Sallie Mae Accounting Practices and Finance charges ,interest, excessive Wilkes-Barre, Pennsylvania
Sallie Mae uses uncouth formulas to calculate the monthy interest on what is supposed to be a simple interest loan. They also apply payments incorrectly, especially when extra monies are paid forth on the loan to pay down the principal. The record keeping is very erratic and the payment schedule is not consistant in keeping of what has been paid. It is my belief that Sallie Mae has administratively screwed me out of at least $1800.00 dollars and possibly more over the years that I have been repaying my loan. Their practices are most fraudulent and as usual, customer service people, and their
management have not clue ot they pretend they don't and cannot justify what they are doing. I have asked for a full accounting of all my payments and it has been over 6 weeks, several phones calls and still no repsonse to my request.