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Sallie Mae |
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Jason of Huntington Beach, CA October 9, 2009 I have been harassed by Sallie Mae for Years. Many of my friends who graduated with me have also been harassed. We want to pay, but they will not work with us. We want options…! The facts I have now learned are: Federal loans will work with you, including income based repayments, deferments, and forbearances, (but) private student loans simply do not have to. Yet they are afforded the same protections that federal loans have. The banks keep the juice running and use the government and Sallie Mae as the muscle. You cannot file bankruptcy and have these discharged. Undue hardship is proven in less than 1% of cases. A land mark case involved an elderly borrower scraping by on social security and was fully disabled yet still did not qualify. They simply do not need to work with you! The law is on their side. I was mis-lead by my student loans and my loan advisors I was a young and naïve student, I had zero knowledge of lending practices! I did not understand the difference between private loans and federal! They called them “alternative†loans and “Said don’t worry they are still through Sallie Maeâ€. Yet everyday those that spend thousands on credit cars at the mall can simply file bankruptcy or work out affordable payment plans, I went to get a higher education and only walked away with a huge debt that I will pay for the rest of my life! Everyone needs to work together to fix this. Sallie Mae is out of control. Sallie Mae is acting under legislation that was only recently passed back in 2005. It needs to be repealed, so we can have our consumer rights back. Judy of Centreville, VA October 7, 2009 My son took out a loan with Sallie Mae tnat my husband co-signed. They require him to start making interest payments while still in school but provided no information on what this amount would be up front. Today we got the paperwork stating that he is expected to make payments in Nov/Dec 2009 in the amount of 120, and then Jan/Feb/March 2010 payments will be 224; April/May/June 2010 payments are 336, July 2010 for the next 33 months 448, and so on and on. Hello?? He's a college student. Where do they think he'll get this money from and how could they not disclose this up front?? My favorite paragraph of the letter is at the end " If you pay off the loan early, you will not pay a penalty. If you prepay your loan you will not be entitled to a refund of any finance charge." So we have to pay ALL the finance charges even if we pay the loan off early? How is that legal? Mortgage companies cannot do this, banks cannot do this. dee of Longwood, FL October 7, 2009 SallieMae has slowed down the processing of payments recently. We as borrowers are expected to make payments on time, but payments are not processed in a timely manner. There is no reason in this day an age that a payment that formerly took two days to post (remember they electronically process our checks)now is taking in excess of 10 days. This has happened not once, but twice. And then begins the process of hate mail from SallieMae threatening all sorts of recourse that they have. What is our recourse? Only this forum. Why not set up for autodebit? Well, in the past year, I've discontinued all auto payments after one company debited my account twice instead of once, causing numerous problems with my account that took months to clear up and while making another payment to a credit card company, my information was sent to a server in the Ukraine due to a lapse in security according to the notification I received from the processing company. I'm back to checks, but my mortgage holder and SallieMae take 10 or more days to process payments.. It's insidious and unfair and we are powerless to stop it; the consumer just can't catch a break! Prisnel of Stoughton, MA October 3, 2009 A recent graduate from my graduate school program, I owe Sallie Mae 62,000 in total and since my grace period had expired I was hoping to work with them to begin making minimal payments and keep my credit score in good standing. Upon contacting Sallie Mae and trying to get them to work with me, I was told that I'd completely exceeded all of my hardship, deferment, grace periods, and any other time alloted to deffer payment and needed to start making payments of 1,700 dollars/month immediately before my information goes to collections. I informed the analyst that this amount is equivalent to my total bills and is ludicrous. I wanted to work with them to lower my payments and write some of the payment amount into the principle to hopefully make payments manageable but was consistently told that my only option is the pay the total amount alotted. This was after 4-5 calls in to them and speaking to different people and getting transffered all over their company. Then, I caught wind of the IBR program and during an informative webinar became aware of something called the Ombudsmans office (it's a crime that this information isn't more publicized to consumers). I received a call from Sallie Mae a few days later seeking an update on my situation and informed them that I have no recourse and have tried to work with them but am getting nowhere. That I'll be reaching out to the local Ombudsmans office to get them involved in hopefully helping me deal with Sallie Mae. At that point, it was like a switch was flipped or I used a magic word. The analysts demenor changed and she wanted to work with me now... she mentioned to me that I absolutely still had 2 years of forbearance available on my Gov't loans and that my private loans could be restructured down to a 70/month payment which I can afford. This was welcome news but it also greatly confused me. This didn't seem like proper business practices and I was quite furious that I had to go through so much stress and then I mention one word and everything went as it should've otherwise. Here's the most frustrating thing. Three weeks later, my little sister who's completing her undergrad at U of Phoenix calls me stating that Sallie Mae called her stating that she's in default and that she has to start paying or she will not be able to complete school. I explained to her what happened to me above and told her to mention the Ombudsmans and call me back to let me know what happened. It turns out that she was hung up on three times and finally at the end got someone, mentioned the Ombudsmans office and they started working with her. She actually wasn't in default (that was false) and had consolidated her loans. They put her loans in defferment when she started school so there was a non issue here. She's having them send her a letter to prove all of this to hand to the school. I'm having her process a complaint with the BBB, consumer affairs and the local attorney general as well in hopes that everyone can investigate what's going on with Sallie Mae and these horrible practices. This is quite concerning and I would hope that these agencies can hold businesses accountable and ensure that they are operating in good faith. *Note: I was not able to obtain the specific records of conversations as they will not share this with me therefore cannot provide specific days or names of analysts who I worked with. steve of bronxville , NY September 28, 2009 my daughter took a loan out with sallie mae in sept o7-2007 for collage. we already took two other loans that were consolidated and am now paying off. sallie mae now is coming after us for payment saying that we co sined this loan. we have tryed for a month to get info on this account and see papper work on this matter to no avail. have spoken to my daughter about this bill. yes she has come on hard times. a payment might be slow i am not negateing that this has to be paid but sallie may has sent me nothing as of yet. my daughter said she took the loan out on line and did not need a co siner. my credit is in danger and all i want to do is correct this. can ya helpe me fix this? credit destroyed. calls that might boarder line harashment Norma of Houston, TX September 27, 2009 I worked with Linda D and she informed me that she obtained a student loan from Sallie Mae and I would need to adjust her schedule. All personal information was on the store computer. Shortly after that I quit Now I am receiving threatening info that my credit will be ruined and the loan is in default and I am a cosigner on this loan How do I make this go away and save my credit? Loan is in default as Linda did not make payments and my credit is in ruins Beth of Orlando, FL September 25, 2009 I have offered them a monthly payment % until I can sucure employment, yet they refuse and call ma 3 to 5 times a day. I have sent them written notification that I do not want to be contacted by phone, however they just keep calling. Lynor of Nahant MA, MA September 25, 2009 I am a co-signer on my daughter's school loan. The loan was due in July 2009, she never received a bill for payment, no information on what was due. The calls started in early August and have continued daily. They start at 8am and continue thru 9pm. Some days they call from different numbers at least 5-8 times a day now. My daughter has made 2 payments already and has now filed for a deferment and the calls still won't stop. I am being harrassed by these people everyday 24/7! They are not even calling my daughter who owes the loans at all. I need help in stopping this! They had the nerve to find one of my closest girlfriends and actually call her looking for me. I called them and spoke to a manager and raised hell! How dare they call others now! This is effecting my work since I work from home, my peace of mind and well being. Please help me in where I can turn to stop this madness? Tanya of Bondurant, IA September 16, 2009 SallieMae has been harassing me for over a year. Last August through December I was in school and they continued to call me 20 times a day saying I owed money. Every time I would tell them I was a full-time student and they would check the clearing house to see that I was telling the truth. They would always tell me that they fixed it in the system, but the calls never stopped. Finally in december I graduated and put all the loans into forbearance, this stopped the calls for about a week and then they started calling again saying I owed and was behind. Again I would explain to them I had just paid to put them in forbearance. They would then tell me that I hadn't and I would have to fight with them. This has continued over and over since then. I pay to put them in forbearance because I'm not working and then they continue to call me 15-20 times a day saying I owe. I'm so sick of it! Amy of Beverly, MA September 16, 2009 After speaking to Nancy and explaining that the calls are harassment. She said it isn't and they are allowed to call up to 8 times a day! 8 times! This is harassment! I explained I do not use my phone as I'm hearing impaired & do not own a TTY (they are expensive)! She didn't even have a record on file that my mom spoke to them (who is my authorized person on the account) today or about the program that I had to select for the payments. And there is not a 50 dollar forbearance fee as they say on the site! So not only do they misinform, they dont have the correct information in their system. I think loan companies need to do forgiveness programs or get rid of the loan program all together. Advertisement
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