Sallie Mae :Student Loans Rip Off Artists for Struggling Students
I recently graduated with my doctorate degree. I knew my student loans were very substantial, but I heard about The Board of Educations Loan Forgiveness Consolidation Program, I applied. I knew that by applying for this program it would: (l) Consolidate my loans into one payment and one interest (2) I would have payments that I could afford since my salary did not go up by that much and (3) My loans would finally be taken out of Sallie Mae’s hands. I was wrong on all counts.
When I applied for the Board of Education Loan forgiveness I spoke with one of their representatives. I ask if she would consolidate all of my loans including those in grace. The Board of Education’s representative assured me that would not be a problem they could take the loans out of the grace period and pay them off. I asked if they would please include them in the pay off. I was told yes they would. A month down the line I received a letter from Sallie Mae congratulating me on my loans being paid in full. The happiest day of my life. Upon reading further the letter stated that the Board of Education had selected them to service the loans. I went into my account with Sallie Mae to see what was going on they still had all of the old loans still of my account with the payments due and in a small box the Board of Education’s consolidated loans. However, these loans were not consolidated into one they were in two categories consolidated subsidized loans $73,607.03 at 5.38% interest and Consolidated unsubsidized loans at $103,448.28 @5.38% interest. This grand total was $177,055.71. But with all of the the duplicate loans still attached to this loan the total of loans came to a grand total of $313,220.71. I truly believe this was intended to confuse me.
I called and spoke to a Sallie Mae representative they assured me the duplicate loans would eventually come off. Yes eventually most of them did come off, but left me with a loan out side of the ones that were consolidated to a grand total of $65,018.32. I immediately called Sallie Mae and spoke with a representative. I was told that these loans were in grace period and could not be paid off until they came out of the grace period. Now I have conflicting information. I was first told by Sallie Mae that my loans had been paid in full by the Board of Education.
The Board of Education assured me that the loans in grace would be taken out of the Grace period and paid in full along with the other loans. When I examin the loan pay off in detail the date of originality match those with the ones in grace period that Sallie Mae stated were not consolidate. In addition I did receive financial help from the V.A.’s G.I. Bill for the last one and a half years of my education and did not need loans I refused them allowing a $202.00 disbursement check to void because the university where I attended refuse to keep it so I simply did not cash it. I am sure there are many students out there who have the identical or similar story as mine concerning Sallie Mae Student Loan Services.