• Report: #176713

Complaint Review: SLM Corp. Sallie Mae

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  • Submitted: Fri, February 17, 2006
  • Updated: Sat, December 09, 2006

  • Reported By:spring Texas
SLM Corp. Sallie Mae
12061 Bluemont Way Reston, Virginia U.S.A.
  • Phone: 888-272 5543
  • Web:
  • Category: Loans

SLM Corp. Sallie Mae fraudulent billing on Sallie Mae student loans Ripoff Reston Virginia

*Consumer Comment: What type of loan?

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Sallie Mae is fraudulently and secetively adding extra payments onto my daughter's student loan, and based on what they've told me I'm sure they are doing it to millions of other stucent loans also.

The loan is a ten year (120 payments) loan and 85 payments have been made to date, leaving 35 more payments due.

However, I discovered that Sallie Mae says we still owe 38 payments because 3 of the payments were made during what they call "forbearance" periods during which no payments are required (and about which we were never notified). During several email and phone conversations, they repeated tell me that their policy is that the payments we made during these 3 unknown-to- us "forbearance" periods (and which payments they accepted and cashed he checks) don't count toward our account and we owe 38 more payments ( 3 additional)!!

I can only assume they're quietly following this policy on many of their 7 million student loans, so they're fraudulently adding hundreds of millions of dollars in additional payments to their customers loans.

Sounds like a great basis for a class action suit against the arrogant and thieving Miss Sallie Mae.

John
spring, Texas
U.S.A.

This report was posted on Ripoff Report on 02/17/2006 09:46 AM and is a permanent record located here: http://www.ripoffreport.com/r/SLM-Corp-Sallie-Mae/Reston-Virginia-20190/SLM-Corp-Sallie-Mae-fraudulent-billing-on-Sallie-Mae-student-loans-Ripoff-Reston-Virginia-176713. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

What type of loan?

AUTHOR: Jake - (U.S.A.)

Forbearence, a temporary postponement of payments, can be applied to your Stafford loan if delinquency persists while you are making payments.

The lendor can do this without the borrowers knowledge or consent. This is specifically covered in the Master Promissary Note for Stafford Loans, which is a FEDERAL FORM created by the US DOE. The borrower signs this form before any funds are disbursed, and the signature, including an e-sign signature, is a legal and binding contract under FEDERAL LAW.

The loan is paid in full when the borrower has made paid the original balance, plus all interest and fees, in full. Payments made in a forbearance are applied the same was as payments made in any other repayment status: to fees, accrued (and not yet capitalized) interest, and principle, in that order.

What type of loan does your daughter have?
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