Sallie Mae promised a 1% rate reduction after 36 on time payments when I consolidated my student loans. I have the flyer still to prove this. They then changed it to 48 months. I tried to appeal this and hit a stone wall. They wouldn't honor the 36 months.
I was willing to let this go, but now I have made 56 on time payments and they STILL won't give me the rate reduction. They said I now qualify, but I have to wait another 5 payments. Somehow every time I check to see when it will go into effect, the date has been pushed back. I have called numerous times and always get the run around and I am told that they will send it to 'research'. I never get calls back. And every time I call, there is some excuse as to why it hasn't been put into effect. OR, if they don't have a good excuse they just say they don't know... And they will send it to research.
I am a model borrower. I make all of my payments on time through automatic drafts since 2004. I have never been late on a payment. I do everything they ask, including having my statements and correspondence sent over email.
What can I do? It sounds like I'm not the only one that is getting screwed. I feel powerless and taken advantage of.
I hope that potential future borrowers read this and NEVER take out a loan with Sallie Mae!!! They have been dishonest. And have NO INTENTIONS of fixing it.
Help!
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