03-30-2012 11:30 AM
I'm setup with IBR (income based repayment) through Sallie Mae.
They ran my IBR paperwork late this year by 22 days and I incurred a payment and interest.
I paid the payment and interest and they put my payment into principal and interest and said this month I still owe the payment.
Turns out when you are in IBR they don't update the payment amount even though you make payments. This sounds like another one of Sallie Mae's tricks to cause your credit to turn sour.
Keep this in mind if you have IBR option.
I contacted the Attorney General and was able to get Sallie Mae to resolve the matter...pretty sad I hope this company gets an investigation for all the fraud crap they pull.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO