"I couldn't believe my eyes...the stories I've read about Student Loans and SallieMae. First off, I sympathize with all of you. I used to work in the collections dept at SallieMae. Let's put it this way, I got fired from SallieMae because I knew too much and I was using my knowledge to help those we have accounts for. I am truly appalled at the way SallieMae handles their loans and accounts. During my 4 months at SallieMae, it was pure hell and full of BS. What SallieMae doesn't tell any of their loan holders is, every time you put your account either in Forbearance (putting a hold on your payments for x amount of months) or Deferments, you will not pay anything for a certain time frame but during those months, interests is still being tacked on. They never tell anyone this. They want you to believe your account is on a temporary freeze with the perception that interest is doing the same. Nope.I've already helped one account holder in court. He was a parent concerned about a bill he had received. He couldn't figure out why he was still being billed after paying over $25,000 to pay the account in full. I was ever the lucky one. His call was directed to me and when I asked him for proof, he faxed me everything he had (ie, last billing statrment from SallieMae, cancelled check Sallie Mae had cashed and bank statement shoiwng SallieMae had withdrawn the money from his account). While he faxed them to me, I checked the phone log all SallieMae employees are supposed to keep regarding every phone call regarding an account. I found an entry when the parent called regarding the PIF amount (paid in full) and found that it matched the amount on the cancelled check. I couldn't figure out why he's still being billed or why SallieMae didn't note the account as being paid in full/closed. The check was cashed by SallieMae 2 months prior to him calling me. I politely asked if I can put him on hold while I consulted with my supervisor to find out what needs to be done. All my supervisor could tell me was to give this guy the "run around" and end the call. I was getting pissed at this point. I'm sorry, my parents raised me with moral beliefs and having to lie to someone about their hard earned dollars was not one of them. Knowing I was going for insubordination, I told my supervisor if she wanted this guy to have the "run around", she can do it herself. I went back to resume my conversation with this guy, all I could tell him I wasn't getting anywhere with my supervisor and that he may want to contact an attorney. I even told him if he needed, I'd be more than happy to help him. Before I logged out of his account, I noted his phone number and put it in my purse for safe keeping. This whole incident put a red flag in my head. When I received another call that same day regarding a similar incident but involved less money. A HUGE red banner went up in my mind. I knew there was something fishy going on with SallieMae...it's called FRAUD. It's definitely highway robbery. Within a week, I was fired for having too much knowledge. Yep...they were afraid of me. Don't be afraid of me...better be afraid once account holders find out what's really going on.Needless to say, I contacted the parent (whom I had written the phone number) to let him know my input on the situation. He indeed had taken my advice and hired an attorney for a lawsuit against SallieMae. He had asked if I'd be willing to help him and would fly me in for the hearing. I had no objections. To make a long story short, SallieMae ended up having to pay this parent whatever the original loan was and damages.SallieMae doesn't care if your account goes into default or you missed a payment or 2 because they're going to get their money back regardless. All they want is to make a profit off you and make your life a living hell. Some of you have mentioned Pioneer Credit. I feel so bad for you guys. These people are beyond leeches. I've had to deal with them every single day while I was with SallieMae. It's unbelieveable how they deal business. I'd get a call from Pioneer informing me they have a borrower on the phone wanting to put a forbearance on their account. Forbearance is similiar to deferrment but you are only allowed 60 months total of forbearance time but can only be used in 12 months increments. Whatever they tell you, never go for the full 12 months...interests will be out the ass once you do that. Always go for the lessor amount...amount you think you'll be able to make payments again. They'll even tell you you don't need to make payments during forbearance time...heck, don't listen to them. My suggestion to you, if you opt for forbearance, try to make some sort of payment every month (any amount you can afford) and that will be used towards your PIF amount. The PIF amount is what you actually owe on your student loan. If you don't know, call and tell them you want the 10-day PIF amount. That will tell you what you'll owe if you pay your loan off within a 10 day window. Once that expires, call them back after 10 days and you'll have an idea of how much interest is being tacked on every day.If you're able to, take out a loan with your bank or other financial institution to pay off your SallieMae loans. This way, you'll be able to negotiate a monthly payment amount with the bank. Sure, you'll have to deal with higher interest than what SallieMae is offering but you won't have to deal with SallieMae's BS or highway robbery with daily interests. They'll (SallieMae) will tell you its in the fine print on the loan application but realistically it's not listed. My brother did just that and used his bank loan to pay off his SallieMae loans. Guess what? He's paying half the amount every month and the pay off date is a lot shorter than what SallieMae was offering him. If you consolidate your loans with SallieMae, they will double the amount you owe. They need to make their money somehow.Don't deal with collection agencies (Pioneer for instance) because they all charge you a fee for having to go through them. Tell them you're not going to deal with them and go to the SallieMae site for the phone number. Deal with the ones that have your loans. You'd be surprised with all the shit they do with SallieMae. All they see is $$$$. They could care less about you or your credit. They want your money and don't care how they go about it to get it.One more fact...just because you take out a student loan (either private, HEAL or Stafford) they will all get bought out by SallieMae. Your best bet is to get it else where...banks, credit unions, pell grants. Majority of the banks will not sell their loans to SallieMae."
First Blog --- my student loan experience has been fine thus far --- until yesterday when I tried to learn if my interest rates would be lowered since the FED lowered the Cental Bank rates.
After 30 minutes of explaining my question, the "servicer" of my loan, AES, told me their company will never lower my interest rate. In addition, AES said that if I did not stop inquiring, they would raise my rate.
Huh?
Legal? I am still in school so this is an interesting development.
I called the original loan company, MyRichUncle, and told them of this conversation. MRU said they would get back to me via an email. NOT LOOKING GOOD.
UH oh --- I have done everything "right," and even I feel like I am about to get hosed.
Update comeing soon.
