SALLIE MAE A/K/A HEMAR A/K/A LAWLOANS, NYS HIGHER EDUCATION --- FRAUDLENT, MISREPRESENTATION, AND SHAM. THIS IS SUBPRIME LENDING. FED. REHABILITATION PROGRAM IS DECEPTIVE. DONT' SIGN IT. Sallie Mae / thru HEMAR and their relationship with the securitation of the loan products to New York State Higher Education is a SHAM...TO ROB STUDENTS. HERE IS WHY AND HOW Willkes- Barre Pennsylvania

Sallie Mae/NYSHESC /DSC, General Revenue Corp are causing similar sub-prime issues with student debtors because they have misappropriate ed, induced student to a contract that is fraudeulent and misleading. They have contracts with each other to collect debtsand they create situations to create a bigger debt. They have made it impossible for students to repay the debts. They don't negotiate because if student default, they have much more legal rights. Sallie Mae and NYSHESC have contracts with each other and M sells off the loans to NYSor ( any other state), but they fail to tell the students that the consolidated loans, become effectively deconsolidatedso if you want to repay it, it's very possible that two places will charge the debt loan obligations twice. Like they have done to me.

Federal Rehabilitation Program that is designed to help defaulting students repay their debts by getting them out of the debt is a huge mistake. It's inducement to fraud and misrepresentation. It's only purpose is to get the students to sign a new contract, accept ether fees, etc. ad waive their rights to protest because the new repayment time starts to click when you sign on a new document. It gives lenders a huge leeway to do whatsoever they want, and if life sometimes throws you curve balls and you have difficulty, this is the end.


Sallie Mae ( "SM") has various affiliates, some of which are HEMAR and Law Loans, in which they process or service their loans. Some of their affiliates act as a "separate "collection agency" .thereby justifying tacking on additional charges.

SM pushes their application forms thru various colleges and universities, and possibly for cost. Mine was Seton Hall. There was only one application available thru the school, and it's Sallie Mae's Law Loans applications, processed through HEMAR. HEMAR is now defunct and any form of communication is impossible,.

SM processes all the documents including the consolidation agreement. Most students see consolidation as just that. Consolidation to one lumped loan. This is a misnomera serious mistake that SM fails to state or disclose to students Student are busy trying to graduate so that they can get a joband pay the loans. But, the mistake by SM is huge because what they actually do, is sell parts of the loans offand although various agencies, such as New York State Higher Education. Corporation. NYSHESC and Sallie Mae enters into contract in which Sallie Mae sells off the loans to NYSHESC for cost.

But, they only sell off parts of the loan. The consolidated loan as per the consolidation document is DE-Consolidated.and part of the loans is kept with Sallie Mae, and the remainder is transferred to NYSHESC, the new underwriter.

Most students try to get a job, but this is subject to market fluctuations and job availability. Not all students meet the level of expectation. The Education Dept should be aware that the market is tight. They force students to pay the monthly amount, and disregards their request.and with fees, and interests, student oftentimes default as I have been forced to do. Why? They refuse to negotiate. Why? They can collect feesand they can submit the loans to a collection agency that has full authority to use whatever tactics they do and oftentimes it's harrassment and threats. And these collections agencies are some affiliated with Sallie Mae. DCS and General Revenue Corp are two mostly frequently used collection agencies. They prevent students form having direct communication with the lender, and delay it because their fees are based on the total amount of the debt. They increase the overall debt of the student, and the student are forced to accept the debt that has been dragged out. Even if you want to repay it, they make it impossible to come to any arrnagement. They prevent students from benign able to repay the loanwhich is the real material issue here.

There is what they call a Federal Rehabilitation Loan program. DON'T sign it. DCS and General Revenue Corp as per the instructions for the NSYHESC have threatened me to sign the document. When I looked at it, it dos not allow the student to review the fees, interests, etc. it's a sham. What this does is , for example, if you owe $10K in Principal. At some point with interests, and fees, it might be cumulated to $50K. By Federal Rehabilitation Program which brings you out for the default status, BUT, you are agreeing to a NEW loan contract in which you accept $50k as the new principal. Ultimately, you end up paying about 100K for the loan of 10K. how is this helping students?

Because they know you have been in default, they exercise little discretionand use threats to force students to sign on the document that is fraudulent and misleading. The loophole of the Federal Rehabilitation Act is that it deprives the student of usually found rights as a usual debtor.

NYSHESC has threatened me instead of working with me. I have asked for documents to substantiate their claim which, for most debtors is their right. In their files, they only have documents provided by Sallie Mae.and I had no say in this. I had no option to refinance like any other debtors. I am deprived of the right to inspect the documents that support their claim.

.This is how the accounting is done. My actual debt was $67K. With interests etc,. it came to 107K. I paid 65K of it in lump sum. They even withheld my state taxes for close to 10K. The balance is now 50K or so. But, because Sallie Mae and NSYHESC did not disclose material facts of my payments and its allocation, NYSHESC is asking for 106K AGAIN. Essentially, they are forcing me to succumb to accept and pay TWICE

NYSHESC has threatened my livelihood. DCS has gone into my bank account and took money out of my account without my authority. NYSHESC has refused to provide substituting documents to support the alleged debts. Sallie Mae.

Why is this sub-prime? Students don't" have credit history. Student don't have financial means to pay it backthey obstruct students from being able to repay the debts. At minimum, they need to allow students to negotiate, allowe them to cultivate their careers.and Sallie Mae/ NYSHESC knows this and they know they have legal authorityand they

IF ANYONE IS ASKING FOR MORE INFORMATION, CALL ME OR EMAIL ME :

M.
NYC, New York
U.S.A.