At the age of 18 (and just barely, at that) I was told by my University financial officer that I could apply for as many student loans as I would like to pay my way through school... And regardless of the type of loan, as long as it came through Sallie Mae, my payment would only be a mere 50 dollars per month. Of course I signed up! I wanted so badly to finish school, and 50 dollars per month might take a long time to pay off— but no problem, it was a worthy debt!
Little did I know, the advisor was lying and the company is crooked. Six months after being forced to leave school due to a family emergency, I began receiving bills for 2 and 3 hundred dollars. No way! These were not the 50 dollar bills I had been promised! Of course, due to my circumstances I hadn't graduated... I was unemployed, and even with a good job— college students can't afford 300 dollar per month bills!
Currently, half of those loans are defaulted. The other half have nearly DOUBLED due to interest and penalties and Sallie Mae refuses to negotiate the price to a reasonable amount. I was taunted by a MANAGER this week who told me it's no wonder I'm having trouble going back to school since I have defaulted educational loans. He then told me that he might as well place the rest of the loans in default, because it's obvious I have no intention of paying this debt willingly. And all of this because I merely told him that I literally do not have the ability to pay 400 dollars per month that they are requiring of me, but if I cut a few neccessary expenses (like food) I can afford 65 per month. They refused my good faith efforts again.
I had to break my lease at my apartment and sell my car. I am, for all practical purposes, homeless... I find various friends and family to let me stay with them for a few weeks at a time for free while I try to save money to pay off this giant company who has no mercy. I'm 22 years old and facing the possiblity of having to declare bankruptcy. My once-perfect credit is trashed, at best.
My loans are increasing by two thousand dollars a month in INTEREST alone... I don't even make two thousand dollars per month!
Sallie Mae doesn't care about your education. They don't care that they put people out on the street, trash the credit of responsible people who pay reasonably priced bills on time, or that they ruin Christmas year after year for the children of people who owe them tens of thousands more than they originally borrowed...
They prey on young unsuspecting teens who have no one else to pay for college and aren't yet wise enough to recognize their scams... They change phone numbers on a regular basis, change due dates on loans, and talk in circles all for one reason... Their plan is to make you pay as much as possible every single month until you die. Congratualtions, Sallie Mae, you've officially ruined my life.
0 comments