Complaint Rating:

Company information:
Sallie Mae Corporation
California
United States

I graduated from a Tech school in December 2005. I have three private loans from Sallie Mae. Ive had several; forbearance on the private loans and have paid the processing fees to do so every six months. My account has been in overall good status since I graduated.

As of now Ive run out of the total allowed forbearance. My payments for the three private loans exceed $500.00 dollars a month and are unbearable. I have been trying to work something out with Sallie Mae since June of 2008 to consolidate my private loans because of now Im only paying interest payments, and not toward the actual debt I owe. The representatives on the phone they either hang up on you transfer you back into the hold queue or give out wrong information one of them told me as of June Sallie Mae has put a freeze on consolidation without reason and he had no idea why and recommended I find a bank or someone to help me consolidate because Sallie Mae will not help anyone in the private loan repayment consolidation nightmare.

Im contacting Dateline because this is a breach of contract in my humble opinion. When I was approved for these loans in my agreement it says Im able to consolidate, now that I want too Im being told I cant now. Two of my loans are 12% and the other is 15% interest only to make a grand total of $28, 426.34. The consumers need help; I dont know what else to do at this point. My loans are in good standing and I have a late fee of $157.47 to catch up, however the underlying point is the actions are unjust that Sallie Mae has broken our contract agreement and I dont know who to reach out too! This is unfair and I hope dateline or consumer affairs will start an investigation on this matter. I know I have documentation stating I could consolidate the private loans, and this agreement has been modified by Sallie Mae and I had no knowledge of this until recently. This is totally unfair and could possibly make me lose everything I have except my apartment I rent. Help!

http://www.consumeraffairs.com/finance/sallie_mae.html