Sallie Mae
Consolidation loan is a trap

I have been dealing with Sallie Mae loans and their collections departments off and on since 1998. My degree in social work results in low-paying jobs that I can survive on. I have NEVER made enough money to make the mininum payment Sallie Mae required.

I originally borrowed $28,000 to use for my education. Through consolidation, interest and capitalized interest, I now owe well over $50,000. Right now Sallie Mae is requiring a $348 per month payment scheduled to go up to $400-something. If I made these payments until the loan was paid off, I will have paid Sallie Mae over $128,000 for borrowing $28,000.

Despite numerous phone calls and correspondence and discussions with various customer service workers, some polite and many rude, I have had no success in working out any kind of payment plan that I could ever afford. I have had some success re-opening a bankruptcy from 2001 in which I opened an adversary complaint against Sallie Mae requesting discharge of the loans. Lawyers for Sallie Mae are now arguing the case be dismissed on grounds that since the loan was consolidated, it wasn't listed in the bankruptcy. However, Sallie Mae caused the timing of the consolidated loan to be dated AFTER they were notified of the bankruptcy, even though the consolidation promossory note was applied for and signed by me over 60 days before I filed for the bankruptcy. I don't know if the bankruptcy will be successful in getting my loan discharged, but it is definitely giving me blessed relief from the Sallie Mae collectors. I strongly recommend applying for bankruptcy and appealing it to the max if you have one of these ridiculous loans from Sallie Mae and their collectors are driving you to insanity.

Amyess
Minneapolis, Minnesota
U.S.A.

Company: Sallie Mae
Country: USA
State: Pennsylvania
City: Wilkes-Barre

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