- Report: #1037309
Report - Rebuttal - Arbitrate
Complaint Review: Sallie Mae
Sallie MaePO Box 9500 Wilkes-Barre, Pennsylvania United States of America
Sallie Mae Student Assistance Corporation Applies payments only to interest and not principal Wilkes-Barre, Pennsylvania
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I started making payments by phone for an additional $5 per payment in $2009. Since then my principal balance has only continued to increase. I have not seen a drop in my outstanding balance at all and my final payoff date has kept extending from originally 2022 to 2047. At this rate I will be dead before I'm even close to the final payoff date and the outstanding balance will be pushing $500,000.
Why is this company not being investigated for fraudulent practices? They even handle the US Department of Education Loans. Which I also have and are not going down despite my increased payment amounts.
I have also watched my interest rates increase from 6.5% to 11.75% over the last 3 years. And these are fixed-rate loans that started at 4.5% in 2005.
This report was posted on Ripoff Report on 03/23/2013 07:14 AM and is a permanent record located here: http://www.ripoffreport.com/r/Sallie-Mae/Wilkes-Barre-Pennsylvania-18773/Sallie-Mae-Student-Assistance-Corporation-Applies-payments-only-to-interest-and-not-princi-1037309. 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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