term of the remaining loan will only get worse. I most certainly have made an honest and good faith effort to do the best I can to repay.
Please see attached letter XX/XX/XXXX to RISLA and response letter from RISLA.
My request to be released as co-borrower has been reviewed by the RISLA Loan Servicing Manager, Director of Loan Operations and the Director of Compliance. They maintain that I did not make the FIRST 24 payments on time/ consecutively. There are TWO loans I was responsible for as co-borrower. Initially, when I understood they were not being paid by the borrower, I took responsibility and paid consistently for years. ( over $ 40k ). RISLA will NOT acknowledge this whatsoever. I do understand that my son is working and making payments to RISLA ( $ XXXX balance ). Although RISLA sympathizes with my hardship they maintain there is no policy in place for co-borrower release due to XXXX XXXX. There is a policy in place for the borrower, with whom I have equal responsibilities. Therefore I have the right to full discharge due to my XXXX XXXX XXXX. ( Never mind the good faith efforts I have made to be responsible regarding re-payment. ) This situation has been demeaning to me and caused me needless distress. In the meantime, I have been released as co-borrower for each and every other private and federal student loan I have co-signed for both my son & daughter.
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| 06/13/2022 |
Yes |
- Student loan
- Private student loan
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- Dealing with your lender or servicer
- Trouble with how payments are being handled
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Web |
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My student loan with XXXX was supposed to be refinanced over a month ago with XXXX. However my XXXX loan is still not paid off and still accruing interest and requiring payments. The new XXXX loan has also been accruing interest and repayment started on XX/XX/22, even though they have not paid off one of the loans they are supposed to be refinancing. I've received a lot of changing and conflicting information from both XXXX and XXXX. We've been trying to resolve this for the past month without much progress.
I had an approximately $ XXXX student loan with XXXX and my wife had an approximately $ XXXX student loan with XXXX. Last month we refinanced and consolidated into XXXX loan with XXXX for about $ XXXX. The XXXX loan was paid off quickly, however the XXXX loan was never paid off. Per XXXX, they disbursed payment to XXXX on XX/XX/22. I called XXXX several times but was always told that no check had been received. XXXX asked me to wait 30 days before requesting a new check.
After waiting the 30 days as instructed by XXXX, we called on XX/XX/22 and XXXX told us that XXXX had cashed the check on XX/XX/22. XXXX initially couldn't find record of this and when they got back to us, they state they sent it back to XXXX on XX/XX/22. First they said it was because it was sent to an incorrect address, then said it was because there was no account number to identify it. We're now being told that we once again need to give it more time while the check travels back to XXXX.
I can't get consistent information or a clear timeline from either XXXX or XXXX. We are now having to make payments on both the XXXX loan and the new XXXX loan. I raised this concern to XXXX before their first payment was due ( due on XX/XX/22 ) and was told to give it more time.
My other concern is that both of these loans are accruing interest. Instead of accruing interest on ~ $ XXXX of loans, we've been accruing interest on ~ $ XXXX of loans ( interest on the ~ $ XXXX from XXXX and then again from XXXX ). I don't understand how XXXX can start requiring repayment when they have not paid off the loan they were supposed to be refinancing.
We've spoken with XXXX and XXXX several times. I've also spoken with XXXX to verify that they didn't accidentally receive the full ~ $ XXXX. We don't seem to be getting anywhere yet every day more interest accrues on both loans.
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| 12/21/2016 |
Yes |
- Student loan
- Non-federal student loan
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- Dealing with my lender or servicer
- Received bad information about my loan
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Web |
Older American |
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I am a co-signer on XXXX my daughter 's Rhode Island Student Loan Authority loans. We requested my name be removed from the loans and were refused because according to RISLA she did n't have enough credit history ( her credit is in the XXXX 's ) RISLA would not count any of her student loans towards her credit lines.. She received a letter dated XXXX/XXXX/16 from a XXXX XXXX Loan Originator for RISLA that if she was still interested in the co sign release we should resubmit, due to a changed that RISLA updated their underwriting guide lines and now consider her student loans as part of her credit history. We resubmitted the request to remove my name from her loans.
On XXXX/XXXX/16 We received another letter stating again the co signer release has been denied because my daughter does n't make a minumum of {$40.00}, XXXX a year.
XXXX. Never in the original agreement with RISLA did they state they would n't count all loans as part of her credit history.
XXXX Never in the original agreement with RISLA were we told she had to earn over {$40000.00} a year to remove my name from the loan. If she is n't making enough money to pay the loans how did she get years ahead on the open ones and pay the others off?
XXXX My daughter had no income at the time these loans were made and I was n't making {$40000.00} a year when RISLA approved them.
XXXX. XXXX/XXXX/16 RISLA told us the only requirement she had n't met was that she needed XXXX more credit card now this feels more like a bait and switch. She met that requirement and they now changed the rules again.
XXXX. In my opinion RISLA is being deceptive by leading consumers to believe that the only requirement to removing their name from loans is that the student has a good credit history and pays loans on time for two years She has more then exceeded the original requirements RISLA led us to believe we needed to remove me from these loans.
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| 10/29/2019 |
Yes |
- Debt collection
- Private student loan debt
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- Communication tactics
- Frequent or repeated calls
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Web |
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Repeated calls, voicemails, and emails for past due account. Spoke with customer service rep XX/XX/19. Initial statement from rep was that my account is in pre claims and asked if I was still using my bank account ending in # # # # so that he could deduct the funds. There were no other options offered at that time, this is highly intimidating. I informed rep of my current status at work/lost overtime/hours and that there were no funds available to deduct. I then informed the rep that got paid on Thursday, XX/XX/XXXX and would take care of what I could. Made payment on XX/XX/XXXX in the amount of {$140.00}. Received two consecutive phone calls Saturday XX/XX/XXXX at XXXX and XXXX, with an immediate follow up email at XXXX.
Received phone call on XX/XX/XXXX at XXXX with voicemail informing me that my payment on XX/XX/XXXX wasnt the agreed amount ( there was no agreed amount ) and that my credit will be impacted. I then received an email on XX/XX/XXXX at XXXX titled second attempt. As of today I have received four phone calls, one voicemail, and two emails In the span of 7 business days. This amount of repeated contact is harassment. I have contacted RISLA previously via email requesting that they do not contact me in this manner and requested that they stop harassing me while Im struggling to get my account paid up. One phonecall should be sufficient, especially when I have made documented recent payments. They have not complied with my requests to cease harassment. Emails/supporting documents are attached.
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| 10/02/2019 |
Yes |
- Student loan
- Private student loan
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- Dealing with your lender or servicer
- Received bad information about your loan
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Web |
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I am the co-signer for the loan taken with Rhode Island Student Loan authority. The loan owner was making payments with the loan provider. The loan owner had some life changes with job and personal life and defaulted on the loan. I didn't know the loan defaulted. RISLA hired a collections lawyer ( XXXX XXXX, XXXX XXXX XXXX XXXX, XXXX XXXX XXXX, MD XXXX ) sending me collections notices and judgments letters demanding money. I spoke with them to ask them why haven't they tried to reach the loan owner and they said they can't reach her and we are going after you for the money. I told them I have her contact information but they said they didnt want it because they are going after me. I have hired a lawyer to help because I have to keep my credit clear to keep my employment and I just didn't know where to turn. The lawyer was not help at all, he put me right back to the same area I am now. I am currently in school getting my masters, after I finish I will have my federal loans to consider for myself. They would not give me an reason why they could not work out an agreement with the actul loan owner. If you can help me that would be wonderful. Thank you
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| 04/08/2020 |
Yes |
- Student loan
- Private student loan
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- Dealing with your lender or servicer
- Trouble with how payments are being handled
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Web |
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Rhode Island Student Loan Authority ( RISLA ) has debited my bank account for my payment, but not posted it to my student loan account. They have stolen over {$1000.00} from me.
I submitted a payment on the RISLA website using the same stored bank information I have for all previous payments. The payment posted to my bank account within a few days with no issues.
I got a follow-up email from RISLA that my payment was returned. I verified it was not, and called customer service expecting them to have some sort of resolution process to work this out with my bank.
No one would even make an attempt to look into the issue, they would just read " your payment was returned '' from the account notes and not proceed any further. I have spent over three days on the phone trying to get assistance.
Here I am with a $ XXXX payment debited out of my bank account, my student loan is still showing a payment due, and I have had no assistance.
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| 07/15/2015 |
No |
- Student loan
- Non-federal student loan
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- Can't repay my loan
- Can't decrease my monthly payments
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Web |
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I have been paying off my loan through the Rhode Island Student Loan Authority since XXXX, which is when I graduated from the University XXXX. Initially, I was paying $ XXXX/month, which was too much for me to handle, so I requested in XXXX that they lower it. They told me they could n't do that.
In XXXX, I had to go into forbearance based on my income at the time. When that forbearance term ended, my payment had magically become $ XXXX/month with no indication as to why that happened.
I found out today ( XXXX/XXXX/XXXX ) that they lowered it because of my forbearance term and that they could n't decrease my monthly payment any further. The person told me that 's because they can not extend the life of the loan behind 15 years.
Basically, I do n't understand how they could n't lower my payment 5 years ago, but then they magically could a few years later. This is absurd and I can not handle paying $ XXXX/month right now.
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| 07/01/2016 |
Yes |
- Student loan
- Federal student loan servicing
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- Dealing with my lender or servicer
- Trouble with how payments are handled
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Web |
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The Rhode Island family education loan which was taken out with my grandmother as co-signer has defaulted and immediate repayment requested. The co-signer, my Grandmother, passed away and the RI student loan authority, through the lawyer XXXX XXXX XXXX XXXX, has filed a claim against her estate. The claim is against the estate for XXXX others whom my grandmother co-signed. The XXXX of us have been repaying our loans, as usual since the loan provider contacts you after the six month grace period. We have been reducing the total amount of loan, but the claim is for the original amount which we all took out. The claim is for {$97000.00} and I know that the claim is off by at least {$11000.00}. I know this because I owed {$17000.00} vs. about {$6000.00} currently outstanding. ( document attached ) Also, monthly payments are being made of about {$120.00} per month.
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| 07/29/2016 |
Yes |
- Student loan
- Non-federal student loan
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- Dealing with my lender or servicer
- Received bad information about my loan
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Web |
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RISLA ( Rhode Island Student Loan Authority ) provided a {$6000.00} loan which is now a {$29000.00} loan and the reporting to the credit bureau is inaccurate and does not reflect payments that are being made. I am a co-signer on the loan and can not get a mortgage loan due to the inaccurate information. For six months I have asked the lender to correct the information because the borrower is making on-time payments since 2014 ; however, the lender refuses to do so.
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| 10/31/2016 |
Yes |
- Student loan
- Non-federal student loan
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- Dealing with my lender or servicer
- Received bad information about my loan
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Web |
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I was told that if my daughter paid her loans on time for 2 years I could be released as a co signer on 2 loans. She has never been late on a payment and has a credit rating in the XXXX 's. She is paid ahead on her Federal Loans up to 2018. RISLA claims her credit is n't good enough because they do n't count her student loans as part of her credit report. This is not what is stated on any application to RISLA so how can they change our agreement like this?
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| 09/02/2015 |
Yes |
- Student loan
- Non-federal student loan
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- Dealing with my lender or servicer
- Don't agree with fees charged
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Web |
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While attending XXXX I took out a student loan with RILSA ( Rhode Island Student Loan Authority ). I recently heard in the news that XXXX under went a lawsuit based on late fee 's they charged. RILSA is charging 6 % of the payment that is due. I feel that 6 % is excessive, as it equates to roughly 10 % of my yearly interest.
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| 01/14/2021 |
Yes |
- Credit reporting, credit repair services, or other personal consumer reports
- Credit reporting
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- Incorrect information on your report
- Old information reappears or never goes away
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Web |
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My debt for Rhode Island Student Loans was update as current even though i already past my statue of limitations. Collections was opened in XX/XX/XXXX, RISLA falsely updated as current in XX/XX/XXXXand XX/XX/XXXXof XX/XX/XXXXin order to re-age account. I never made a payment nor did i ever contact them so this is fraud.
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| 08/17/2022 |
Yes |
- Credit reporting, credit repair services, or other personal consumer reports
- Credit reporting
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- Incorrect information on your report
- Account information incorrect
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Web |
Servicemember |
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I sent a letter on XX/XX/22 requesting verification of a late payment showing on my credit report for that account. The company did not send any reply within the 30 days allowed by law. They are now in violation of FCRA for failure to report accurate information.
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| 01/02/2016 |
Yes |
- Student loan
- Non-federal student loan
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- Dealing with my lender or servicer
- Don't agree with fees charged
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Web |
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I am being charged late fees every month, and i am never late. My loan has been set up to automatically withdraw from my bank account since the beginning. It is impossible to mange this with the lender, because there is a third party that is managing the loan.
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| 01/25/2019 |
Yes |
- Student loan
- Private student loan
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- Dealing with your lender or servicer
- Need information about your loan balance or loan terms
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Web |
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| 12/12/2018 |
Yes |
- Debt collection
- Private student loan debt
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- Written notification about debt
- Didn't receive enough information to verify debt
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Web |
|
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|
| 07/20/2017 |
Yes |
- Student loan
- Private student loan
|
- Dealing with your lender or servicer
- Need information about your loan balance or loan terms
|
|
Web |
|
|
|
| 03/31/2017 |
Yes |
- Student loan
- Non-federal student loan
|
- Dealing with my lender or servicer
- Trouble with how payments are handled
|
|
Web |
|
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|
| 09/28/2015 |
Yes |
- Student loan
- Non-federal student loan
|
- Can't repay my loan
- Can't temporarily postpone payments
|
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Phone |
|
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|
| 07/06/2015 |
No |
- Student loan
- Non-federal student loan
|
- Dealing with my lender or servicer
- Need information about my balance/terms
|
|
Web |
|
|
|
| 02/26/2015 |
Yes |
- Student loan
- Non-federal student loan
|
- Can't repay my loan
- Can't get flexible payment options
|
|
Web |
|
|
|
| 12/01/2014 |
Yes |
- Student loan
- Non-federal student loan
|
- Dealing with my lender or servicer
- Having problems with customer service
|
|
Web |
|
|
|
| 11/14/2014 |
Yes |
- Student loan
- Non-federal student loan
|
- Can't repay my loan
- Can't get flexible payment options
|
|
Web |
|
|
|
| 09/11/2014 |
Yes |
- Student loan
- Non-federal student loan
|
- Dealing with my lender or servicer
- Trouble with how payments are handled
|
|
Web |
|
|
|
| 07/29/2014 |
Yes |
- Student loan
- Non-federal student loan
|
- Dealing with my lender or servicer
- Having problems with customer service
|
|
Web |
|
|
|
| 07/09/2014 |
Yes |
- Student loan
- Non-federal student loan
|
- Dealing with my lender or servicer
- Having problems with customer service
|
|
Web |
|
|
|
| 03/28/2014 |
Yes |
- Student loan
- Non-federal student loan
|
- Can't repay my loan
- Can't get flexible payment options
|
|
Web |
|
|
|
| 01/24/2014 |
Yes |
- Student loan
- Non-federal student loan
|
- Can't repay my loan
- Can't get flexible payment options
|
|
Web |
Servicemember |
|
|
| 12/04/2013 |
Yes |
- Student loan
- Non-federal student loan
|
|
|
Web |
|
|
|
| 12/03/2013 |
Yes |
- Student loan
- Non-federal student loan
|
- Problems when you are unable to pay
|
|
Web |
|
|
|
| 10/03/2013 |
Yes |
- Debt collection
- Non-federal student loan
|
- Disclosure verification of debt
- Not given enough info to verify debt
|
|
Referral |
|
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| 07/19/2013 |
Yes |
- Student loan
- Non-federal student loan
|
|
|
Fax |
|
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|
| 07/08/2013 |
Yes |
- Student loan
- Non-federal student loan
|
|
|
Web |
|
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|
| 01/28/2013 |
Yes |
- Student loan
- Non-federal student loan
|
|
|
Web |
|
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| 01/26/2013 |
Yes |
- Student loan
- Non-federal student loan
|
|
|
Web |
|
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|
| 08/27/2012 |
Yes |
- Student loan
- Non-federal student loan
|
|
|
Web |
|
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|
| 06/15/2012 |
Yes |
- Student loan
- Non-federal student loan
|
- Problems when you are unable to pay
|
|
Web |
|
|
|
| 06/09/2012 |
Yes |
- Student loan
- Non-federal student loan
|
|
|
Web |
|
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