To all of you that have been ripped off by Sallie Mae and all of it's affiliates, I do understand and sympathize with you. As of today, I decided to take legal action against Sallie Mae. I have been hounded day and night by it's two affiliated companies, Arrow Financial and Allied Interstate. You see, they have been calling me stating that I owed so much money to Sallie Mae for student loans. They have just ripped my credit apart to the point I can't look at a bank and ask for a penny. So I decided to do some investigating of my own. I found out that not only was Sallie Mae making me pay back the wrong amounts, they had gotten back some of the money they had loaned and still was demanding that I pay back the entire loan.
Sallie Mae owns Arrow Financial and Allied Interstate, therefore, if you are paying them for your Sallie Mae loans, Sallie Mae is getting extra money from you. You are paying double the amount that is borrowed, double the amount of interest, and double the fees.
Can you do something about it? Yes you can!! Contact the school(s) you have attended and ask them for your financial report of the account you had/have with the school. They will give you the amount of the course(s). The amount that was paid by private loans, pell grants and any other sources that was used to pay for your education. Then you can sit down with your attorney and find out exactly what you owe Sallie Mae and even sue them for harassment. I have also contacted the Attorney General's office in my state and asked for their help on the matter as well.
In the past two hours I have done a lot of research about how "borrowers" are suing Sallie Mae for raising the interest rates, harassing them by threating phone calls. I've gotten those too. You have rights. Just because you needed their help at one time in your life does not give them the right to ruin your for the rest of your life. If you don't stand up for yourself who will. Consult with your lawyer, what is it going to hurt? If you are in the wrong, at least you have found out the truth about why you were wrong. But, if you are right think about how much stress this will relieve from your life and your family's life.
You are not in this battle alone. There are millions of people in the same boat and they are doing something about it and so can you. Don't just take this lying down because they are a big corporation because if they are wrong, their wrong and you shouldn't have to suffer for it.
Take charge and take a stand for yourself. Everyone will give you advice about what they "think" will happen and what they "think" you should do. I'm not trying to tell you what to do, I'm telling you what I am going to do. I'm fighting back.
Little Rock, Arkansas