The following are testimonials submitted to this site. To tell your story, please go here.
Hi, I'm in the New orleans area in
one of the most devastated parts and I can tell
you Sallie Mae doesn't care. I went to school in
1994 as a single mom. I was already on disability
but I was doing well at the time and wanted to get
off of disability and support my family. I had a
4.0 Gpa and was doing well. I originally borrowed
less than $5,000 but when my illness prevented me
from going to class I had to quit school. Being
on SSI there was no way to repay student loans so
I got a deferment. When the deferments ran out I
went into default. There was nothing I could do.
In 1996 myself and my wife graduated
from college, got married and now have 2 kids. My
wife and I borrowed approximately $45,000 together
to complete our educaton. Like every family we have
our share of bills but live a very modest life style.
We have tried hard to repay our student loans, it's
our debt, I borrowed it but how does $45,000 turn
into over $100,000 and growing. (Does this sound
like the MOB) This is impossible. Unless I win the
lottery my family will be burdened with this debt
for the rest of our lives. Please give us some kind
of relief. I'm willing and able to partcipate in
any legislation, class action suit, whatever it
My story certainly doesn't compare
to the others. I feel for those who can't
make their payment. My experience with that
was fortunately brief. I was able to begin paying
back my loan before the forebearance was up. It
appears however, that my good faith effort has still
resulted in penalties. I've managed to pay
my student loans religiously since graduating in
December 1998. What I find interesting that
seems to possibly be the icing on an already over-iced
cake is that since consolidating my loans in 2002,
they don't seem to go down much at all, even when
I pay more than what is required. Additionally,
I never asked for any forebearance as a result of
Louisiana's being hit with 2 hurricanes this past
summer. However, I was placed in a forebearance
status according to Sallie Mae without my permission.
I was fortunate enough to not need any forebearance
status and I have requested twice to be removed
from that status and to have any fees associated!
I am not a defaulted borrower, but
I understand the pressure that we are all under
to pay back these student loans. I have about $60,000
in loans with Citibank,$26,000 with Educaid and
$6,423 with Sallie Mae. This is all accumulated
debt from Bachelor's through Master's degree. Unfortunaley,
I have not been able to start making any payments
on any of these loans. I have been granted numerous
forebearances which, defer principle but add the
unpaid interest to the priciple of the loan. With
principle payments of $1,100, there is no way that
I can make these payments. I have been doing a juggling
act to stay out of default for about 7 years now.
I have never been able to earn more than $28,000
a year and I have a wife and 2 kids. I don't even
want to talk about her loans. Anyway, I am in the
works to try to consolidate all of these loans into
one payment with a lower locked in interest rate.
Unfortunately, my Sallie Mae loans are not government
backed so they cant be consolidated into the same
package. In fact Sallie Mae didnt even bill me to
tell me that I was out of my grace period and tagged
my credit report. When I called them to see what
was going on they told me that THEY E-MAILED A (1)bill
to me, and didnt send anything to me by mail. I
am still fighting the negative credit reporting.
When, I told them that I need time to be able to
start making payments,they charged me $100.00 to
put the loans in forebearance, which I was told
would not go toward principle. Not to mention that
they bought the loans from Stillwater, a company
that they own. I got my bachelor's from Grambling
State University, a historically black university.
Without student loans, no one would be able to go
to a black college. Loans are promoted as the only
way to pay tuition, and when you get your big job,
you pay them back. Most of these students, including
myself, cant afford to pay tuition. This problem
is prevelent in my community as far as higher education
is concerned. It is the only way to get out of the
"hood" and make it. Being poor,like many
other black students, one has to finance their entire
schooling experience with loans. Most black colleges
rank very high for students graduating with the
highest amount of student loans debt. Not only for
the aforementioned reason but because students due
to economic burdens among other things seem to stay
in school longer than 4 years for a four year degree.
Today, with about $100,000 in student loans debt
and a job (that I like) making about $25,000/year
with a family of four. I cant really see my way
out. I am about to be out of forebearance this month
on my Citibank Loans and am unsure what I am going
to do if they don't give me another forebearance.
But I am a fighter and somehow I will pay off this
debt. I encourage everyone to keep on fighting.
Sometimes things get worse before they get better.
Hi, I am both relieved and disgusted
to find this forum. Relieved because there has been
an incredible lack of negative info on the web regarding
Sallie Mae and disgusted to see that my worst fears
are true and millions are getting the shaft. This
is in regards to my husbands debt. When we met,
he had just started making payments. It wasn't until
we wanted to buy a house that the first red flag
was raised. Sallie Mae had double reported on the
citing a 48,000 debt. This prompted me to search
his records. Even by their estimates, he only owed
24,000 but upon further review, I could only account
for 17,000. SFA reports confirmed that amount and
all records I could find confirmed it. I found no
less than 3 duplicate loan and payouts on his reports
that when subtracted gave us 17,000. I thought this
was simple enough and called to have it corrected.
Not only was this denied, Sallie Mae is the only
provider of this info after 2 years! I called the
feds to get !
I defaulted on my loan in my senior
year because my course load got too low. I
had moved 3 times in my last 2 years of college
and I guess I didn't update my current mailing address
with the college. 2 weeks before graduation
I was informed that my student loan was in default
and I was expected to pay the whole thing off at
once. The collection agency that bought my
loan added 25% to the amount I owe right off the
get-go. I've paid about $220 a month for the
last 6 years and the amount I owe now is more than
when I started payments. I think they've got
the APR up to about 20-25 percent and it's fixing
to go to a variable rate APR so I know it going
to go up.
I started out with a $14,000 Student
loan in 1992. It is now over $40,000.
I received a student loan to obtain
a degree in Education. When I graduated, my
student loan total was $25,000.00. Today,
my student loan total is $73,000.00 and growing.
When I started teaching at a private school, my
student loan payment was more than my monthly salary.
So, that began a cycle of default. The original
student loan was sold to Direct Loans. This
only made matters worse, because Direct Loans is
owned by the federal government. Again, the
monthly amount due was more than my per month teaching
salary. Every year, I have to ask for a forebearance
or deferment or some other way to put off the loan
for a year because I cannot afford the monthly payments.
All this does is continue to add interest upon interest
to the loan. I will never, in this lifetime,
be able to afford the monthly payments. The
interest charged is outrageous. It is a nightmarish
cycle of phone calls and letters. I have written
a letter to the federal government a!
I ATTENDED SOUTHEASTERN LA UNIVERSITY
FROM 1990-1997. I RECEIVED A MASTERS DEGREE
IN COUNSELING AND CURRENTLY WORK AS A COUNSELOR
FOR THE STATE OF LOUISIANA IN THE CHILD PROTECTION
ARENA. MY SALARY IS MINIMAL (33,000)!!!
I found your website via CBS 60 Minutes
program 5/7/06 about Sallie Mae and student loan
Since I have been associated with Sallie Mae, I have been lied to, overcharged in my interest rates (and they admit it but will do nothing to change it) and I have requested documents from them that they will not supply to me. Unfortunately, I consolidated my loans with them. I was told that I could drop my interest rate 3 points. Instead, I am paying more interest that I would have been paying if I had left them alone. Recently I heard that I could move my loan away from Sallie Mae. When I tried to do so I was informed that the movement date had been closed as of March 31, 2006. I began to investigate this. In calling a couple of government agencies such as the Federal Loan Consolidation Center, I found out that Congress had passed a bill that allowed people to move there load away from Sallie Mae, whether or not it had been consolidated with them, from December 1 of 2005 till June 30 of 2006. The Department of Education decided that it would cancel this Congressional Bill in March of 2006. I also questioned one of the Supervisors at Sallie Mae and asked her why Sallie Mae had not notified its borrowers that they could move the loan. I was told that Sallie Mae had been too busy to notify the borrowers about this. Under the law, which seems to mean nothing to Sallie Mae, a lender has a fiduciary responsibility to notify the borrower of anything that affects the terms of the loan. When I told the Supervisor this, she said that Sallie Mae just supposed that other loan companies would contact the borrower and let them know. My question is twofold: Who gave the Department of Education the right to override Congress, and since when is Sallie Mae above the law?
I borrowed $23,123.98 and i owe $28,966.97. that's my portion. My ex-husband borrowed 40,970.27 and he owes $42,648. the total estimated amount of interest to be paid during repayment is $103,169.31 and the outstanding late fees is $357.00 and other charges is $70.00. when my ex-husband and i were married, we consolidated our debts and little did i know he had no intention of repaying them. we are divorced and sallie mae will not unconsolidate the loans. they told me that once consolidated, they cannot unconsolidate. they expect me to pay $77,796.53 by 12/15/2006 or i will go into default. The estimated total amount to be paid is $174,784.42. we are divorced and i feel i have nowhere else to turn. i told them that i don't have a problem paying my portion of the loan and that i am not paying a penny until they separate us. they still did not heed to what i said. i need help.
In 1992 I took out a Sallie Mae sudent
loan. Over the next couple of years they totaled
6,800.00. I did not graduate until 1/1997. I started
recieving my bill in 6/1996. I called and showed
proof of being a full time student until 1/1997.
During this time I accrued late fees and interest.
I now have a balance of 4,800.00 14 years later.
I have payed 6,000.00 in accrued interest. ???
To tell your story, please go here.