Sallie Mae settles in loan scandal

Sallie Mae settles in loan scandal

There are 17 comments on the The Indianapolis Star story from Apr 12, 2007, titled Sallie Mae settles in loan scandal. In it, The Indianapolis Star reports that:

The nation's largest student-loan provider will alter its business practices and pay $2 million into a fund to educate students and parents about the financial aid industry as part of a settlement announced ...

Join the discussion below, or Read more at The Indianapolis Star.

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Ripon, WI

#1 Apr 12, 2007
Just one of so many examples where money drives decision making. One would think that higher education would be the model for ethical behavior- get real and come back to reality!
Glen Jay

Austin, TX

#2 Apr 12, 2007
Up until the legislative session of 2003, tuition-setting authority in Texas was in the hands of the Texas State Legislature. In 2003, by way of House Bill 3015, the Legislature granted tuition-setting authority to public university governing boards.

Since that time, the Boards of Regents of the Texas A&M University System, the University of Texas System and the University of Houston System (all members of which are appointed by the Governor) have visited draconian tuition increases on Texas students and their families.

While New York Attorney General Andrew Cuomo is investigating stock grants and possible kickbacks from student loan companies to financial aid officials, I think he would be wise to determine if members of the respective Boards of Regents have any financial ties to the loan companies, as well.

Everybody might be shocked about what is uncovered.
AMERICAN CITIZEN

Zionsville, IN

#3 Apr 12, 2007
H ow many kickbacks and payoffs, and favors and etc.etc.etc. has Cuomo taken? believe it. He knows! If he has forgotten, the folks that he owes favors will most assuredly remind him. As far as kennedy is concerned, he's nothing more than a DRUNK LOSER mamas boy with a criminal father, and two dead murderous brothers oh yeah he's a murderer also REMEMBER Chapaqutic.
Concerned Parent

Staatsburg, NY

#4 May 5, 2007
I can't begin to mention how many erroneous letters my daughter received from Sally Mae. There were obvious discrepancies from the very beginning and I do mean obvious mistakes being made. Calls and threatening letters about immediate repayment and my daughter had not even completed her first year! I hope that the parent(s) and student can now have some advocate - someone on our side - as we have already paid back over $250.00. Utter nonsense. Shame on this agency!
Sallie Mae Sucks

New Hyde Park, NY

#5 May 25, 2007
I have two masters degrees both with Sallie Mae. They are the worst company, I can never get a straight answer out of them. When you talk to people you just get shuffled around and no one will answer your question. They just try and muscle you into what ever they are selling. This spring I am switching to a different company and taking my loans elsewhere. Be very wary of their practices they are misleading and in my case have caused me a lot of greif and financial angst.
doodman

Lewis Center, OH

#6 Aug 15, 2007
SLM must be stopped! http://www.slmsucks.doodman.com for my personal story.

SLM sucks
doodman

Columbus, OH

#7 Jun 2, 2008
Check out http://www.doodman.com/slmsucks.html for my story
doodman

Columbus, OH

#8 Jun 2, 2008
Sorry, here's the correct address. Oops :) Thanks!
http://doodman.com/companies_that_suck.html
Annette

Spring, TX

#9 Feb 14, 2009
Does anyone know an attorney or attorney firm that fights Sallie Mae Harrassment for a student loan that has been paid off and person is still receiving harrassment and now garnishment of wages for a debt that has been paid off? HELP
zoom

Hartford, WI

#10 May 5, 2009
I am currently in dispute with SLM. While in school my interest rates were as high as legaly possible. I called them and like always got tossed around. One of the represetatives actually yelled at me and let me know how much of an idiot I was for going to a school that cost as much as it did. I don't think SLM knows what it takes for a fine arts degree. My loan now is double what the initial amount was. If I could make the payments I would be paying almost a half a million. They set my minimum payments so high that i don't even know anyone who can afford them.(considerably more than half of what I make a month). I was offered extended repayment and that would tripple the amount I already owe. I am now talking with an attorney to negotiate accrued interest that was not needed. 19% interest rate is almost criminal when my credit cards are only 8%.
gina02

United States

#11 May 7, 2009
How do i go about initiating a dispute? I am in a living nightmare. Calling doesn't help. I have paid them $850 this month and was assured that my loans would be brought current through a retroactive forebearance. they withdrew the money but i am still getting 10 calls a day about my payments being past due.
zoom wrote:
I am currently in dispute with SLM. While in school my interest rates were as high as legaly possible. I called them and like always got tossed around. One of the represetatives actually yelled at me and let me know how much of an idiot I was for going to a school that cost as much as it did. I don't think SLM knows what it takes for a fine arts degree. My loan now is double what the initial amount was. If I could make the payments I would be paying almost a half a million. They set my minimum payments so high that i don't even know anyone who can afford them.(considerably more than half of what I make a month). I was offered extended repayment and that would tripple the amount I already owe. I am now talking with an attorney to negotiate accrued interest that was not needed. 19% interest rate is almost criminal when my credit cards are only 8%.
gina02

United States

#12 May 7, 2009
How do i go about initiating a dispute? I am in a living nightmare. Calling doesn't help. I have paid them $850 this month and was assured that my loans would be brought current through a retroactive forebearance. they withdrew the money but i am still getting 10 calls a day about my payments being past due.
Victim of Sallie Mae

La Grange, IL

#13 Nov 6, 2009
Sallie Mae is a monster. Call ans write to your Congressmen/women and your Senators. This monster must be stopped!!!!!!!!!!
Demand that reforms be made to hold Sallie Mae to at least some standards. As is stands now there is literally NO regulation protecting this monsters victims.
Nicole

Warrenville, IL

#14 Apr 30, 2010
I have the same situation. I got a music degree. They made my payments so high I can't afford them and want me to pay up to 105 to get a forbearance. What lawyer are you talking to?
Nicole

Warrenville, IL

#15 Apr 30, 2010
I mean up to 10% to get a forbearance
Mike

Delano, TN

#16 May 14, 2010
I have never even had a loan with this company and they keep calling here asking for someone who does not even live here nor have I ever heard of. I called them to tell them to remove me from their calling list and the rep told me they put in a request to do just that and gave me an email address to send my name and address to so they can be "double sure" that I am removed from their list. The email address the rep gave me is [email protected] om which sounds like total bologna to me but if someone wants to try it they can give it a shot.. I won't be tho.

Mike.
Tim

Harrisburg, PA

#17 Jul 6, 2010
1-877-770-4157
Direct non Indian line to the thieves at sallie mae. Call and harass, call and bitch, call every 5 minutes if you can and waste their time which means waste their money.
Donít give out your soc # or name, as they will ask. Just call and calm as possible, let them know what criminals they are or work for. When they hang up, call again and do the same thing. It wonít knock out your debt, but it feels good.

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