Sallie Mae College Loans / Loan Fraud
When I was in College I survived with loans and a meager job. At my school the loan would be disbursed to the school and refunded to me. If the loan was registered you did not have to pay tuition as the school would wait for the loan. However, at my school 75% of the students live off campus and have rent.
Sallie Mae would not disburse the loan until months later...leaving you to pay the rent on your own. However they had no problem charging you interest for money that never left their hands during that time. I was one of the lucky ones, after weeks of the run around, I called up and pretended to be my cousin who is an attorney, I gave them the legal lecture of a lifetime. Nestrumental in helping me as someone "slipped" and informed me of the scam as they didn't agree withedless to say my school received the money the next day and I got the refund check for the rent on the next disbursement date (three days later). My school staff was very helpful, the filled me in on the scam because they didn't agree with it and felt I had the will power to fight and win. My friends weren't so lucky, some didn't see the money till finals week...but they paid 4 months of interest.
This was almost 5 years ago. I've heard rumors they are still up to this practice again. How can you charge interest on money that was never loaned...only promised. I believe the federal courts even interjected punishing numerous schools and Sallie Mae. This was all made possible when they got their dirty hands on the government subsidized loan program.
Shame on you people preying on student.
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