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

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.