SLM Financial strikes in Utah as well.
My husband enrolled at a school called Microcert which got it's funding through SLM Financial. We were charged the same supplemental fee, had to sign the arbitration agreement, etc. From all I have read about what they did to Solid Computer Design and Ameritrain students, we are in the same boat, so to speak.
When we found out that Microcert had closed it's doors, we contacted SLM Financial about it. They offered us the teach out through another school. That school then charged us $1,400 more for books and tests and gave us a year to finish.
The deadline is approaching the end of April 2003 and they have now again cancelled the classes that my husband needs to take to finish. So, although the new school (New Horizons) has not closed, they have made it impossible to complete the courses which we have now paid for twice, basically.
We were encouraged to fill out an amendment to our original loan so they could consolidate the old amount with the new amount. We declined because we had become increasing irritated with SLM and didn't want to owe them any more money.
I have contacted the Utah Department of Consumer Protection but I get the run around. I have paid every payment on time because I don't want to ruin my credit. However, in almost 2.5 yrs, my balance is still more that what I borrowed. Our loan was originally defered for 3 months.
After 5 months had gone by and I hadn't received a new coupon book indicating the entire payment amount, SLM told me to just pay what was on the coupon until I got a new book. 6 mos later, I get a nasty phone call saying I am behind on my payments and that I haven't been paying the proper amount. When I indicated that I had called about it, they told me that it was in my contract stating the amount I would owe and that it wasn't their fault.
SLM Financial is an awful, greedy, calculating company. I would strongly urge that no one use their services. Do not give them any information. Do not sign any paperwork. If you see their name, turn and run and don't look back.
I seriously hope that all the lawsuits are successful and that SLM and Sallie Mae are put out of business. They are ripping people off.
BTW, Microcert also operated a school in Texas which seems to no longer be in business as well. And there are other schools in the state of Utah who have closed their doors and did business with SLM.
Beware!
Heather
WVC, Utah
U.S.A.