Comments on: The Student Loan Scam

By: LG Jacquez

LG Jacquez — Wed, 20 Jul 2011 18:55:34 +0000

I am just learning that you are entering a different world when you contact the Dept. of Ed. ; I had a very low loan compared to others, but did not pay on it for years, due to circumstances I'll not go into, but eventually got a forgiveness status of debt due to disability. But; after I qualified, I went on ex's SS payments and got a part-time, min. wage job to stay afloat. Trying to do right, I contacted US Ed. Dept. to pay back student loan, which they jumped at, my loan going from $1000 to twice that due to interest tacked on. I made an agreement with the Ed. dept. to pay minimum payments into the system based on my income. After 9 months, the Ed. Dept. gave me over (sold my loan?) to a loan collection agency–and another agreement was set up; a recent Dept. of Ed letter arrived last week, showing I had made no dent in my debt but owed about the same amount; I called the Dept. of Ed immediately and was given the number to a loan collection agency. After calling them, I was told my loan agreement had defaulted due to non-payment for four months (somehow, the loan payment was not withdrawn from my account).

By: Losingfaithinthe Fed

Losingfaithinthe Fed — Wed, 05 Jan 2011 13:19:45 +0000

Sallie Mae Student Loans — Scam. I borrowed 10K at 6.8 percent. Through the duration of the loan sevice, they managed to break up the amount and transfer money to TWO different Department of Education departments. I was tired of the varying monthly statement balances, therefore had my private mortgage company transfer the entire balance at a lower interest rate. SallieMae/Dept of Education received payoff, I received statements confirming this. Two months later I get a new balance of nearly 4K!! They claimed they did not receive the money from my mortgage company at the same time I had been paying off my 10K balance for the last two months. Within a semester, they managed to lay on another 4K to my debt. They had no idea where the money went. I requested a copy of the endorsed checks from my mortgage company and forwarded them to Sallie/Dept. They STILL claimed they did not receive the money and that it was cashed by the wrong dept. Are we sure want the Fed, who can't run a simple student loan operation, to take over something like health care??? I wish I could report the malpractise to the better business bureau…oh wait the Fed oversees that as well.

By: Student Loan Scam – The End of Education? « Knol Bits

Student Loan Scam – The End of Education? « Knol Bits — Mon, 01 Mar 2010 22:28:46 +0000

[...] Student Loan Scam – The End of Education? Education is a good thing. To some, this may seem painfully obvious and not the best way to start an article off. However, after we get done exposing the blatant financial raping of college students that is now taking place, you may think twice about spending one more penny on tuition. The Read ahead [...]

By: Botzi

Botzi — Mon, 01 Mar 2010 06:21:48 +0000

Thanks for putting this piece together. I'm still paying off my student loans (graduated almost 4 years ago) and it feels like I'll never be able to get them paid off. I had no idea how hard it would be because I just assumed my salary would be so high that I would have it paid off in a couple of years but after 4 years I've barely made a dent because of all the damn interest. At this rate, my loans will never be paid off and it's bullshit that my advisers lead me astray like that.