Sallie mae ripped me off by applying a forbearance on my account automatically when requesting a derment. 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 derment 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 deliquencys, you may be charged capitlized intereste, ect, ect"
Up until this point I recieved 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 capitilized interest with out 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 maes support line for this, they have told me so far 4 different reasons why I was charged this capitilized interest, and why I have a forbearance on my record. Some of the reasons include
1) I requested a forebearence (not true)
2) they attempted to get current enrolement status from my school but never recieved a resonce so they place an admistrative forbearance on my loan, and placed it back in repayment status (why is this my fault, why wouldnt 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 contiue to pay $10 for 2 extra months, and I'm now paying thousands with out any type of warning or notification even. You have to wonder how many people don't even notice.
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