Sallie Mae bought my student loans from Suntech Inc.in September. At that time, I had a 4.86% interest rate on my student loan account with Suntech Inc. Due to an error by Sallie Mae, they instituted a 6.75% interest rate and charged me a late fee of $15.50 when they purchased my loans from Suntech.
I sent Sallie Mae a letter, dated 9/27/02, complaining about the increased interest rate and late fee.in October of I recieved a statement from Sallie Mae indicating that the late fee had been reversed, but they did not address the issue of the interest rate increase.
I filed a BBB complaint, dated 10/19/02, regarding the issue of the increased interest rate. I subsequently received a letter from Ms. Lorraine Heydt, Customer Borrower Services, Sallie Mae, dated 10/25/02, apologizing for their error and stating that the correct interest rate would be restored. However, the correct interest rate (4.86%) was NOT restored at that time and Sallie Mae has not responded to my subsequent correspondance regarding this matter. I filed a second BBB complaint 9/30/04 and have had no response from the company.
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