Sallie Mae ripped me off by applying a forbearance on my account automatically when requesting a deferment. Which has cost me thousands.
It started while I was a full time student in school, just paying $10/month until I finished. Well my 1st real payment was due one month, about $300. Because I was still a full time student, I called to request a deferment to continue paying $10/month for another 3 months, they said okay, sent me a form for change of plans, and it states "IF you have any delinquencies, you may be charged capitlized intereste, ect, ect"
Up until this point I received my bill via email every month before it was due. After I sent this form back I stopped getting my emails with my bills due, I figured my payment status was up in limbo or some thing for processing? One day I get an email to pay my bill, except its past the due date already (NOTE this is my only way of notification to pay the bill) So I paid the bill plus a $20 late fee, which I tried to dispute but never got a response. Because of this they charged me $975 capitalized interest without notifying me, I found out by reviewing my bill 24 months later, paying about $5,000 my original balance is HIGHER then my principle balance!
When calling Sallie Mae's support line for this, they have told me so far 4 different reasons why I was charged this capitalized interest, and why I have a forbearance on my record. Some of the reasons include
1) I requested a forbearance (not true)
2) they attempted to get current enrollment status from my school but never received a response so they place an administrative forbearance on my loan, and placed it back in repayment status (why is this my fault, why wouldn't I be contacted/notified)
3) I had a late payment, (not true) and my credit report backs me up.)
Sallie Mae is very sneaky, If I was violated in any way this isn't legal, please contact me if their is some thing I can do. I would love to some how be a part of a class action lawsuit. What it comes down to is I requested to continue to pay $10 for 2 extra months, and I'm now paying thousands without any type of warning or notification even. You have to wonder how many people don't even notice.
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