My loans are consolidated with Sallie Mae. Sallie Mae has added per a recent conversation with one of their customer service reps $15,000 in interest to my student loans in approximately in a 7 year period. I recently started paying on my loans on Sallie Mae's graduated plan. I have a due date for the 28th of the month, but because I pay Sallie Mae earlier than that date I am told I am being charged additional interest on my account. Further, Sallie Mae are showing my loans in my credit file as if I owe two loans instead of one. They are not showing all the original lenders as paid in full even though Sallie Mae was suppose to pay off those original lenders they have listed them as if the information on those lenders are not available and they don't know their phone numbers or the balances, which is impossible since Sallie Mae is the one that paid all those initial lenders off in full. In one of my credit files Sallie Mae is listed on all my loans and have taken the original lender off. In another credit file Sallie Mae show me owing them $58,000 and $66,000 when I have only one consolidated loan with Sallie Mae. Students need to get together and protest and March until our government stop this insane abuse of student loan practices by lenders.
Sallie Mae has not reported my monthly payments to the credit agencies. I have not as of today received a requested written statement from Sallie Mae of my account. Sallie' Mae's customer service told me I had to have either a coupon book or a statement, but I could not have both. While I am paying Sallie Mae the agreed on payments on my loan and before my due date. Sallie Mae tells me the interest on my loans a increasing because I pay earlier than the due date via mail.
The interest on these loans are more than the entire initial loan and near impossible to pay because of the huge amount of interest, which Sallie Mae says accrues daily
The consequences of these loans were never explained properly when taken out. Lenders like Sallie Mae are taking advantage of t he poor, the uninformed, and those simply wanting to better themselves by pushing these bloodsucking loans on to unsuspecting students when the bulk of these students will end up with nothing but degrees in fields where there are no jobs to be had and a loan it will take them the rest of their life to payoff working in jobs slightly paying more than minimum wage.
The interest on all student loans should be frozen for at least 5 years to give students an opportunity to bring down the principle on these loans. The Government should allow students to discharge the interest on these student loans in bankruptcy since the lenders are collecting more than their fair share of interest. The Government should allow lenders to charge only a flat rate of interest on student loans and not compound the interest daily. .