Sallie Mae Student Loan Rip-off New Jersey Internet
I went to Georgia Medical Institute, now Everest Institute from May 2006-Jan 2007.
I got a signature loan from Sallie Mae for the complete amount of my tuition, which was 11,598.00. I recently got my repayment schedule from Sallie Mae. My amount owed to them is now approx. 44,000.00. Now, my education cost 11598.00, but the amount financed on my behalf was approx. 14,000.00. The interest on my loan has come to a total of approx. 30,000.00 Over the course of fifteen years, with monthly payments of approx 250.00, I am supposed to pay this off. When I called the CUSTOMER SERVICE hotline, I got a person who spoke shoddy english and offered me no help at all. Now, I have NO problem paying back my loan. The interest is crazy (18.35%) and I don't know what to do about it. I plan to continue my education but I will have this hanging over my head for the rest of my life. I cannot afford to pay even the monthly payments set up FOR me. They had no empathy or sympathy for me when I called and did not do anything to address my concerns except make me more angry. These people are crooks and rob people blind. You should not be punished for trying to better yourself and the way these people work, punishment is what it is. If anyone knows of anything I can do, please let me know!! Thx!!!!
Rachel
Morrow, Georgia
U.S.A.
2 Updates & Rebuttals
Danny
Sioux Falls,South Dakota,
U.S.A.
15 years!?
#3Consumer Suggestion
Thu, October 18, 2007
to the gentleman w/ the origonal complaint. Youre suprised that your loan incresed that much in size after not paying on it for 15 years???? if you defer your loan, (unless its a fed. subsidized loan) you are always responsible for the interest. If you postpone your payments for 15 years and never make a payment, guess what, 15 years of interest capitalize on your balance, doesn't sound too out of the ordinary to me. One thing you may be able to do to help your situation is maybe try to consolidate the dang thing. it'll probably lengthen your repayment term, but you could probably lock in a lower fixed interest rate.
Margaret
Houston,Texas,
U.S.A.
DO NOT DEAL WITH SALLIE MAE EVER
#3Consumer Suggestion
Mon, June 18, 2007
If everyone stops dealing with Sallie Mae the overpriced career schools will no longer get their kick back and Sallie Mae will have to go under.
They are a rip off loan company similar to pay day loans at ACE Check Cashiers.
I applied for a loan from them because the school I wanted to attend was a specialty school and did not have other finanacing alternatives. When my paperwork on payback came in, I laughed at the school director and told him that Sallie Mae was insane.
All I wanted to borrow was 5,990. The wanted to charge me 11,256 as payback. I called an cancelled the loan and was able to take out a personal loan from my bank, gave the school the cash, and will only have to pay it back for 4 years.
If a person is able to get alternative financing, take that instead, or try if possible to switch schools and go to one that does not require one to take out the loans through Sallie Mae, TRY TO AVOID THEM AT ALL COST!