Sallie Mae is still providing false advertisement to new graduates consolidating their student loans. I would like for the Better Business Bureau to look into this scam. My concern is that there are other students who have fallen for this scam the same as I have.
The Hook:
I consolidated my student loans with Sallie Mae because they promised that after the first 3 months of payments on time (letter dated 10/28/05), I would receive a 3% credit based on the original principal amount of my loan. That payment was due on 2/26 and based on their cash back example on the amount borrowed, 40K would have been a check for $1,320.00. If I made my first 24 payments on time (letter dated 10/28/05) I would receive an additional 1% dividend. That check would be due on 11/27. I set up my automatic debit on 11/8 to ensure that my payments would be on time.
They state in order to be eligible for this benefit: Sign up for Manage your Loans online account prior to your first payment due date and elect to receive Sallie Mae account information by e-mail (it does not state to receive all account information by e-mail), Make your initial 3 monthly payments by the due dates initially scheduled and Sallie Mae will track my account, I do not have to and they will apply the benefit as a credit or send me a check. There is no mention of Spam Blocker in this notification. It says in order to remain eligible for the benefit; you will need to continue to receive account information by email at a valid email address.
The Scam:
The catch is they want you to have an active e-mail address (which I have had). They ask you when you set up your online profile if you want to receive all of your correspondence from Sallie Mae via-email. I selected no. No one in his or her right mind would check yes to receive all information in reference to his or her 30K student loan via e-mail communication.
Evidently when you select no Sallie Mae purposely stops sending you any correspondence by e-mail (because you selected not to receive all of your correspondence via-email, this is the catch).
They then start sending you letters via US postal service. I received a letter on 12/1/05 stating that: your e-mail address is no longer valid, e-mail is undeliverable to your e-mail address or you have a SPAM filter that does not allow Sallie Mae e-mails to be delivered to your e-mail address. They then state that they will send all communications to you using the US Postal Service. When you provide them proof that you have a valid e-mail address and can provide proof that they are not being blocked by a SPAM filter they inform you that you are not eligible for the credit due to this. At that time I checked my e-mail settings and this was not the case.
They then go on to ask you to provide proof that you have received an e-mail from them since that date. Of course you cannot provide it because they purposely stopped sending the e-mails to your e-mail address. This is their justification for denying the benefit. You also are not able to speak with a representative from Sallie Mae to dispute your claim. You end up speaking so someone in India who is handling all calls for the company and they keep giving you a runaround.
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