Student Loan Marketing Association Scheme...
Our good friends at SLM Financial and Sallie Mae are continuing to play games with the student loan accounts for AmeriTrain students and other schools...
After 6 months of trying to hold AmeriTrain and Solid Computer Decisions (SCD) to payment in full for training not received (in violation of the FTC Holder Rule and a whole bunch of other laws), SLM Financial suddenly reversed itself this month, just coincidentally when it learned of the over 100 lawsuits now being filed against it.
SLM sent AmeriTrain students letters expressing "sincere regret" for their situation, extending a 90-day deferement "effective immediately", and offering a partial discharge on the outstanding balance of payments for training not received. However, careful examination of page 2 of these letters reveals the true depths of calculated deviousness to which SLM will sink.
The letter requires the student to provide unspecified "documentation" to prove to the "satisfaction of SLM Financial" that the student meets the "qualifications" for a discharge. TRANSLATION: you have to jump through their hoops to meet requirements which aren't even spelled out.
The letter requires the student to "transfer and relinquish to SLM... Any right to a loan refund that [the student] may have by contract or applicable law". TRANSLATION: you surrender your FTC Holder rights.
The letter requires the student, in "consideration" — key word there, "consideration"— for being granted a discharge to "forever release, waive, discharge, and relinquish any and all claims, demands, contentions and causes of action of every kind, nature, character, and description whatsoever... Against SLM Corporation... From the beginning of time until the date [the student] signs". TRANSLATION: you surrender your legal rights to SLM completely, and can never, ever sue them for anything again.
Finally, the letter makes reference to the student authorizing the shcool to release copies of his/her academic transcripts "to verify the information" being provided in the application. Hmmmm. That's interesting, since the school, AmeriTrain, no longer exists and can no longer provide those records. Guess that would mean the student wouldn't "qualify". Works out great for SLM doesn't it?
As if loading the discharge forms with legal trickery isn't enough, SLM has also "transfered" the AmeriTrain student loan accounts to Sallie Mae Servicing, without explanation, without warning, and without consent of the students. Again, all this suddenly occurred within the last three weeks in advance of the lawsuits. SLM Financial handles non-federal loan accounts, while Sallie Mae Servicing deals with the federally regulated loans. So you see, this little manuever is another calculated attempt to make a claim on Uncle Sam for reimbursement when SLM inevitabley loses the legal cases pending against it and the students involved "default". If anybody in the federal government out there is reading this, take note: Sallie Mae is about to try to rip you off... Again.
But does SLM even stop there? Nope.
Now they've turned around and within the past two weeks started putting the squeeze on AmeriTrain students to pay on the loans again, sending harassing phone calls on a daily basis, sending dunning letters, and threatening credit ratings.
Goodness gracious, that must have been the shortest 90-day deferment in history...
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