Through constant harassment and I mean harassment (daily phone calls) by Sallie Mae, as co-signors to our daughter's law school loans, we finally decided to just pay them off. First and foremost I would never recommend a student ever take loans out with Sallie Mae. They do not allow income based payments nor do they allow extension periods. The payoff process turned into a nightmare. On Janaury 17th 2013 we were told we had 5 loans but only received paperwork on 4. We were told one loan $5000, a bar study loan was at the end of its grace period the following day. So we requested the payoff numbers on the 4 loans we were aware of which included the bar study loan. I wrote a check allocating the monies to the 4 loans. Low and behold I learn that they allocated the funds how they chose. And left a credit balance of what should of been $5,000 but was $60 less. They did not apply the $5000 to the bar study loan because they said it was still in grace until March 16th of this year. So when I asked why my credit balance was $60 less I was told it was due to interest. Please keep in mind I called for the payoff numbers on 1/17/2013 and they received the check on 1/22/13. So either someone is lying to me or the interest rates are astronomical. The icing on the cake was when I told them to reallocate the remaining balance to the other loan we were unaware of. They told me it was going to take 5 business to reallocate the funds. In the meantime that loan will incur interest charges over the 5 day period.
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