SallieMaae / Unfair Interest rate
I would like to know how a private loan company can charge such a tremendous amount of interest on a school loan. Loan# l is 8.5% and for the second year, it is 11.75. We had no choice in getting this loan as the school recommended, as that is who they dealt with. My son and I will never get this paid off, so we had to go to the bank to get a loan to pay this high interest and fees paid off. Everyone I have told about this, can not believe this has happened to us and that a company can get away with charging such a high rate to pay off a school loan. I know you probably can not help in this situation, but I want others to know what a horrible experience you will have getting a loan from Sallie Mae.