So, the gal who contacted me from Sallie Mae FINALLY called me back (late) on Friday. The message was that she was still working on getting someone in a "supervisory" position to get back to me regarding my situation to help me "lower" my monthly payments... She invited me to write to her via email, so I did...
Dear [PR Person],
I got your voicemail on Friday. Honestly, to say that I'm disappointed with Sallie Mae so far is an understatement.
You have to understand that from the beginning, I have felt that Sallie Mae and its representatives have been less than up-front with me.
The private loan was approved by Sallie Mae via WCI, *knowing* that I had a less-than-$600 per month income.
The loan was then "sold" from Stillwater National Bank, a subsidiary of Sallie Mae, TO Sallie Mae...
The interest rate of anywhere from 13% - 18% was applied to my private loan throughout my time at school.
At my exit interview, I was told by the loan representative that the payments would be $450 per month...
Less than 4 months later, I was informed by Sallie Mae that indeed, it was not - it would be $554 per month.
I attempted at that point to consolidate my loans, but even though both my private loan and my FFELPS loan were under the same account number, only my FFELPS was consolidated. When I asked why only that one was consolidated, I was told the private loan COULDN'T be consolidated.
I attempted no less than 6 times to speak with Sallie Mae representatives to try and work with them regarding my income, and ALL SIX TIMES I was called names, told I had no rights, and told that Sallie Mae was not willing to take ANYTHING less than the full $554 monthly payments.
I attempted again to consolidate the private loan, both via CitiBank and via Sallie Mae. Both times, my request was denied... why? Because Sallie Mae had been dinging me with credit reports, AND I didn't make enough money to pay back the loan... The loan which Sallie Mae had, in my opinion, irresponsibly agreed upon in the first place.
I now make double what I did at the time my loan was agreed upon, but I still don't make enough money to consolidate my loan, move my loan to another bank, or pay the amount that Sallie Mae is requesting...
To me, this is the BIGGEST bunch of irresponsibility I have ever seen in a financial institution, unless you count the World Bank debacle.
I feel that, in light of everything that has happened, Sallie Mae should do the right thing and disburse the loan completely. If they had denied me from the beginning, KNOWING what my income was at the time, and KNOWING that I would most likely be unable to pay back the loan at all, I would not be in this mess. The choices made by Sallie Mae were irresponsible at best, and inexcuseable at worst.
I am available Mondays and Tuesdays all day, and Fridays until 1pm PST.
We'll see what she has to say to that...