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Sallie Mae Signature Loan Deferment?

Date: Thu, 04/07/2011 - 23:14
Submitted by on Thu, 04/07/2011 - 23:14
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[COLOR=black]I have a signature loan with Sallie Mae that I took out back in 2003. Last Nov Sallie Mae informed me that the loan could no longer be deferred while I was attending school because there was a limit to the amount of time these loans could be deferred. I repeatedly asked for them to send me the document I singed stating there was a limit to the amount of time the loan could be deferred, they sent me the promissory note, which states nothing of the sort. I also asked them when the limit to the amount of in school deferment was put into place for these types of loans but was never given a straight answer. I informed them at the time that I was currently unemployed and could not afford to make payments, told this to three different people, wrote several messages, and even chatted with someone online. No other solutions were offered at the time, now six months later I am still unable to make payments and they will not provide any solutions such as forbearance unless I am current on the loan. What are my options? I have other loans with them previously but due to other problems with sallie mae previously consolidated the loans with another lender but the private loan could not be consolidated with the government loans. Any advice would be greatly appreciated.[/COLOR]

TLeAnn


Yes, I am still currently in school, Sallie Mae is very aware I was in school when they started this entire mess. I would not be having a problem if it weren't for Sallie Mae and the crap they pulled with suddenly telling me there was a limit to the amount of time a signature loan could be deferred, even though they have provided me no proof I agreed to this limit.


Submitted by on Fri, 04/08/2011 - 21:28

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[COLOR=black]Yes, I switch schools. However Sallie Mae didn't seem to have a problem with that until this last fall. They told me that the signature loan could only be deferred for up to 48 months. I repeatedly asked for documentation which I signed stating that. I also informed them that I was also unemployed, still am. I told them I wasn't going to be able to make payments. There were no alternatives offered at that time. On top of that I was assured once the school informed them I was still in school the loan would be deferred. Then several weeks later after I was informed that wasn't the case. It seems as if every time I spoke to someone there I got a different answer. My problem with them is the lack of documentation; I was under the impression that they had to fully disclose such things at the time of lending which I don't believe they did. They wouldn't even tell me when that policy was put into place. The only answer I got was it was in place when I took the loan out. I think I am actually just going to have to seek out a legal aid place here to solve this problem because from what I can tell after reading on the internet I am not the only person they have done this to in regards to a signature loan. I personally think this is just how Sallie Mae does business. [/COLOR]


Submitted by on Sun, 04/10/2011 - 20:14

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Ya know, I am going through the same mess with Sallie Mae. More specifically, I signed all kinds of papers with ITT-Tech for school. The only options I had were federal loans and some private loans. Oddly enough, I got all federal loans except for 3 quarters at school to which those are private loans. I got my associates, had trouble finding a job, had one but couldn't really keep so I went back to school. I was told my loans would be deferred. I asked for a master promissory note but never got one, all I got was the request for the loans.

So I called ITT-Tech and they said the MPN wouldn't have the amount shown. Whatever sallie mae sent me did have the amount shown. So somebody is lying somewhere or someone is pushing all kinds pens to rip students off. What makes things so bad is this is my last year to get my bachelors and I have been on the phone with Sallie Mae 3 times and they said, "Oh, we see you're in school, your loans should be deferred." only to start getting harassed saying that I owe them.

This whole school loan business is a p.o.s. putting kids in debt should be more of a crime than not being able to pay it off. Being a liar to these folks trying to get a good education saying you'll get a better paying job is total crap! Pissed? No, I just want to finish school and enjoy my last year in peace with these real criminals displaying their greedy thirst.


Submitted by on Sun, 06/12/2011 - 20:27

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Sounds like an ITT financial aid issue not Sallie Mae

You should have received a Finanacial Aid Notification as to what federal aid you qualified for....your previous MPN would have covered that aid. I would be more concerned about your private loans....since you were out of school, those do not always go back into deferment.

When I was working as a financial aid officer for a state university, I heard all types of nightmare problems for students at ITT. We would not accept their credits....ITT and University of Phoenix students were in the same boat. An overpriced education and for many, a worthless degree. They are a FOR PROFIT school...they have to answer to their stockholders, not the students. An associates degree (and I use that term lightly....anywhere else in the world, a two year program is a certificate, not a degree) from ITT is worthless......a 4 year degree may get you an entry level position somewhere. Have you ever googled ITT and complaints???


Submitted by SOAPLADY on Sun, 06/12/2011 - 20:45

SOAPLADY

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