Sallie Mae has been in all kinds of trouble, simply because of their "relaxing" their own policies in lending. I have proof that I received a "private" loan while attending ITT that I did not qualify for. I received this piece of documentation from a collection attorney on the behalf of Sallie Mae. This document clearly stated that individuals that had a previous student loan default was not eligible for a private loan.
This happened to be an "internal" document, to be completed by ITT and returned to Sallie Mae. I Never received a copy of this document to go with the "tons" of other documents still in my folder from ITT. I never saw this document and never signed it. If I had, I would have known that I didn't qualify for this loan and would have never wasted my time and 15.000.00 of tuition for 3 months at ITT.
This was a huge ripoff and if the truth were known, there are lots more people out there being harrassed by Sallie Mae over a loan they received that they didn't qualify for either.
As you know the "duped" investors have got their money back but now SLM is scrambling trying their hardest to recover the money they loaned to people that didnt qualify for it. Still battling lawsuits because they added over 25% totals to defaulted loans. Bad decisions made on their part, in an attempt to rip off investors, they went against their own policies and procedures that were in place to protect them and any unwary consumers. All a part of the wall street meltdown. We dont see this on the news...
Save your time and hard earned money, by leaving these private schools alone and go to your local community college or university. The education is real, alot more affordable and legitimate. Please, please do your self a favor and leave SLM alone...They are crooks!