For 3 Months now I have been going through the loan application process with Sallie Mae. My credit score is in the low 700's but they say I needed a co-signer. My Parents debt to income ratio was to large so they were denied. I asked My Aunt if they would be willing to help and she and my Uncle were more then happy. They signed the papers and all was approved, I was sent finally paper work, given a payment schedule (amounts and dates when due) and was waiting on the check, Mind you at this point I am three weeks into school already. During the next week the check never came, so the following Monday I called back to check the status and find the check if lost. I was told then the Loan was denied. Which made no sense since I was holding a legal contract saying it was approved and that I now owe them $38,000 dollars in return for my $28,000 dollar loan. Here's were it gets fun, for the last three weeks my Aunt and I have been getting two differnt stories as to why the loan was turned down, I am told that our combined credit was the reason, she is being told her credit is the problem and the debt to income is to large, Her credit is over a 100 points higher then mine, and the debt to income couldn't be lower if you tried. To give and example of their credit and spending habits, they make enough every month to pay off all credit cards used in the month all of them! Heres where the descrimination comes in... They own there own business, the have since '99 and they have done wonderfully. But because they own there own business Sallie Mae will not let them co-sign the loan they haven't come out and said this, but given the details of this mess that I have, and the differnt excuses used by them everyday I call, one must start to look at this for what it is, Fraud. Discrimination, and breach of contract. If Anyone else out there has anymore information about this company or a simular story please contactme through this site. I am not one to allows this to continue I will be taking legal actions against Sallie Mae, any and all help you could provide would be great, as well as any I can give you will gladly be done.
Joe
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