Complaint Review: Sallie Mae SLM Company - Chubb Institute - Wilkes Barre Pennsylvania
- Sallie Mae SLM Company - Chubb Institute P.O. Box 4100 Wilkes Barre, Pennsylvania U.S.A.
- Phone: 888-2725543
- Web:
- Category: Trade Schools
Sallie Mae SLM Company - Chubb Institute Kickbacks to school; all students charged same interest rate regardless of credit score; they charge late fees although I pay ontime online; they claim website down, weekends are not credited to the consumer etc.; it is best to be a month ahead? suckered into a student loan with Sallie Mae Wilkes Barre Pennsylvania
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I was a student at the Chubb Institute in Parsippany NJ and was suckered into a student loan with Sallie Mae. I was given one rate and eventually received another one - when I received my note in the mail.
The school makes you sign papers, do not explain anything and never disclose interest rates on paper only verbally. Sallie Mae also claims that the interest rates are based on credit ratings; not true - I personally know two other students with bad and okay credit. My credit was and still is above average (725+) and all three of us received a 15% interest rate.
An attorney explained that the school can be receiving kickbacks and all the loans are funneled through to Sallie Mae..a monopoly? Yes. I know that there are others out there so please post your complaints...go to BBB, NJ Division of Banking and the FTC. Eventually Chubb and Sallie Mae will get their due. Also when making online payments, Sallie Mae claims that the weekends or the "posting" time may count against you...not so! Fight it! Good Luck. By the way, I challenge any rebuttals. Bring it.
Fran
Northern NJ, New Jersey
U.S.A.
This report was posted on Ripoff Report on 01/04/2006 08:59 PM and is a permanent record located here: https://www.ripoffreport.com/reports/sallie-mae-slm-company-chubb-institute/wilkes-barre-pennsylvania-18773/sallie-mae-slm-company-chubb-institute-kickbacks-to-school-all-students-charged-same-in-170494. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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