Sallie Mae now blowing up your credit ratings on 1 million student loan repayment plans

Dear FDCPA, The reason I was writing this letter is because Sallie Mae has unfairly mistreated my account information: from misfiling my information to negligently handling financial account information.

In addition their PCA (post claim assistance) Department along with GRC one of their collection department has an extensively abused their practice in the collection of consumer debts.

Since unemployed and going through a hardship I ended up being off for 6 months from school, when I decided to return to school they advised me that they had closed my account and that the account had been turned over to Sallie Mae. As time passed by I defaulted on my student loans due to unemployment and was unable to pay Sallie Mae.

I was short 12 credit hours from graduating, during that time I was trying to establish a payment plan with Sallie Mae and my school kept giving the political brush off.

Finally I was able to communicate with one of their collection agencies, GRC who rehabilitates Sallie Mae Loans and then sells them back to USA Funds or their servicer Sallie Mae.

After complying with all there rules and regulations I finally rehabilitated my loan.

On 12/19/2008 they requested I fill out my consolidation form and so I did as advised
They then said my loans would be consolidated with William D ford and that it was final,

Around 12/31/08 they came back advising I was to be with Sallie Mae and that was final,,, please keep in mind all of this is happening while GRC was suppose to advise me who my loan was finally going to be with.
In the mean time GRC and PCA advised me they had no idea where my file was??????

Finally Jan 2009 they made up their mind that I was to pay them $305.00 per month on my $23,000 balance not under any plan with no cap interest.

I then called to set up a payment plan under the grad choice for $122 while in good faith giving them my ach account
According to their estimated records:

$23,756.00 was the Original Principal Balance and Capital interest of $6,403.83. Now
$27,621.94 is Outstanding Principal Balance and $9.56 is Accrued interest
$27.631.50 is what William D form bought the loan back ( Federal Student Aid )
I hope I am wrong,,,,, but wasn’t the Federal Student Aid only supposed t to purchase $23,756.00 and was the rest to be only estimated amounts generate by Sallie Mae.

I have attached all supporting document to my augment, with some written notes and emails I received as well

I have requested Sallie Mae to send me copies of the certificates of rehabilitation and or any Certificates that confirm my loan was purchased and advised that only USA funds information would be updated and not Sallie Mae.

I requested Sallie Mae once again to Delete or update any or all information from the 3 credit bureaus and update my account information and to no avail have they even tried to contact me even once, I requested GRC and PCA and no information as well.

All I keep getting is the automated letters from a type of system?.
According to Sallie Mae I am now with William D Ford.
I have attached the letter they sent me for your records,,, not that it says who is now handling my loans,,,

I am glad my loans are now with the Federal Government no thanks to Sallie Mae.

There is something wrong with this picture, if they are able to manipulate loans this way how are students ever supposed to get ahead?

I am glad I am not alone –

Can you please help?

“I quote this article form other sources “

Damn it sounds like the white guy trying to get a scholarship.

Paying back a Sallie Mae loan is a bitch to begin with, that is why I put two of my other loans on forbearance so I could the Sallie Mae loan paid off. I have one loan left to deal with, but the company is easier to deal with thankfully.

OK, so... I am in a situation where I will not be able to start school until 2010. My 2009 will be spent on the east coast working with Americorps. When I finish my 10 month stint there, I will have two months off and/or to find a job (depends on my situation, I might be able to have work study when I start school) and start school in January with the money they offer. Now, if I go to community school for two years, I will get a free year ( because of the amount of the money they offer).
Currently,. this HAS TO BE my option because 1. it decreases loans and 2. I have to wait until I am not considered a dependent to get a decent amount of aid (which means 24 or married) .
So, due to the fact that all I have wanted for the longest time was to go to college, and the fact that I couldn't afford it and didn't have a cosigner to get a good loan and my parents made to much and weren't involved enough to help me get good aid, after my sophomore yr, I will probably depend a lot on loans and fin aid.... HOW DARE THEY RAPE US!
I am sick of seeing students being financially violated and hate knowing that I will be, too!
You should check out this video.
http://www.youtube.com/watch?v=dGCJ46vyR9o

It amazes me this kind of predatory lending is legal.

Thanks for posting this. I was looking at the first time home buyer loans, but if this is the way they are treating students I'm not sure I want to be around when they turn on first time home owners.

I just graduated from college, and I am dreading the imminent loan payments I will soon have to make...and now I have to worry about this? Thanks, Sallie Mae!

Yeah, and Im in the hole 93K started as 76.. No good..

This is very sad. I have 20K in college student loans.

Sallie Mae is ass.. I hate them so much I want to run their children over with lawnmowers.. The worst part is that there is no one person you can blame.. Its just a shitty situation no matter what you do or how you look at it.. Ive been dealing with them, trying to straighten shit out for 4 years.. No resolution, and today I was told they are not going to follow through consolidating the rest of my loans.. They should be put in the same dark hole as Bill O'Reilly and buried..

Individual credit ratings is not the BIG issue. Who cares?!

This is bad news because Sallie Mae is setting up to knock us ALL down by hitting up The Fed to have Bernake print money and prop them up at the US tax payers expense and thus depreciating the US dollar further than the peso.

If their credit rating drops, isn't it likely they'll be less likely to repay the loans? Is SallieMay run by idiots or just crooks? Either way, someone is making money here.....

Sallie Mae be in trouble.

I'm trying to understand this... did they say that Sallie Mae reported them as late pays on their credit report simply because the borrower was negotiating a workout?

That's like stopping to help a person fix a flat tire and just switching the flat to one of the other wheels. What a buncha crap-bags!

If we leave it up to the government they'll form a committee to look into the matter, then create a task force that will try to fix all the problems caused by Sallie Mae. Who will pay for the task force?

The student borrowers of course!

Sure, Sallie Mae says they're gonna fix the credit reporting 'error' but how do you really know? What about all of the time involved in pulling your credit report and checking fico scores? Many people are not going to know what to do.

This is an outrage, and like the women said most students do not know their credit has been ruined. Sallie Mae should be doing the out reach, but I bet they are sitting on their hands and money.

That'll teach ya! Try to better your life through higher education and have it stuck to ya by the organization the Govenrment setup to help you out.

This is just one in a string of instances of both the government and private companies taking advantage of people trying to better themselves through education. I am currently a student going through the process of applying to a state university.
The government has offered a loan and work study that will cover only about a quarter of a years tuition. The loan portion of course is at a rate of 6% interest from the date it is taken out.
The only other options available (at least to me personally) are to either fill out many (many, many, many) scholarships and hope that they are awarded to you, or take out loans. These loans are through institutions like Sallie Mae, Wachovia, US Bank, etc. The most important thing to note is that these loans run at an interest rate of 8% from the date they are taken out. What's even more infuriating is that depending on the loan, there can be an early payment fee.

The odds are stacked and everyone gets there share of the pie, except the graduate that is.

This makes my head hurt. We have to deal with relative outrage today. Is this more outragious than some other outrage today? To those million yes. To me, it just boils as regular outrage

They need to investigate Sallie Mae- they have got to be the biggest most corrupt good-ole-boys racket out there.

What a bunch of low-lifes! I'm thinking, okay... I want a good job so I can make lots of money - so I need an education but I need money for school first. Lucky me, I can get a loan from Sallie Mae! Oh wait, what's the interest rate? They're going to call me night and day when I'm NOT past due? Then when I pay on time they'll just tell Experian I'm past due anyways and ruin my credit?

Maybe I should just forget about college and open my own student loan company?!