I'm happy to report that I received a phone call from a Brian from Sallie Mae's Office of Consumer Advocate within 24 hours of my sending a very frustrated but rational email to Sallie Mae. Brian was very kind and said that he would look into my request for a online principal only payment option and get back to me. Brian even gave me his phone number in case I had any additional concerns.
Sadly, but not surprisingly, I have not heard back from Brian or anyone else from the Office of Consumer Advocate and it will be 2 weeks on Oct. 4th. Hmm, way to freaking advocate!!! Thank God I wasn't suffering from anything too serious like, oh say a financial crisis!!! Of course, you all know I'm not actually saddened or surprised by anything Sallie Mae does or doesn't do. I'm not delusional (crazy maybe, delusional definitely not), I am well aware that my single email was not going to bring down the corporate demon in a single blow. I am puzzled however, what exactly is the point of the Office of Consumer Advocate? You truly have to be delusional to think its to advocate on behalf of the consumer.
Amazing isn't it that when you borrow money, you actually have to pay it back?
ReplyDeleteThanks for your most insightful comment! However, I believe you miss the point of my entire blog. I have no problems paying back the money I borrowed, I'm not trying to get out of paying, what I take up issue with is the methods that Sallie Mae and other lenders utilize to KEEP you in debt such as capitalized interest during forbearance and deferment, not having a web-based principal only payment option, accurately applying mailed in principal only payments, advancing payment dates, etc. All of these methods ought to be considered cruel and unusual punishment as they have a DIRECT EFFECT on borrowers' ability to live a decent life and be productive members of society as evidenced by the MANY blogs out there (take a look at my Blog Roll for just a sample).
ReplyDeleteBut again, thank you for your keen observations.
LOL at the ironic University of Phoenix advertisement that pops up at the bottom of this site.
ReplyDeleteThis "principal only payment" option of yours intrigues me and I'd like to know how that works.
ReplyDeleteSallie Mae is the Great Whore of Babylon, and Chris is a willing stooge/servant of the beast.
ReplyDeleteI just stumbled on your blog, been paying "the Devil" for over 5 years now...For years I've been bitching and moaning about not being able to pay down the principle. I've bitched out at least 4 or 5 'employees' from India (that I could barely understand) over the phone through the years about this very issue. They told me that to send principle only payments I needed to mail it in and put principle only on the check. This seemed really odd to me, as I've read things on the net about payments not being processed or applied just as you have. How in the hell do they expect people to get out of debt if they don't let you pay down principle? Frustrated by this, I actually stopped my electronic notices and opted for them to mail me a bill. All that arrived was some stupid coupon book. Feeling weary I opted to not send them a check, and returned to online billing. Please, keep doing what your doing, the principle only payment would help thousands of us slaves! I'll check back frequently to see if you get any updates on this issue, you're doing great! I really appreciate your blog, and knowing that I'm not alone! :)
ReplyDeleteAs a side note, I feel for you. If my loan with good ole SM wasn't enough my sister went ahead and got several. Unfortunately she took out way more than she'll ever possibly make. She's in the very same boat you're in, including my parents who cosigned her loan. I guess I'm fortunate enough that I've been able to pay all these years, can't say with all this accrued and capitalized interest that I've made any kind of dent though...
Speaking of unlawful, we should talk about capitalized interest which accrued while I was in school and during a deferment just after school while I struggled to find employment. I still owe some $7,000 in capitalized interest...I asked one of there "representatives" from India on the phone about trying to find a method to pay that off to decrease my loan, they told me to mail a check for the whole amount of the capitalized interest. Does that seem odd to anyone else? When asked what assurance I'd have that the check would go entirely to capitalized interest, he offered none. I've never sent that in either...
I've been scowering the net today for class actions against Sallie Mae. Most of us are willing to repay our debts, but Sallie Mae's schemes are unethical.
ReplyDeleteYou should look into these for now. But I seriously think there should be a class action for not allowing principal pay first.
http://arthurtcpasettlement.com/index
http://www.jameshoyer.com/
It is possible to make some change...notice how the reps are no longer in India? That's because a bunch of us bitched about it.
If we all banded together, something is bound to happen...
Last time I called the bitch on the other side said she was "overseas"
DeleteThis makes me livid! We need to get Dave Ramsey on this and perhaps other media will pick up the story and then Sallie Mae will be pressured to change its ways.
ReplyDeleteAwesome comments readers!! I love your message Ryan, as you, me and COUNTLESS others are in the same boat. It won't be until this blows up like the mortgage crisis that any will be done.
ReplyDeleteI'm not looking for anyone to save me (Dave Ramsey would be proud), but I am looking for a fair playing field that actually affords me a way to pay these loans off with all the accrued and capitalized interest crap! Just put a principal only payment button up already!!!
My main issue with Sallie Mae is their lack of accountability. Does anyone remember the old Lily Tomlin skit, "sir we're the phone company we dont care we dont have to" That sums Sallie Mae up in a nutshell. They are protected against being included in a bankruptcy discharge of debt. There defense is always, "sir you didn't talk to me". As im sitting here with currently a total of 128 dollars in bounced check fees(because Sallie Mae took the wrong amount out of my account on the wrong day) I am amazed that unlike other businesses, my car payment for example no one at sallie mae is willing to put what they say in writing. Do to being unemployed my auto financing company rearranged three payments for me, then sent me a leeter to confirm what we talked about over the phone and followed it up with an e-mail. Imagine if Sallie Mae had that type of accountability. Oh but im dreaming.
ReplyDeleteWhatever she or he salie Mae is a bitch, I am leaving this country soon and they have to catch me from my Dick if they can
ReplyDeletePlease sign the Whitehouse.gov Petition to get the Administration to look at the deceptive and predatory lending practices in the private student loan industry.
ReplyDeletehttps://petitions.whitehouse.gov/petition/sallie-mae-and-private-student-loan-industry/5dDQ7RqT
straight up: Sallie Mae is CRIMINAL. They've already had their asses handed them in more than one COURT CASE. I called them up, spoke to the supervisor of the supervisor of the supervisor of the supervisor of the supervisor of the first receptionist (maybe even another couple "of the supervisor"s high...(don't remember), and finally got to talk to someone that truly understood contract law. (at least they acted like they did) It was at that point that I just laid out how they'd breeched contract in billing me... $73,000.00 of supposed debt GONE!! :) ...think they can play games...
ReplyDeleteThanks for the valuable feedback. I think that strategy is sound and can be easily replicable. Great posts. I love this article.
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