• Report: #131626

Complaint Review: Sallie Mae Servicing

  • Submitted: Wed, February 16, 2005
  • Updated: Wed, February 16, 2005

  • Reported By:Providence Rhode Island
Sallie Mae Servicing
PO Box 9500 Wilkes Barre, Pennsylvania U.S.A.

Sallie Mae rip off of $47,000 in interest lost because I reduced my loan from 30yr to 10yr. Wilkes Barre Pennsylvania

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I borrowed $70,000 in the early 90's to pay for grad. school. Sallie Mae approached me to consolidate my multiple loans into one loan to make it "easier" for me to manage. I locked in my loans at 9%. Since the payment was too large I spread it over 30 years. Sallie Mae did not communicate clearly to me that I could never refinance to get a lower interest rate or that if I changed the terms of my loans from 30 years to 10 years that I would lose whatever amount I paid to them in interest. As of today 7 years later, I have paid Sallie Mae $47,108.90 in interest and lowered my principal by $6078.00. I just found out today that Sallie Mae gets to keep my $47,108.90 because that money went to interest on my old 30 year loan and since I have changed the terms to spread it over the next 10 years they get to collect another $35,919.88 from me!

This can't be true but it is.

Providence, Rhode Island

This report was posted on Ripoff Report on 02/16/2005 04:17 PM and is a permanent record located here: http://www.ripoffreport.com/r/Sallie-Mae-Servicing/Wilkes-Barre-Pennsylvania-18773-9500/Sallie-Mae-rip-off-of-47000-in-interest-lost-because-I-reduced-my-loan-from-30yr-to-10yr-131626. 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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