- Report: #244508
Report - Rebuttal - Arbitrate
Complaint Review: Sallie Mae
Sallie Mae6000 Commerce Pkwy Laurel, New Jersey U.S.A.
Sallie Mae Auto Administrative forbearance when requesting derment. ripoff Laurel New Jersey
*Consumer Suggestion: I agree with Jake on this one.
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It started while I was a full time student in school, just paying $10/month until I finished. Well my 1st real payment was due one month, about $300. Because I was still a full time student, I called to request a derment to continue paying $10/month for another 3 months, they said okay, sent me a form for change of plans, and it states "IF you have any deliquencys, you may be charged capitlized intereste, ect, ect"
Up until this point I recieved my bill via email every month before it was due. after I sent this form back I stopped getting my emails with my bills due, I figured my payment status was up in limbo or some thing for processing? One day I get an email to pay my bill, except its past the due date already (NOTE this is my only way of notification to pay the bill) So I paid the bill plus a $20 late fee, which I tried to dispute but never got a response. Because of this they charged me $975 capitilized interest with out notifying me, I found out by reviewing my bill 24 months later, paying about $5,000 my original balance is HIGHER then my principle balance!
when calling sallie maes support line for this, they have told me so far 4 different reasons why I was charged this capitilized interest, and why I have a forbearance on my record. Some of the reasons include
1) I requested a forebearence (not true)
2) they attempted to get current enrolement status from my school but never recieved a resonce so they place an admistrative forbearance on my loan, and placed it back in repayment status (why is this my fault, why wouldnt i be contacted/notified)
3)i had a late payment, (not true) and my credit report backs me up.)
Sallie mae is very sneaky, If i was violated in any way this isn't legal, please contact me if their is some thing I can do. I would love to some how be a part of a class action lawsuit. What it comes down to is I requested to contiue to pay $10 for 2 extra months, and I'm now paying thousands with out any type of warning or notification even. You have to wonder how many people don't even notice.
This report was posted on Ripoff Report on 04/17/2007 07:37 PM and is a permanent record located here: http://www.ripoffreport.com/r/Sallie-Mae/Laurel-New-Jersey-08054/Sallie-Mae-Auto-Administrative-forbearance-when-requesting-derment-ripoff-Laurel-New-Jers-244508. 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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