I decided to go back to school to better myself in September. I joined up with Allentown Business School (ABS) aka Lehigh Valley College. I was rushed through the financial paperwork and was told if I didn't sign right away, I wouldn't be able to stay in school (every time I had to fill out financial papers, I was told this). I needed a co-signer for Sallie Mae loans, so I got one. Now I have this tremendous pressure to pay back the loans that keep going up, no matter how much I pay them. My original loan started out as $4258.00. I paid so far, $666.54 and I still owe $5,343.89.
Seems weird that when I pay them, my amount that I owe goes up instead of down. One time I paid the amount due plus all the capitalized interest. The very next day, the capitalized interest was over $20 already. And the capitalized interest goes up every single day.
I was never informed of any of this type of interest when I was rushed to sign the loan papers. I was told to sign them quickly so I could stay in school. My dream was to better myself. Big joke! I work for $7.50 an hour and am struggling more now than I ever was before! Can anything be done to stop this company???
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