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Ohio guest

I have two student loans, each were for $10,000. I borrowed from sallie mae and chase. They now want over $600,000 for the ONE $10,000 loan. They want monthly payments of $37,000. MONTHLY. I only took the loan out 6 months ago and they add more to it every day. How can they legally do this, or ever expect someone to make that payment, no one other then a pro athlete could pay $37,000 a month. They want a monthly payment of 3x what i borrowed, and want me to pay 600,000 dollars on a 10,000 loan. HOW?

Posted: Tue Mar 25, 2008 12:16 pm Subject:

Are you sure you have your figures correct. This does not seem right to me.

Guest · Posted: Tue Mar 25, 2008 12:21 pm Subject:

Yes there right, it doesn't seem right to me either thats why im asking. I have received many papers from them saying this is what they want and what i owe

Posted: Tue Mar 25, 2008 1:08 pm Subject:

Have you tried to call customer service about this? This doesn't seem right to me either. Someone has their figures correct. If you can't get anywhere with customer service I'd ask to speak to the manager.

Posted: Tue Mar 25, 2008 3:35 pm Subject:

I almost wonder if there's a typo in the system [their system] someplace... Ain't no way those are the right numbers. Not bustin' on you, Ohio, I think the problem is on their end.

Before I run off totally haf-cocked here, which loan is the one in question? It was 10k, right? Who's the lender, when was it first disbursed, and what kind of school are we talking about [state college, private college, trade school, etc.]?

Consider this: You say you just took the loan out 6 months ago. OK... Presumably, you're still in classes, half time or better. Is that correct? The semester ain't over yet. Student loans have a grace period of six months after your enrollment status drops below half-time. After that, you should enter repayment. Your monthly payments for both loans together [assuming the same lender here] should be about $200-250, for ten years. This is based on my personal experience with my lender. I have no direct experience of Sallie Mae or Chase student loans.

Here's what I'd do in your place: I'd go into the Financial Aid office at the school, lay it all out on the FA counselor's desk, and demand that they make sense of it. If that didn't get it, I'd be looking for the person in charge of the FA department.

I'd also be doin' some checking of my own. Knowledge is power, remember? Start with checking the amounts and status of the loans on the National Student Loan Data System, through the Dept. of Education. That's at www.nslds.ed.gov That'll give you a start on tracking down the error, in that you can maybe see where the problem is. If it ain't in the database, then move on to your lender. Call them up and ask them WTF? Have your promissory note, award letters, etc., handy, as you're like to need them. The prom note will give you the terms you signed to. The award letter[s] are proof of the amounts. If you don't get anywhere with Customer Service, ask for a supervisor. If that don't get it, ask for his/her manager. Keep working your way up the food chain until you find someone that knows what's goin' on.

Best of luck to you in this! If you have questions or need further information, please post back. I or somebody else will do whatever we can to help out.

Posted: Wed Mar 26, 2008 7:17 am Subject:

This has to be a clerical error. If you borrowed only 6 months ago, the loan should no even be due yet!

Call both the lenders. The school at this point cannot intervene due to privacy issues.

Ohio Guest · Posted: Thu Mar 27, 2008 3:11 pm Subject:

There not due yet, but they send updates on what i will have to pay when they are do. I have two $10,000 loans. One is with sallie mae, and one with chase. My Sallie Mae is the one that claims i owe 600,000 dollars. The chase one says i owe 300,000. They want 3x what i borrowed a month for many years.

Posted: Thu Mar 27, 2008 3:34 pm Subject:

Ohio guest, Please take the advice given and call who ever you need to. This is an error somewhere. It is not possible. You need to start taking some action here. the up dates you get mean nothing. They are wrong.

Ohio Guest · Posted: Fri Mar 28, 2008 1:16 pm Subject:

How could they both have made the same mistake? I will call though and see and then post what they say.

Posted: Fri Mar 28, 2008 3:08 pm Subject:

Do you still have the award letters and prom note? Read over them again, so you know what you agreed to. Then call your lenders and see WTF.

Good luck! Let us know what you find out.

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