Rob of Bumpass, VA (07/08/06) I signed up for a fast track school - ComputerTraining.com - and agreed to a Sallie Mae student loan. Unfortunately I didn't pay attention to the type of loan and variable interest. I made a huge mistake. The sales rep for ComputerTraining and the Sallie Mae application both stated "student loan" but the loan was in fact a private loan, as I later found out.
My loan started at 7.75% with a principle balance of 21,000. I was sent a letter a couple of weeks ago stating the interest went up to 11.75%. Two weeks later I went to the web site to check my loan status and payoff amount and the interest was at 12%. My total 15 year term went from 41K to 50K within a year!
Everything about the initial process revolved around the English lanugage. After the fact though, I can't seem to talk to anyone who speaks fluent english.
Damali of Stockton, CA June 12, 2006
Damali of Stockton CA (06/12/06) I started culinary school at the Orlando Culinary Academy about 2 years ago. I had just been married, was working full time and had 2 children to take care of. To go to school, I had to go at night. I intended to start in July of that year, but since my financial package was approved my admissions person suggested I start in May. Anxious, I decided to start early. I was doing well in school, on the honour roll and enjoying it, however, my work performance dropped and my marriage suffered.
Within two months everything changed. My husband left me and my job decided to revert to my normal hours which would prevent me from continuing. When I realized I would have to leave school I went to the relevant person at school and told them I had to withdraw because of family reasons, I was feeling way too low to explain everything but had no idea I would be trapped with a such a huge debt. While my loans at 2% (federal) were all sent back, my loans through Sallie Mae at 14% were retained. I could not understand how I would be stuck with loans for an entire semester, when I had barely completed a quarter.
Now I owe them over 23,000 and it is mounting and I have no idea how I am going to pay. I am back in school full time, however, everytime I turn around there is a representative from Sallie Mae on the phone. I feel like the world is closing in on me and I have no recourse. I pray I do have some recourse and someone can give me advice.
The consequences have been severe to my credit, my financial standing and future, I am considering bankruptcy but not sure how that will help. I need to find out if there is a way to work on this issue, yet I feel completely trapped.
Spencer of Newton, NC May 18, 2006
Spencer of Newton NC (05/18/06) I recieved a student loan for continuing education and with in one month the school closed and I recieved no services. Sally Mae paid the school and continues to bill me after numeruos timews that I have contacted them about this. After I have done some investigation it seems that this has happened before with Sallie Mae. This has ruined my credit and I can not seem to get any satisfaction .
My credit is ruined, I cannot further my education which impacts my economic capabilities.
Cher of Hibbing, MN February 26, 2006
Cher of Hibbing MN (02/26/06) I have been a customer of Sallie Mae Financial for about 3 years, and have had numerous problems trying to get help with my school loan payments. They call you from a number that is only a number that can be called out, not called into and have fictious names of certain customer service employees that claim "we want to help you."
I have asked these people to either email me or send me an application for help with my payments which I never received. They explain to me that it will take 7-14 business days for it to get by mail which come, and in addition, my interest seems to magically increase and my payoff grows larger and larger.
I tried to call the customer service number to speak with a manager; I got put on hold for 15 minutes. Also, I have tried to call during the evening hours within the time frame they give you, waiting for 70 minutes for someone to pick up, which no one ever does. My husband has also tried to do this as well and gets the same thing.
This never seems to end. On another note, I have asked repeatedly for a "customer service" person to send me something that explains in detail how my loan works, what is being applied towards interest, etc. Nothing was ever sent. My husband was also involved in this as well to maybe help with a different approach; nothing was ever resolved.
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