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October 17th, 2007, 10:19 AM #1Can I Sue SallieMae?
They have got to be the worst company EVER! I am so sorry my wife ever decided to get financial aid for her degrees. It was the worst mistake she ever made having to now deal with SallieMae.
I would LOVE to sue them for harrassment, stupidity, fraud, false information, and enything else I can think of they are guilty of. You will get a different answer to the same question every single time you call them.
Did I mention I HATE them?
My wife has a federal loan that is in deferrment and a private loan that I pay each month. I submit my payment every month electronically using BofA Bill Pay. I have been doing this for a year or more this way. They recently send a letter saying my wife is 18 days past due for 1 payment + late fees. I was like what did these idiots do now. I printed out the last 12 payments we have elcetronically sent and faxed that to the number they requested the next day. I tried to call, but they won't talk to me. My wife finally calls and they tell her we forgot the August payment. She tried to explain what looks like a screwup on their part and let him/her know we faxed in a printout that proves we sent and you received payment in August. And ofcourse, they have no record of the fax and still insist we didn't send the payment.
SallieMae is the WORST company ever.
My wife filled out and sent in a deferrment form for her federal loan about 2 months ago. And here we go again, they have no record of it. I went online and filled out a deferrment there, which showed approval based on them receiving a fax of a paystub of hers. I followed the directions and faxed the stub within a few minutes of applying online. Now, they say she is behind on her federal loan and they are tacking on fees and interest because of it. So they lose both the mailed deferment and the electronic deferment. Is it possible to be that DUMB? Or are they doing this intentional?
I really feel they do whatever they can through false information, bad practices, unethical behavior to try to increase the amount you owe through fees and interest. The SallieMae phone reps are just deplorable human beings. My wife gets to the point where she tells the rep that I "won't take your harrassment over the phone and please put me through to a supervisor". What happens then? The phone rep either tells her she can't speak to a supervisor or puts he on hold while they get one and she untimately gets hung up on.
My wife was on the phone with them for 1hr and 45 minutes trying to get either of the problems resolved. After wasting that time, nothing has been resolved. Meanwhile, I receive about 6 automated calls from SallieMae each day, including Sunday.
My wife has concluded that 99% of the people you talk to are not capable or willing to resolve anything. They just want $X dollars form you and that's all they will work on. Because of the financial aid ruling that student loans are never dischargeable, except upon death, that somehow gives them the right treat borrowers very badly.
I don't like to use the word hate, but in this case I thoroughly HATE them. I am sure there are others that feel this way about SallieMae. I wonder if you are protected from lawsuits.
October 17th, 2007, 10:30 AM #2
- Join Date
- January 18th, 2005
- West Coast USA
October 17th, 2007, 10:34 AM #3
I had a heck of a time with them as well. I finally shopped around and found another company to buy my loans and I have been much happier.
October 17th, 2007, 11:27 AM #4
The CEO (Fitzpatrick) of SallieMae resigned earlier this year and walks away with.....
$4.1 million in cash and bonuses
$3.2 million in cash payment
$945,000 pro-rated bonus
$8.1 million cash payment (depending on a federal tax ruling)
$11.9 million in accelerated restricted stock units
$8.4 million in accelerated unvested stock options
$271,400 annual retirement benefit
Makes me want to vomit considering how SallieMae received a lot of that money.
October 17th, 2007, 12:34 PM #5
Your frustration is understandable. As I see it (from participation as a plaintiff in a few of them over the years) a class action is probably not the way to go as the lead plaintiff (you) would receive a pitance of the settlement (if successful) and others in the "class" would receive about enough to buy a first class postage stamp. The attorneys would do quite nicely though.
IMO, your best bet would be to calm down, take some deep breaths, gather yourself, and like Gary suggested, shop it out to another source so you get away from Sallie. Emotions can eat you up with negative, and lawyers make their living on emotional clients, so don't let either of them spoil your quality of life!! Best of luck.
October 18th, 2007, 04:39 AM #6
Sounds like they use AOL tactics. While you shop around it won't hurt to start recording your phone calls. Just tell them you are doing it. You may actually talk to one or two who care about being held accountable for what they say.
Send everything registered mail and keep receipts.
Get a notebook and start documenting all communication and tell them you are doing it. It's not that anyone there will care so much, but you may need it one day to help clear up your credit report if they mess with it.
Document how many phone calls you receive from them. The next time you do receive one, tell them clearly not to contact you again and tape the call. Follow up with a registered letter. If you have the kind of email that tells you someone is calling/number, and missed calls, keep the emails. Print them and file it w/ your communications log. After about 20 calls, contact your phone company and file a complaint.
Treat any and all communication with them as if someone preparing to go to war. Also, contact your Attorney General office with your complaint.
Visit - http://www.consumeraffairs.com/finance/sallie_mae.html
Last edited by leeann; October 18th, 2007 at 04:56 AM.
October 18th, 2007, 06:56 AM #7
Clearly, I am not going to sue SallieMae. However, I strongly feel their practices needs to be scrutinized and penalized with fines. And fines large enough that make them take notice that the borrowers are sending them a clear message. I have read count-less SallieMae horror stories and I see that it's not an isolated incident. You would think that the gov, who subsidizes these federal loans, would be more watchful of who they are dealing with.
October 23rd, 2007, 11:36 AM #8
- Join Date
- December 20th, 2005
Maybe you can consolidate the loans to another lender?[URL=http://themoneyforums.com]The Money Forums[/URL]
October 24th, 2007, 06:47 PM #9
dam, i got a loan in feburary,Jason Bishop
Columbia SC Web Design
July 7th, 2008, 06:27 PM #10
- Join Date
- July 7th, 2008
Check out this page REMOVED
Last edited by Haiko de Poel, Jr.; July 7th, 2008 at 07:15 PM. Reason: 1st post link drop
July 7th, 2008, 06:43 PM #11
- Join Date
- January 18th, 2005
I think I've had loans through Sallie Mae three times (funding my B.A. , J.D. , and teaching-credential program ).
I don't recall ever having any problems with Sallie Mae -- it was the other student-loan lenders who screwed things up. (Has anyone ever left school with only one student-loan lender to pay?)
I know that I paid off each Sallie Mae loan within 3 years, each time with a lump-sum payment -- perhaps loans that drag on longer are more problematic?
It sounds like things have become very bad, very quickly. The "looting culture" that has emerged under the Bush administration is going to take many years to change.
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