Report: #1002587

Complaint Review: Sallie Mae

  • Submitted: Thu, January 24, 2013
  • Updated: Thu, January 24, 2013
  • Reported By: Vicki — South Haven Michigan United States of America
  • Sallie Mae
    PO Box 9500
    Wilkes-Barre, Pennsylvania
    United States of America

Sallie Mae Lied about payoffs, misallocation of payments made even with letter attached, charged additional interest after payoff numbers were given. Liars and thieves! Wilkes-Barre, Pennsylvania

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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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This report was posted on Ripoff Report on 01/24/2013 11:27 AM and is a permanent record located here: 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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