If you plan to go to school once in America-watch out!

[perfect 39]

If the OP is so concerned about the way he has been treated by this institution he should make a formal complaint to the SEC which regulates financial institutions, the NASD and the Attorney General's Office. All credit companies have strict regulations by which they are governed and if he can prove that his account has been mismanaged in contravention to these then he can present his case.

Let the Sallie Mae institution and the so-called education institution know that you will be doing this and you may be surprised at their response!

I won a case in a similar manner and now have manageable monthly payments.

I have also heard (though not verified that the following links may be useful):

http://www.insidehighered.com/news/2006/05/08/salliemae

http://www.studentloanjustice.org/

1998 Amendments to the Higher Education Act of 1965 (section a: applicable Interest Rates) found on ED.gov. Carl D. Perkins Vocational and Applied Technology Education Act section 14101.

Secondary Education act of 1965. National and Community Act of 1990. There might be other sections which may pertain to your situation if you choose to read further in the Higher Education Act of 1965, as amended (you can find the amended section at ed.gov)

You may also want to read about the FFElp_Inducements (CBA and EFC Issue Joint Statement on Private Education Credit and FFELP (Federal Family Education Loan Program) Inducements.

[john_and_marlene 162]

If the OP is so concerned about the way he has been treated by this institution he should make a formal complaint to the SEC which regulates financial institutions, the NASD and the Attorney General's Office. All credit companies have strict regulations by which they are governed and if he can prove that his account has been mismanaged in contravention to these then he can present his case.

Let the Sallie Mae institution and the so-called education institution know that you will be doing this and you may be surprised at their response!

I won a case in a similar manner and now have manageable monthly payments.

I have also heard (though not verified that the following links may be useful):

http://www.insidehighered.com/news/2006/05/08/salliemae

http://www.studentloanjustice.org/

1998 Amendments to the Higher Education Act of 1965 (section a: applicable Interest Rates) found on ED.gov. Carl D. Perkins Vocational and Applied Technology Education Act section 14101.

Secondary Education act of 1965. National and Community Act of 1990. There might be other sections which may pertain to your situation if you choose to read further in the Higher Education Act of 1965, as amended (you can find the amended section at ed.gov)

You may also want to read about the FFElp_Inducements (CBA and EFC Issue Joint Statement on Private Education Credit and FFELP (Federal Family Education Loan Program) Inducements.

I'm thinking this is a much better plan than making a video for youtube.

[tmma 467]

Have children you miserable wretch. See them suffer even more when things are worse at the time

they turn college age and graduate. You presume and assume way too much. I am taking responsibility, as it should be, but only for the ammounts that I was expecting as that was the only information ANYONE would have had to make a supposed educated decision.

You are probably the most ignorant person on this entire board, and aparently you are a regular here and not just some random troll.

Frankly, I wish great suffering on you and your children. At the very least, similar to my own. I hope that they are driven to suicide like others have been. Then you might see the seriousness of this. You are nothing more than a kool-aid drinking pig. Nuff said.

It's a shame that you are in hot water with your student loans, because you are so obviously in need of an education!

[rebeccajo 14]

If the OP is so concerned about the way he has been treated by this institution he should make a formal complaint to the SEC which regulates financial institutions, the NASD and the Attorney General's Office. All credit companies have strict regulations by which they are governed and if he can prove that his account has been mismanaged in contravention to these then he can present his case.

Let the Sallie Mae institution and the so-called education institution know that you will be doing this and you may be surprised at their response!

I won a case in a similar manner and now have manageable monthly payments.

I have also heard (though not verified that the following links may be useful):

http://www.insidehighered.com/news/2006/05/08/salliemae

http://www.studentloanjustice.org/

1998 Amendments to the Higher Education Act of 1965 (section a: applicable Interest Rates) found on ED.gov. Carl D. Perkins Vocational and Applied Technology Education Act section 14101.

Secondary Education act of 1965. National and Community Act of 1990. There might be other sections which may pertain to your situation if you choose to read further in the Higher Education Act of 1965, as amended (you can find the amended section at ed.gov)

You may also want to read about the FFElp_Inducements (CBA and EFC Issue Joint Statement on Private Education Credit and FFELP (Federal Family Education Loan Program) Inducements.

I'm thinking this is a much better plan than making a video for youtube.

Or whining on VJ.

I just spent some time reading about SallieMae. For a few years now, they have been a private entity rather than a government entity. From what I read some of their tactics, when default begins to occur, sometimes take the bounds of usury to the limits.

That being said, there is still no reason for attacking people who have the means to educate their children, nor those students who have made it on their own by working or through scholarship, or belittling those who attended 'credientialed' universities.

Not to mention the temper. IMBRA, I hear your roots calling.

[meauxna 15]

This is beyond annoying. I was hanging out yesterday, watched the video and was one of the first to reply. My follow up response was going to be a gentle 'honey, you screwed up, now try to fix it' but (ha ha ha) I thought it might be too harsh on z, who was obviously upset at the time.

Timing, people. A rant has turned into a Fight Club party.

OK, some folk don't know stuff. So they ask for help. Here comes the annoying part: I gave z a link to a great website on consumer affairs. I didn't look first, I already knew the answers would be there. There are no less than 6 links for solution-oriented sites and explanations for his situation.

But it's more fun to pick fights than go get your solution? Z, go check it out and start seeing what you can do to fix the situation. You got into it, you have to get out of it.

April 2003:

Student loan payers owe more money

Would it be a bargain if you owed a student loan and the company made a math error and started collecting less money from you? It might be fun when you got to what you thought was the end and you’d paid off the loan. But it would be quite a let down when the company discovered its mistake and presented you with a huge bill thousands more dollars. Well, it happened to Sallie Mae, one of the largest student loan providers in the country. It happened because of a computer programming error and is now affecting more than 1 million people. If you have a 10-year variable rate, federally guaranteed loans, including Stafford and Plus loans. If you haven’t started a repayment plan, you are not affected. But those who have started a plan will owe money. It took Sallie Mae six months to find out what was going on, so it will take a while to get the error corrected. The good news is that Sallie Mae is waiving the additional interest on the loans. You still owe the balance, but they will not charge you interest. So, essentially you’re getting the remainder of your loan interest free. Clark thinks this is a smart, fair move on Sallie Mae’s part. You need to remember that the student loan system is extremely inaccurate, so it’s important for you to run your own amortization schedule. And be sure to keep your student loan records forever!

[j&js 0]

To the OP:

Thank you for clarifying things for me. I have (mistakenly, as I know understand it thanks to you) been grateful to my mother for doing many things in order to pay for most of my college education including but not limited to: working 2 jobs, wearing the same suits to work for the last 15 years instead of buying new, and taking a loan against her retirement plan. I now realize that I should think of her as 'disgusting and rich' since she has been able to be so good to me. And I must be 'privileged and rich' after having so much done for me, despite the fact that I too have worked since I was 14 years old, mostly at 2 jobs at the same time, taken out my own loans and paid for everything I could. Glad I read this post and was set straight.

Originally I felt sorry for you. Loans are tricky and I could see where one could get lulled into a false sense of security when signing on for a school loan. However since then I have read a lot that makes me think that you got yourself into this situation in some ways. If you truly feel cheated - find out what happened to all that extra money the loan is for. You as the borrower need to be checking up on these things and making sure that you are getting a fair deal. If a mistake was made somewhere you should have the paperwork to back up your story, go to the proper authorities and get it corrected. Whatever situation you are in and even if you were completely cheated, that in no way, shape or form gives you the right to beat up on people who are able to provide for their children. Whether they inherited money, worked hard and saved for every dime, have a cushy job or won the lottery it doesn't make a difference. Other things one might do with their money might give you cause to call them names, but sending their kids to college? I think that is an amazing sacrifice that many parents choose to make and it should be applauded.

[Kez/JWolf 6]

so he had this link to the answer all along..... wow

so what was all that about if he knew what he had to do....

What am I missing here???

Kezzie

[rebeccajo 14]

What am I missing here???

Cheese.

I like cheese with my whine.

[Fandango 1,440]

[TracyTN 237]

This thread is another example why posting personal information for public consumption isn't always a good idea. Sad but true.

[KarenCee 3]

This thread is another example why posting personal information for public consumption isn't always a good idea. Sad but true.

Aye...I agree with ya.

[Karen_L 1]

In rebuttal, but not in direct response to this preposterous ignoramous, loans are not bought and sold all of the time, once it goes to Sallie Mae, it stays there. It is a one way street. Up until may 1st, you were not even allowed to try to refinance, or consolidate with anyone once you were with Sallie Mae. But they have made sure the rates and interest is so outrageous that no other company wants to touch it.

Um, hi. I too have student loans (lots of student loans) with Sallie Mae and I HAVE consolidated them. I will be paying for them until I'm quite old, but the monthly payment is pretty reasonable. I realize that you ultimately payback more money the longer you stretch the loan out for, but it would be impossible for my fiance' and me to live if I try to pay it at the rate they originally wanted; as it is, we have to live with my parents and we have to budget very carefully. He just got a job (thank God! -- he has a valid EAD issued at JFK and a SS# so it's all nice and legal ), but it's still tight, mostly because of all the loans. THE LOANS!!! AHHHH!!! Good God, the loans...

[Fandango 1,440]

I musta missed the bit Karen L quoted, because I would have clarified that loans ARE bought and sold all the time....student loans, mortgages, etc....never said Sallie Mae sells them, but smaller companies frequently sell loans to free up capital to loan to someone else

[CarolineM 0]

Funny you've sure done a TON of research since all this happened....

if only you had done this amount of research BEFORE taking out the loan.

I have a huge amount of loans from two masters programs. I took them both out with Citibank and have had ZERO problems. I did tons of research before hand and did LOTS of homework to make sure I knew what I was getting into.

[cheeky^Wolf 0]