Tuesday, March 20th, 2007...6:34 am
Sallie Mae Screws With Brandon’s Life
A reader sent in his story:
I am currently dealing with the relentlessness of Sallie Mae, much to my frustration. When you tell them you can’t afford payments, and request forbearances, they ask you for more money. Ummm, I thought that was the point of a FORBEARANCE. Just a couple of weeks ago, they threatened me with wage garnishment, and like a fool, I made a payment to get them out of my hair (over $400), which put me in a slight crunch financially.
The way Sallie Mae treats its customers is deplorable, and I have yet to hear any kind words about the company. They call any time of day, usually early in the morning (I guess they don’t think people sleep). When I thought my loan was consolidated by another company (XPress Loan Servicing, who is MUCH more understanding and professional), Sallie Mae turns right around and tells me that the loans were NOT consolidated, and they never received any word of it. Why the whistle hasn’t been blown on their practices is beyond me. Sallie Mae does nothing but bully the customers, and leave us feeling helpless. There is no way in Hell this can be legal, or can it?
Brandon is having almost the same problem, Sallie Mae won’t release his loans, which is illegal. They are also calling him at what appears to be all hours of the day. Check out our post about Sallie Mae’s aggressive debt collection for links to your rights when a debt collector is calling you.
3 Comments
October 26th, 2007 at 9:47 am
I had the same problem with Sallie Mae. I had consolidated before the deadline date to get 4.84% while I was in graduate school last year (2006). A few months later I found out Sallie Mae denied the consolidation and kept me at 8%. They claimed they had a right to deny the consolidation with another company under a stipulation the government gave them saying they had a right to deny consolidation from other lenders for “in school status students”. But yet Sallie Mae did not communicate with me the fact they denied the consolidation and did not offer to give me the same low fixed interest rate, they kept the interest @ 8%! Even after I graduated, a year went by and they still lied to me saying they never received any loan verificatin certificates from other lenders for consolidation. Denying to release the loan to other companies after the student graduates is illegal. Sallie Mae is underneath, dishonest, and a purely evil company. Is it true that the government of the United States gives them the right to do this? I’ve lost over $2,000 in interest that I could have saved if it weren’t for Sallie Mae. Something should be done about this unjustice. If there is a list to sign for this lawsuit, sign me up.
October 26th, 2007 at 9:50 am
I had the same problem with Sallie Mae. I had consolidated before the deadline date to get 4.84% while I was in graduate school last year (2006). A few months later I found out Sallie Mae denied the consolidation and kept me at 8%. They claimed they had a right to deny the consolidation with another company under a stipulation the government gave them saying they had a right to deny consolidation from other lenders for “in school status students”. But yet Sallie Mae did not communicate with me the fact they denied the consolidation and did not offer to give me the same low fixed interest rate, they kept the interest @ 8%! Even after I graduated, a year went by and they still lied to me saying they never received any loan verificatin certificates from other lenders for consolidation, after numerous times trying to consolidate. Denying to release the loan to other companies after the student graduates is illegal. Sallie Mae is underneath, dishonest, and a purely evil company. Is it true that the government of the United States gives them the right to do this? I’ve lost over $2,000 in interest that I could have saved if it weren’t for Sallie Mae. Something should be done about this unjustice. If there is a list for students to sign this lawsuit, sign me up.
March 27th, 2008 at 7:53 am
I to am having the same problem out of SallieMae. They keep calling me saying I owe a past due amount. If fact it is they that owe me money! for I have overed paid. I wish someone one would investegate this company.
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