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Report: #280755

Complaint Review: Sallie Mae - Wilkes Barre Pennsylvania

  • Submitted:
  • Updated:
  • Reported By: Phoenix Arizona
  • Author Confirmed What's this?
  • Why?
  • Sallie Mae PO Box 9500 Wilkes Barre, Pennsylvania U.S.A.
  • Phone: 888-272-5543
  • Web:
  • Category: Loans

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Went to a private institution. I didnt know the first thing about borrowing money. Well little did I know, when the school said no problem. I needed a co signer. My mom co signed. Now I am in a finacial nightmare. I only got a diploma in Culinary Arts. I borrowed $ 10,000.00 Now my bill is over $ 18,000.00. My interest rate is 14.250%. I made a big mistake doing this, now I wish I have never done this.

I have been unemployed and now facing all these bills. They constatly call from 8:00 in the morning until 9-10pm every night. They call over 12 times a day. I dont answer the phone as a result, I am threaten by them, they will take everything I got. I have been in a severe depression because of mostly this and unable to pay, a $ 650.00 a month for the rest of my life. I have been in a downward spiral. These people who call and threaten, maybe the more threats they give to you, the more money they make. I am just sick of it. I fill the pressure when I do answer the phone, and they really upset me every time I talk to them, so I dont answer my phone. Can they really call this many times a day? I thought it was harrassment? Where can I turn?

Terri
Phoenix, Arizona
U.S.A.

This report was posted on Ripoff Report on 10/24/2007 10:56 PM and is a permanent record located here: https://www.ripoffreport.com/reports/sallie-mae/wilkes-barre-pennsylvania/sallie-mae-i-went-to-school-at-a-private-institution-wilkes-barre-pennsylvania-280755. 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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REBUTTALS & REPLIES:
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#5 Consumer Suggestion

SALLIE MAE IS A LOAN SHARK AND RIP OFF IN THE WORST SORT OF WAY

AUTHOR: Margaret - (U.S.A.)

POSTED: Friday, October 26, 2007

I was going to take out a small Sallie Mae loan for only 5,000 to supplement my tuition where my small scholarship and savings did not cover. They wanted a 12,000 payback on a 5,000 loan. I cancelled the loan, and went to my bank and took out a personal loan. Less interest and I will have it paid back in three years.
I would not recommened these loan sharks to anyone. Borrowing money from them is like borrowing money from a PAY DAY LOAN COMPANY!!!!!
I am sorry you are in the situition you are in with the loan, however You should have done your homework and looked at alternative finanacing. Do you really think a cooking certificate is worth it? You should have checked out commuinty college first. You need to go back to the school and demand they line you up some interviews with prospective employers, that service is what part of your tuition paid for.

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#4 Consumer Comment

No Rip-Off

AUTHOR: Jim - (U.S.A.)

POSTED: Friday, October 26, 2007

The only people that complain against Sallie Mae are those that can't pay back the loans. They had no problem with Sallie Mae when it came time to get the loan. You said that you wish you never did this - is this because of the loan or the fact you can't get a job? My guess is if you really look into why you wish you never did this, it's probably both.

No, there is nothing you can do about the phone calls - Sallie Mae is exempt from the FDCPA. Get yourself into a restaurant, start working, and make the payments as best you can.

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#3 Author of original report

Sallie mae

AUTHOR: Terri - (U.S.A.)

POSTED: Thursday, October 25, 2007

First of all the information the school gave me was wrong. They said it would be only a 4 % interest rate, nothing about 14% .
Then on top of that they are chargeing me in interest rates at almost what I borrowed. So it is doubled.
There have been a lot of complaints against Sallie Mae from what I have read.
They are basically doing whatever they want to you, with the threats, its against the law to threaten a person.
Gee..... maybe you havent had anyone threaten you. Well, try it and see how you fill.
All these people who have complaints against Sallie mae, I believe they are doing what they claim because same thing is happening to me.

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#2 Consumer Comment

Student loans

AUTHOR: Prissy - (U.S.A.)

POSTED: Thursday, October 25, 2007

Welcome to the real world, Dearie. My suggestion is that you start paying your student loans as quickly as possible. If you don't, this can cause you BIG problems for years to come.

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#1 Consumer Comment

How is this a rip off?

AUTHOR: Tallulah-phoebe - (U.S.A.)

POSTED: Thursday, October 25, 2007

YOU voluntarily entered into a contractual agreement without first taking the time to understand the terms and conditions you would be required BY LAW to follow. Now you are crying sour grapes because you do not like said terms and conditions. Perhaps you could explain how this is a rip off? It sounds to me like a case of poor planning and irresponsibility on your part.

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