Complaint Review: Sallie Mae Servicing - Wilkes Barre Pennsylvania
- Sallie Mae Servicing PO Box 9500 Wilkes Barre, Pennsylvania U.S.A.
- Phone: 888-2725543
- Web:
- Category: Colleges and Universities
Sallie Mae rip off of $47,000 in interest lost because I reduced my loan from 30yr to 10yr. Wilkes Barre Pennsylvania
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I borrowed $70,000 in the early 90's to pay for grad. school. Sallie Mae approached me to consolidate my multiple loans into one loan to make it "easier" for me to manage. I locked in my loans at 9%. Since the payment was too large I spread it over 30 years. Sallie Mae did not communicate clearly to me that I could never refinance to get a lower interest rate or that if I changed the terms of my loans from 30 years to 10 years that I would lose whatever amount I paid to them in interest. As of today 7 years later, I have paid Sallie Mae $47,108.90 in interest and lowered my principal by $6078.00. I just found out today that Sallie Mae gets to keep my $47,108.90 because that money went to interest on my old 30 year loan and since I have changed the terms to spread it over the next 10 years they get to collect another $35,919.88 from me!
This can't be true but it is.
Susan
Providence, Rhode Island
U.S.A.
This report was posted on Ripoff Report on 02/16/2005 04:17 PM and is a permanent record located here: https://www.ripoffreport.com/reports/sallie-mae-servicing/wilkes-barre-pennsylvania-18773-9500/sallie-mae-rip-off-of-47000-in-interest-lost-because-i-reduced-my-loan-from-30yr-to-10yr-131626. 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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