• Report: #568165

Complaint Review: Sallie Mae, Inc

  • Submitted: Thu, February 11, 2010
  • Updated: Fri, February 12, 2010

  • Reported By: rebecca — stockton California United States of America
Sallie Mae, Inc
po box 9532 wilkes-barre, Pennsylvania United States of America

Sallie Mae, Inc since paying balance in 2009 up to date they have charged over $5000.00 interest total of over $8000.00 wilkes-barre, Pennsylvania

*Consumer Comment: Interest..

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I was 17 years old when my mother decided to send me to ITT Tech.  My mother speaks no english and when we were introduced to the loan for school I did not understand the contract.  My mother did not quite understand.  Are understanding was I would benefit to receive a loan and completing education and it would be a provider for savings.  Instead I was not able to complete school and owed.  Not a problem. Even though I feel they set us up.  I have only had part time jobs in the last 5 years at minimum wage.  They have called my positions, harrassed me and when telling them I would pay for the loan in full when doing my 2008 taxes.  Balance was paid and I had a interest of $2000.  I received another notice this year January 2010.  That now my interest is over $8000.  Its a shame that government allows this kind of treatment even after balance of amount borrowed was paid.  I will continue sending messages through out the media regarding Sallie Maes loan. So that a innocent victim would not be submitted to this treatment. 

This report was posted on Ripoff Report on 02/11/2010 03:06 PM and is a permanent record located here: http://www.ripoffreport.com/r/Sallie-Mae-Inc/wilkes-barre-Pennsylvania-18773-9553/Sallie-Mae-Inc-since-paying-balance-in-2009-up-to-date-they-have-charged-over-500000-i-568165. 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

Interest..

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

It is a bit confusing as to what you are actually trying to say, but this appears more of a lack of understanding on your part of how loans work. 


Interest is the "cost" of getting the loan.  You can not just pay back the amount "borrowed", during the loan you were assessed interest and must pay that back IN ADDITION to the original loan amount.


Loan interest calculations depend on several factors, so for simplicity lets say you borrowed $10,000.  If you pay $500 a month, let's say that $400 goes to principal(original amount) the other $100 is for interest.  So even though after 20 months you have paid the original $10,000 back your loan balance is still $2,000 because only $8,000 has gone to the principal.  So you are going to have to make an additional 5 payments to pay off that last $2,000.  If you do not pay that back they can continue to assess interest on that balance until paid.


Now, one part that you do need to check on is the amount of interest they are claiming.  If you are saying in 2008/2009 your balance was only $2,000 and now 1-2 years later is $8,000 that seems excessive and something you need to look into.  Since language seems to be a barrier for you, I would suggest you find someone you trust who can help you and possibly act on your behalf.

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