Sallie Mae Servicing
Sallie Mae rip off of $47,000 in interest lost because I reduced my loan from 30yr to 10yr

I borrowed $70,000 in the early 90's to pay for grad. School. Sallie Mae approached me to consolidate my multiple loans into one loan to make it "easier" for me to manage. I locked in my loans at 9%. Since the payment was too large I spread it over 30 years. Sallie Mae did not communicate clearly to me that I could never refinance to get a lower interest rate or that if I changed the terms of my loans from 30 years to 10 years that I would lose whatever amount I paid to them in interest. As of today 7 years later, I have paid Sallie Mae $47,108.90 in interest and lowered my principal by $6078.00. I just found out today that Sallie Mae gets to keep my $47,108.90 because that money went to interest on my old 30 year loan and since I have changed the terms to spread it over the next 10 years they get to collect another $35,919.88 from me!

This can't be true but it is.

Company: Sallie Mae Servicing
Country: USA
State: Pennsylvania
City: Wilkes Barre
Address: PO Box 9500
Phone: 8882725543

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