Thursday, March 26, 2009

Emailed just recently...

I just got this in my inbox today... Please do join up with them. I have spoken with the law firm, and have done research on them - they are on the up and up, and are working hard to stop Sallie Mae from continuing on with their outrageous policies and procedures.

www.jameshoyer.com
salliemae@jameshoyer.com

As you may know, the James Hoyer law firm filed a class action lawsuit against Sallie Mae in December 2007 in connection with its underwriting of private student loans.

As you read this e-mail, the US Department of Education is reviewing bids from six companies that want to win a lucrative contract to service federal student loans. Among the final six is, of course, Sallie Mae. The awarding of this contract will be made soon.

Our investigation has led to thousands of complaints from borrowers about Sallie Mae's abusive and grossly mismanaged servicing and collection practices. These practices negatively impact millions and must be addressed by the Department of Education.

If you want to stand up against Sallie Mae being awarded this contract, we urge you to contact Nicholas Chung or Mike Whisler, the Department of Education Contract Specialists acting as points of contact on this issue. Their contact information is as follows:

NICHOLAS CHUNG Phone: (202) 377-3635 E-mail: nicholas.chung@ed.gov
MIKE WHISLER, Phone: (202) 377-3450 E-mail: mike.whisler@ed.gov

We urge you to contact these people NOW, as well as your representatives in congress and the senate to share your personal story of how you have been abused and mistreated by Sallie Mae. Let them know that you will not sit quietly by while the government rewards a company that has caused so much harm to so many people. Staying quiet will not help anyone.

Please join the Facebook group: FINAL SIX - Student Loan Servicing Job Up For Grabs (http://www.facebook.com/group.php?gid=60098379849) so that you can share your contact with the decision makers and tell other people about this very important issue.

6 comments:

notesfromthenurse said...

I am writing to let you know that I am filing a lawsuit in my local court against Sallie Mae tomorrow on Monday May 18th.

On October 14th, the school that I was attending (and in the final semester of) submitted a fraudulent loan application to Sallie Mae for a private Student Signature Loan. Sallie Mae then pulled my credit and (of course) denied me for the loan.

I have been fighting with Sallie Mae for the last 8 months trying to get a copy of the loan application that should include a time stamp (showing I was at a clinical site all day, and couldn't have submitted the loan application myself) as well as an IP address that would prove that someone at the school submitted the loan.

Sallie Mae has refused to help me. I finally received a call from a supposed lawyer, Anne Milem, who stated that she would assist me, but when I told her that I wanted monetary compensation for damages that I have suffered (credit lines closed and lowered due to the inquiry on my report, no communication, fear of identity theft, etc) she clammed up, and hasn't contacted me since.

I had threatened to sue them by April 1st, and she contacted me ON April 1st. I should have went ahead and filed my suit, because now I have lost another month, and it has gotten me no where. I am suing under the Fair Credit and Reporting Act under the "non-permissable purpose" for a credit pull option.

I can not press charges against the school until I have copies of the paper work showing that I wasn't at the school, and couldn't have possibly submitted that loan; they are now contributing to a crime by refusing to release that information so that I can go after the real bad guys. The funniest part? Anne Milem told me that Sallie Mae was a "victim" in this as well! Give me a f*ing break!

Her contact information if you want to add it to your site is:

Anne L. Milem, Esq.
Managing Director & Associate General Counsel
Office of the General Counsel
Sallie Mae, Inc.
12061 Bluemont Way, V3307
Reston, VA 20190
anne.milem@salliemae.com
(703) 984-5933 (voice)
(703) 984-6500 (fax)

J. Densmore said...

Hi,

What ever became of this blog? Please check out my blog at http://misplacededucation.blogspot.com/. The fight continues, not jsut with Sallie Mae, but for respectable borrower rights for every student borrower including loan forgiveness and bankruptcy.

Regards,
J. Densmore

nysgyrl said...

Just wondering what the status with the whole situation? I have private loans with sallie mae but am not out of school yet and kind of want to know what you ended up doing. Thanks T.

bruce said...

When I was in school I borrowed $33,481 from Sallie Mae as private loan. Since graduation (approx 4 & 1/2 years ago) I have paid back $27,500 but Sallie Mae claims that I still owe $15,920.12. If you add these 2 numbers together that totaling $43, 420.12. I borrowed approx $33,481 and have to pay almost $10,000 if interested??? Are you kidding me??? I called Sallie Mae up today and their explanation is the "Capitazlied Interest" was $4,094.11 and the actual interest is approx $5,500, and thats why it comes out totalling $10,000 of interest. They explained that Capitalized Interest is the interest that is continuously added to the principle when I was in school. It does not make any sense. This is a TOTAL RIP OFF!! The LOAN SHARK doesn't even charge this high.

Is anyone out there having the same problem with Sallie Mae? This is a TOTAL FRAUD!! I am planning to file this matter with Consumer Affairs, appropriate Federal Bureau that handles Student Loan fraud to shut them down.

Lastly, DO NOT borrow a dime from SALLIE MAE because they will ROB you of your every hard earning penny!!!!

Below is the information of appropriate federal agencies to file a complaint against Sallie Mae. Hope it helps!!



FINANCIAL INSTITUTIONS

Credit Reporting Agencies
Federal Trade Commission
Consumer Response Center
600 Pennsylvania Avenue, NW
Washington, DC 20580
Phone: 1-877-FTC-HELP (1-877-382-4357)
TTY: 1-866-653-4261
Online complaint form

Federal Credit Unions
National Credit Union Administration
Phone: 1-800-755-1030
Email: consumerassistance@ncua.gov

Federal Savings and Loan
Office of Thrift Supervision
Office of Consumer Programs
1700 G Street, NW
Washington, DC 20558
Phone: 1-800-842-6929
E-mail: consumer.complaints@ots.treas.gov

Investments, Securities, Stocks, Brokers, and Traders
Securities and Exchange Commission
100 F Street, NE
Washington, DC 20549-0213
Fax: 202-772-9295
Online complaint form

National Banks
Comptroller of the Currency
Customer Assistance Group
1301 McKinney Street, Suite 3450
Houston, TX 77010-9050
Phone: 1-800-613-6743
Fax: (713) 336-4301
Email: customer.assistance@occ.treas.gov
Complaint Form [PDF]

State Chartered Banks
Federal Deposit Insurance Corporation
Division of Supervision and Consumer Protection
Consumer Response Center
2345 Grand Boulevard, Suite100
Kansas City, MO 64108
Phone: 1-877-ASK-FDIC (1-877-275-3342)
TTY: 1-800-925-4618
Email: consumeralerts@fdic.gov
Online complaint form
All other Financial Institutions
Federal Reserve Board Consumer Help
P.O.Box 1200
Minneapolis, MN 55480
Phone: 1-888-851-1920
TTY: (877) 766-8533
Fax: (877) 888-2520
Email: ConsumerHelp@FederalReserve.gov
Complaint form [PDF]
Online complaint form

Ruby said...

Sallie Mae without telling me put my 2 loans with the hightest interest in deferrment. I have only been acruing interst on those loans, without any money going to the principal. The actual website is a freaking crazy maze. You have to click on plus signs and more detail, and jump through a million hoops just to see information that is entitled to me. They hide as much from you as possible. There is absolutely no transparency. Monthly payments, amounts applied to principal, and amount applied to interest seem to be calculated at random. Their business tactics are ridiculously corrupt. It is incredible that they are allowed to operate this way. I am able to compare Sallie Mae to Citibank where I have another student loan. The two companies are night and day.

Lois said...

Fraud is the word. My $20,032.00 loan had $9,357.91 added for capitalized interest. And the government is protecting these student loan companies? You can file bankruptcy for ALL situations EXCEPT student loans because of federal law. THAT'S the main thing that needs to change. In the meantime, Sallie Mae is making HUGE profits on the vulnerable.
I, too, have no memory of my student loan being transferred to Sallie Mae.
Now they refuse to lower my payment, even though I recently lost my job. In my new job my income is only a third of what I used to make, but Sallie Mae will not consider a reduction in my payment. So they are taking a THIRD out of my monthly income. Disgrace.
I want to fight this in every way I can. Can we join together somehow for a major campaign? We need to go to the government with strength. The figures speak for themselves.
Any other ideas of how we can reveal the truth about this company?