Sallie Mae / Added unsubsidized interest on subsidized loan TWICE- ignored dispute letters and phone calls
My daughter's school loan suddenly had unsubsidized interest added on to a subsidized loan. She wrote letters, including a certified letter with proof o delivery, asking for an explanation and that the charge be removed. Sallie Mae never answered one letter, which is illegal. The interest kept going up and because I'd had the same thing happen to me with ACS that cost me $500 I never actually owed, and I was too busy to keep after her to keep after them, I paid off the $200.00 with a letter from her disputing the actual debt. At least it couldn't keep going up until we had time to devote to hassling with them.
To my surprise, last year unsubsidized interest was added to her bill, AGAIN. She is in school with an in-school deferment, which shows up on her account, and it is a subsidized loan. There is absolutely no reason for that charge to be on her account!
Again, she contacted them to straighten it out and they have entirely ignored her. It is now up to $200.00 again. Unless I pay it, which will total $400.00 literally stolen from us (in addition to the $500.000 ACS stole from me for my school loan), it will climb higher!
I see that Sallie Mae was completely privatized in 2004, with no more relationship with federal government. That is when these problems started.
Sallie Mae must believe they will never be held accountable because they follow no laws regarding contacting students before adding fees or interest for forbearances and defaults (which they are supposed to do a specific number of times if three payments are missed, and if they did students would know when the company is making a mistake on their account instead of discovering it down the line), and they do not bother to respond to disputes at all, let alone within the timeframe the law requires!
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