While basically a good article, it says NOTHING about those of us who were, and continue to be, duped by Sallie Mae. If you REALLY want to understand the REAL issue, continue reading:
I’m hardly a deadbeat and I currently earn a decent income. Sadly, I have medical bills that insurance doesn’t take care of, so what excess income I do earn goes to pay medical bills. I have no family to support me. I do not own property. I haven’t had a vacation in over 15 years.
I, like so many others, did not default on a loan for frivolous reasons, unless you consider a brain tumor and no medical insurance at the time frivolous. I was out of work for a long time and once I could go back, the industry I work in was laying off. Sallie Mae recognized the unemployment and even seemed sympathetic - once. Before I could even start to get back on my feet Sallie Mae hit me with capitalized interest, late fees, and unbelievable penalties.
My original loan was for $24870. For the past six years I have paid a little less than $500 a month. At this rate I will have paid off the loan in the year 2022. By that time they will have collected $91749 from me [if I don’t die from Sallie Mae-induced hypertension before then]. This is according to THEIR calculations. That’s almost $67000 profit.
Let’s look at it another way: In the year 2007 I made 12 payments that totaled $5095. After those payments were applied, my account balance was reduced by a mere $845.
They will not allow me to remake the loan as it’s already been consolidated. This means that I am stuck with a fixed interest rate of 8.25.
Do you see something wrong with this picture?
I think in fairness to your readers you owe them the truth.
College loan debt plagues Valley students
While basically a good article, it says NOTHING about those of us who were, and continue to be, duped by Sallie Mae. If you REALLY want to understand the REAL issue, continue reading:
I’m hardly a deadbeat and I currently earn a decent income. Sadly, I have medical bills that insurance doesn’t take care of, so what excess income I do earn goes to pay medical bills. I have no family to support me. I do not own property. I haven’t had a vacation in over 15 years.
I, like so many others, did not default on a loan for frivolous reasons, unless you consider a brain tumor and no medical insurance at the time frivolous. I was out of work for a long time and once I could go back, the industry I work in was laying off. Sallie Mae recognized the unemployment and even seemed sympathetic - once. Before I could even start to get back on my feet Sallie Mae hit me with capitalized interest, late fees, and unbelievable penalties.
My original loan was for $24870. For the past six years I have paid a little less than $500 a month. At this rate I will have paid off the loan in the year 2022. By that time they will have collected $91749 from me [if I don’t die from Sallie Mae-induced hypertension before then]. This is according to THEIR calculations. That’s almost $67000 profit.
Let’s look at it another way: In the year 2007 I made 12 payments that totaled $5095. After those payments were applied, my account balance was reduced by a mere $845.
They will not allow me to remake the loan as it’s already been consolidated. This means that I am stuck with a fixed interest rate of 8.25.
Do you see something wrong with this picture?
I think in fairness to your readers you owe them the truth.
August 13, 2008 at 7:58 p.m. permalink suggest removal