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Sallie Mae |
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Paul of Houston, TX August 6, 2009 On July 24th, I received a call from SallieMae stating I was behind on my payments. I requested forbearance on a portion of my loans until November, paid 95 dollars instead of my monthly payment of around 420 dollars, and was told to have a nice day. Eleven days later, I received a call that my public loans were 49 days past due, my private loan was 19 days past due, for a total delinquent amount of 335 dollars and six cents. Confused, I requested a post dated charge for the day of my next paycheck, about 13 days later. The representative began to process the payment, realized he had forgotten to post date it, cancelled it, and put a post dated charge. 3 hours later, when checking my account balance, I realized that the original charge was pending, causing those funds to become unavailable. Sharl of Park Ridge , IL July 30, 2009 I was in the process of consolidating my loans through another lender so I requested a forbearance peroid of 3 months while it was being consolidated. The loans were never placed under forbearance and so I called and they had mentioned that they would retroactively place the account under forbearance since it was a mistake on that they made. The account was placed under forbearance but they reported the account as delinquent and they refuse to remove it and it is now on my Credit Report. I spoke to managers and they said that there are not willing to remove it because they had reported tha account before fixing thier mistake. My credit report currently shows 7 accounts that were 90days for a mistake Sallie Mae made and are not willing to fix. Paul of Knoxville, TN July 29, 2009 I spoke with my previous account rep on 07/02/09 about making a 150 payment to bring my loans current and into a forbearance. My repexplained the process that it is 50 per loan and they cap it at 150. I have 5 loans so my payment would be 150. He told me I had until the 29th of July. I called Sallie Mae today, 07/29/09, to make a 150 dollar payment onto my loan. The rep went through loan payment options, I told him the amount I would be able to pay. He stated he had a program for me and explained it the way my previous rep had. I stated to him I was ready to pay 150 onto my account to get it current and into a forbearance. He then began requesting more money due at a later time. I explained I was only paying the amount originally agreed upon between myself and the other rep which is also the same amount he offered me in the begining. He then put a "manager" on named Tim, I believe that was his name. He began demanding more money. I told him the calls had been monitored and the notes should be in so I know how much I was offered and he can see it too. He began to get quiet and look over the notes. He saw where I spoke with somebody before. He stil began demanding more money from me. I told him I was only paying 150 to bring them current like I was told before. He then would not accept my payment unless I put more money with it. He began telling me about default and I stated to him I knew about default because I have worked in collections of defaulted loans. I stated to him I'm paying 150 onto my loans or I will just have to deal with it in another manner. He still would not accept my money. I told him I would be filing a complaint with the BBB. He stated for me to go ahead and do it. I thanked him and got off the phone. Tarlton of Palmyra, VA July 27, 2009 I have the misfortune of being a co-signer on a Sallie Mae loan for my nephew. He has been unable to get a job, so his loan became delinquent. As soon as I discovered it was delinquent, I contacted Sallie Mae, got instructions on catching it up and making payments and did so. I was assured (lied to) that as long as I caught it up my credit--which has been flawless for decades--would not be compromised. I was shocked to discover the next month that they had reported me delinquent the next month. When I checked the account I found that my payments were not fully reflected. When I contact Sallie Mae again, I was told they had been missallocated and would be corrected. I continued making payments, but after a couple of months my credit still showed the account delinquent. When I checked again, I found my payments again not properly reflected. I contacted Sallie Mae again and was again told they had been improperly allocated and would be corrected. After numerous emails and phone calls I finally discovered that Sallie Mae puts all a borrower's loans on a single account number. Of course, they don't tell you that if you are a co-signer trying to make payments. That way, when your payment arrives, they are able to allocate the payment (your money) to whatever loans are the most delinquent. Since they do this across all their student loans, it substantially improves the apparent quality of their loan portfolio. It is, of course, completely illegal to use a co-signer's payments on loans for which that co-signer has no liability or affiliation of any kind, it is quite simply, theft. They get away with it becausse having multiple loans on one account number virtually assures this kind of mistake, so they can misuse co-signer payments and just play dumb. I have now been making payments on time for over six months, and Sallie Mae continues to report me as delinquent. I have challenged the status with the credit bureaus directly, but Salle Mae just confirms the delinquency, even though the loan is not delinquent. I have made countless attempts to get someone at Sallie Mae to address this to no avail. Add to this the outragious interest rate they charge (over 11% when the prime rate is less than 1%), and the fact that they still charge you the interest even if you pay the loan off early and you have what I can only characterize as a morally deficient, parasitic organization that this country would be better off without! For that reason, I am soliciting any other Sallie Mae student loan co-signers with similar experiences to participate in a class action law suit against Sallie Mae, as well as a petition to the SEC to bring charges against Sallie Mae for missappropriation of funds. I welcome contact from other plaintiffs as well as any litigation attorneys that would be interested in getting involved. This company is preying on people that are just trying to get an education, or help someone they care about to get one. They need to be put out of business!! Joanne of Brawley, CA July 26, 2009 original loan at 26,000, added interest and fees now present balance is 43,000 Ron of Red Rock, OK July 21, 2009 I am the cosigner on mynephew's Career Training (Private) student loan with Salie Mae. They refuse to send me a copy of the monthly statement so that I can pay my nephew's loan payment on time. I first discovered that Salie Mae was posting 60 and 90 day late payments when I obtained my credit report early this year. I contacted them and told them that my nephew was in Iraq serving our country in the Air Force, to send me a copy of the monthly statement and I would pay it on time. Prior to that I would only receive a statement when my nephew's student loan was seriously delinquent. I wrote a letter to ask them to withdraw the negative credit reporting and they responded by saying that they were fair in reporting the payments as delinquent regardless of whether I get a statement or not. I kept trying and in March a young man from Salie Mae told me that he would ensure that I received a statement in the future. I have still have not received a statement from Sallie Mae. I contacted them today and told me that was not possible for me to receive a statement until it is severely past due. Each person agrees that this is not fair lending practice but say that is the way it is. I have tried to resolve this issue responsibly but Sallie Mae is not accountable to anybody and refuse to work with me other than collect payments and threaten to assign my loan to the federal government for litigation against me. As I read the Fair Debt Collection Practices Act, this in itself is illegal. I have researched these issues and I keep coming back to the fact that Sallie Mae can do what ever they want without legal consequences. I have read many complaints about unfair treatment from Sallie Mae, how they have ruined many students' financial lives, how they illegally give money to Vo-Techs and Career Centers to push the student loans to them, and how Congress continues to debate their unfair collection practices. They have lied to me on the phone. They have hung up on me several times. They have transferred to other departments that do not handle this type of loan. They don't care because apparently there are not consequences. Hailie of Brownwood, TX July 17, 2009 I resorted to using Sallie Mae as a student loan in January of 2007. I obtained a signature student loan with them. Two years later, I've graduated and my loans are due. I consolidated all my loans...or tried. I contacted Sallie Mae to discuss what I needed to do and what information I needed to be able to consolidate....They gave me all the info I needed. I did my consolidation through the government education department, to which months later, after my loan was due, I found out they declined the consolidation with the government due to my loan being a "private loan". I never got a private loan that I was made aware of. They led me to believe I was getting a student loan, which is what their paper work classifies it as. Needless to say, all my other loans (not with Sallie Mae....thank goodness) consolidated fine. What started as a 4600.00 loan is now 6900.00 (less than 2 years later) and growing. They have the interest at 9.75% and it compounds daily at 1.80 day, just in interest. By the end of each month, less than 20.00 is actually going towards this loan. They wont consider lowering the interest at all, they wont let me consolidate with my others. I don't understand why they would truly do this to someone fresh out of school and trying to make it - it makes it almost not worth going to school in the first place. If I were dumb enough to pay out the loan on their terms, what started as a 4600 loan would be over 13,000 in the end. Unbleivable. John of Santa Ana , CA July 14, 2009 I a student. All of my in school deferment were accepted from many banks such as AES...But not SAllI Mae. Then sent me to colllection, In Jan 2009 they told me to pay them 100 to get hard ship deferment ( which I do not need. I am quailified for IN SChool deferment) but I still paid them 100. They just wanted to collect may money and still sent me to collection charge me extra and abuse may phone day night, weekend, non busines hours. Damange my credit, tried to incresed the money. IN 2007 I filed bankruptcy, Even though the Student loan was not discharge but it dose not mean that that right after that abuse me (for what while they knew I could not pay) their intention to damange my mental and my life on purpose. Some of their prepesentative threatened to put me into jail...I requested but they did not send me the promisory note as well as explaination. My psychiatrist and atterney want to file a charge against them V of Los Angeles, CA July 8, 2009 Called 6 times, waited over 5 minutes for each call, finally speaking to a live person, gave them my information, the call disconnected. This happen each time. What a joke the call center is. I can barely understand what they are saying. The India call center reps just parrots back the information you give them. THEY DO NO HELP. Eva of Fresno, CA July 3, 2009 My son and daughter took out loans for education. I have sent a payments to Sallie Mae. Sallie Mae applied the money to the wrong account more than six times. I sent the money in the different envelopes, on different days. I put the account number on the outside of the envelope, and on the check in four places with a name and date of birth, but Sallie Mae still applies the money to the wrong account. Sallie Mae has sent one account to collections and she now has a bad credit rating. I have called several times and spoke to different representatives, sent letters twice, but it still does not get corrected. The loan was corrected one time, but the money was applied to late fees, but it is not me that is late, it is their incompetence that make the money posting late. What to do? Credit rating of one person has been damaged. A representative said they would send a lette to the collection agency, but that is yet to happen. Advertisement
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