Sallie Mae is handling funds like the mortgage companies did.
Sallie Mae has interest bearing accounts with their "private loans" sections. Payments go towards interest which keeps adding up, so the payments are never-ending.
Sallie Mae does NOT provide accurate percent rates on their loans.in writing, 4%, on payment %8.5, and no rate reduction possible.
Previous parent plus loans already in extended payment plan at 4%.
Student loans by children include "private loans" which are interest bearing for Sallie Mae.
Sallie Mae is supposed to be low-interest rate for both parents and students, extended payment plans for all
Loans, remove the "private loan" interest bearing accounts and put them in low interest market.
I asked for long-term unemployment deferment form, twice got the economic hardship form, filled out, and got the notice from Sallie Mae that it was refused. I do not have two recent pay stubs due to being long-term unemployed.
Sallie Mae's lack of customer service extends to the total of three year deferment with payment for the deferment. Not helpful, if no money coming in, then no money is available to pay the cost.
Sallie Mae is a company out of control and the government put the loans for education with this company.
A formal congressional inquiry has been requested to get this problem resolved.
If someone has other suggestions, please let everyone know.
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