Complaint Review: SLM Corporation -- Sallie Mae - Wilkes Barre Pennsylvania
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- Author Not Confirmed
- SLM Corporation -- Sallie Mae PO Box 4200 Wilkes Barre, Pennsylvania U.S.A.
- Phone: 570-821-3600
- Web:
- Category: Credit & Debt Services
SLM Corporation - Sallie Mae Increased my interest rate after purchasing my loan from another lender. Rip-off! Wilkes Barre Pennsylvania
*Consumer Comment: Greed
*Author of original report: Sallie Mae has responded to my concern
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Sallie Mae bought my student loans from Suntech Inc. in September of 2002. At that time, I had a 4.86% interest rate on my student loan account with Suntech Inc. Due to an error by Sallie Mae, they instituted a 6.75% interest rate and charged me a late fee of $15.50 when they purchased my loans from Suntech.
I sent Sallie Mae a letter, dated 9/27/02, complaining about the increased interest rate and late fee. In October of 2002, I recieved a statement from Sallie Mae indicating that the late fee had been reversed, but they did not address the issue of the interest rate increase.
I filed a BBB complaint, dated 10/19/02, regarding the issue of the increased interest rate. I subsequently received a letter from Ms. Lorraine Heydt, Customer Borrower Services, Sallie Mae, dated 10/25/02, apologizing for their error and stating that the correct interest rate would be restored. However, the correct interest rate (4.86%) was NOT restored at that time and Sallie Mae has not responded to my subsequent correspondance regarding this matter. I filed a second BBB complaint 9/30/04 and have had no response from the company.
Michelle
Beaverton, Oregon
U.S.A.
This report was posted on Ripoff Report on 11/24/2004 11:47 AM and is a permanent record located here: https://www.ripoffreport.com/reports/slm-corporation-sallie-mae/wilkes-barre-pennsylvania-18773/slm-corporation-sallie-mae-increased-my-interest-rate-after-purchasing-my-loan-from-anot-119684. 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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#2 Consumer Comment
Greed
AUTHOR: G - (U.S.A.)
SUBMITTED: Tuesday, December 28, 2004
DEALS: Sallie Mae's bid snubbed
The board of Pennsylvania's state-run student loan program Monday emphatically rejected an unsolicited $1 billion takeover bid by industry giant Sallie Mae. Directors of the Pennsylvania Higher Education Assistance Agency also adopted a resolution vowing that the 41-year-old agency would never be sold to a for-profit corporation. ''PHEAA is not now and never will be for sale, especially to a profit-driven corporation with a track record of overcharging borrowers, laying off workers and gobbling up any organization that stands between students and a quest for bigger profits,'' said Elinor Z. Taylor, chairwoman of the PHEAA board. SLM Corp., the official name of Reston, Va.-based Sallie Mae, had offered on Dec. 20 to pay the state $500 million upfront and $100 million a year for five years to buy PHEAA. Top executives at the company, one of the nation's leading student loan providers, hinted that the price might even be increased if the state were willing to negotiate
#1 Author of original report
Sallie Mae has responded to my concern
AUTHOR: Michelle - (U.S.A.)
SUBMITTED: Tuesday, December 14, 2004
Sallie Mae is currently charging me the correct interest rate. I would like to remove my original report, but I'm not able to do so.
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