I have student loans with Wells Fargo EFS (Education Financial Services), and had extended all of my forbearance once I graduated. Forbearance is where the bank allows you a time of non-repayment, while you still accrue interest. You are generally allowed 2 years total. Well, as it turns out, my two years were up. The Wells Fargo customer service rep said, "If you refinance your student loans and consolidate them, it will be a new loan, and you will qualify for another two years of forbearance."
So, being in a financial bind, I did the consolidation. I asked them why I shouldn't consolidate with someone else, and they said because they already carried my loan, it would be easier and faster to do it with them. Since all of the interest rates are the same for student loans, I went ahead and had them refi and consolidate.
Now they call me and tell me that they will not give me ANY more forbearance (I had six months of forbearance after the refi), and that I have to pay the loan NOW. I told them that if that was the case, I would have refinanced with another lender to guarantee my forbearance for two years. They lied and cheated me. Now my wife is pregnant with our first child, my job is hanging by a thread (many lay-offs at my job), and we had to move and pay almost half as much rent as our former place.
I AM IN BIG TROUBLE BECAUSE WELLS FARGO LIED TO ME. They promised me two years of forbearance, and only gave me six months. Of course, this was before the economy went to hell in a handbasket. Now that they are in trouble, the customer service people are no longer nice and fun. Now they are evil and mean. How can someone do this to another human being?!? I blame it on the customer service rep who I spoke to last. She made comments on my file, and now I am in big trouble.
The only recourse I have is to take six units at a community college in the fall, so I can go into deferrment (when you are in school, you don't have to pay your loans).
Has anyone else had problems with their student loans? Did Wells Fargo lie to you and promise 2 years of forbearance? The customer service rep had the audacity to mention that I already had two years of forbearance previously, so why should I need more?!?! I explained that that those were six individual loans, and now they are consolidated into one loan. They can't look at my former loan to make judgements on my current one, can they?
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