topic Not sure where to turn about Sallie Mae! Please help!! in Student Loans

Not sure where to turn about Sallie Mae! Please help!!

Anonymous — Wed, 09 Feb 2011 15:33:53 GMT

Hi guys. My husband's credit reports are showing two Sallie Mae accounts even though he only had 1 with Sallie Mae when he was in school. One acct is reporting "pays as agreed" and no lates. The other is reporting "120+ days past due" on Equifax along with 17 lates. He defaulted years ago but in 2008, he was contacted by Pioneer on behalf of Sallie Mae and did a payment arrangement and started paying on his loan. Once he went back school in 2009, Pioneer turned the loan over to Direct Loans and it's been current ever since.

Now we've already contacted Sallie Mae about the baddie that it's reporting with "120+ days past due". The tradeline shows $0 balance. So how can it be past due? Everytime we dispute with CRAs, they say "verified, no change" or "it's reporting correctly". We've been trying this for a year and a half. Satan Sallie ignores our letters.

Does anyone have any suggestions on what we can do? Any laws I can use on a letter to back us up? Thanks!

Re: Not sure where to turn about Sallie Mae! Please help!!

Anonymous — Thu, 10 Feb 2011 05:33:14 GMT

Anyone? Help please!

Re: Not sure where to turn about Sallie Mae! Please help!!

Tazman81 — Thu, 10 Feb 2011 14:54:32 GMT

Is the "120+ Days Past Due" what the "Current Status" says, or is that what the "Worst Deliquency" says? To be honest, I think at this point you may have to wait for these to age off. Normally I would suggest contacting Sallie Mae to see about doing a rehabilitation program on the defaulted loan, but I don't know if that will be an option at this point since the loan was passed to Direct Loans to handle from now forward. Can I ask why he was paying on 1 Sallie Mae loan and not the other one? Was one Private and the other one Federal? Also, have you infact verified that this loan that was in default with Sallie Mae is now with Direct Loans or is it just the loan that was current with Sallie Mae that was transferred to Direct Loans? Maybe you can copy and paste (EXLUDING ACCOUNT INFO) how this is reporting on his credit report and we can see if there are any ideas.

Re: Not sure where to turn about Sallie Mae! Please help!!

laz98 — Thu, 10 Feb 2011 20:04:59 GMT

so, do you actually have 2 sallie mae listings, or 1 sallie mae & 1 direct loans?

if the account is still open & you're still paying on it, then i would think that it is reporting correctly. you were late at one point, but now you're not. that seems right to me.

Re: Not sure where to turn about Sallie Mae! Please help!!

Anonymous — Sat, 12 Feb 2011 21:15:04 GMT

DH has 3 student loans reporting.

(1) Direct Loans - in deferment since he went back to school

(2) Sallie Mae - good

(3) Sallie Mae - bad (17 lates)

As far as we know, DH only had one Sallie Mae acct so we're not sure why it's reporting 2 accts with the same High Credit of $2,625

This is how the bad one is reporting:

Date Opened: 7/2003

High Credit: $2625

Credit Limit: $0

Months Revd: 26

Items as of Date Reported: 12/2010

Balance Amt: $0

Amt Past Due: $0

Date of Last Payment: 12/2005

Actual Payment Amt: $0

Scheduled Payment Amt: $0

Date of 1st Delinquencey: 3/2008

Charge off Amt: $0

Date Closed: 5/2008

Current Status: "Over 120 Days Past Due"

Addl Info: Claim filed with government; balance paid or being paid by insurance c ompany

Lates reported:

04/2008 - 180+ days past due

03/2008 - 180+ days past due

02/2008 - 180+ days past due

01/2008 - 180+ days past due

12/2007 - 180+ days past due

11/2007 - 180+ days past due

10/2007 - 180+ days past due

09/2007 - 180+ days past due

08/2007 - 150-179 days past due

07/2007 - 120-149 days past due

06/2007 - 90-119 days past due

12/2006 - 180+ days past due

11/2006 - 120-149 days past due

10/2006 - 90-119 days past due

05/2006 - 120-149 days past due

04/2006 - 120-149 days past due

03/2006 - 90-119 days past due

THANK YOU FOR YOUR HELP!

Re: Not sure where to turn about Sallie Mae! Please help!!

Anonymous — Sat, 12 Feb 2011 21:42:36 GMT

@Anonymous wrote:
DH has 3 student loans reporting.

(1) Direct Loans - in deferment since he went back to school
(2) Sallie Mae - good
(3) Sallie Mae - bad (17 lates)

As far as we know, DH only had one Sallie Mae acct so we're not sure why it's reporting 2 accts with the same High Credit of $2,625

This is how the bad one is reporting:
Date Opened: 7/2003
High Credit: $2625
Credit Limit: $0
Months Revd: 26
Items as of Date Reported: 12/2010
Balance Amt: $0
Amt Past Due: $0
Date of Last Payment: 12/2005
Actual Payment Amt: $0
Scheduled Payment Amt: $0
Date of 1st Delinquencey: 3/2008
Charge off Amt: $0
Date Closed: 5/2008
Current Status: "Over 120 Days Past Due"
Addl Info: Claim filed with government; balance paid or being paid by insurance c ompany

Lates reported:
04/2008 - 180+ days past due
03/2008 - 180+ days past due
02/2008 - 180+ days past due
01/2008 - 180+ days past due
12/2007 - 180+ days past due
11/2007 - 180+ days past due
10/2007 - 180+ days past due
09/2007 - 180+ days past due
08/2007 - 150-179 days past due
07/2007 - 120-149 days past due
06/2007 - 90-119 days past due
12/2006 - 180+ days past due
11/2006 - 120-149 days past due
10/2006 - 90-119 days past due
05/2006 - 120-149 days past due
04/2006 - 120-149 days past due
03/2006 - 90-119 days past due

THANK YOU FOR YOUR HELP!

Sallie Mae has a very weird way of reporting. While you may only be making one payment towards Sallie Mae the loan was broken into 2 different accounts which Sallie Mae applies towards each account after you make payment. This only happens if while in school you asked for additional money from Sallie Mae.

Now if he only applied for the one loan and never asked for additional money then you need to contact Sallie Mae and ask them to show you where he applied for additional money. If he hasn't applied then they will correct there mistake after all the aggravation and information they require from you.

@Anonymous you have the correct department @ Sallie Mae to notify to look into this for you?

Re: Not sure where to turn about Sallie Mae! Please help!!

Anonymous — Sat, 12 Feb 2011 22:23:19 GMT

No we don't have the contact for Sallie Mae. We sent a letter to the address that showed up on the CR and never received a response.

Thank you!

Re: Not sure where to turn about Sallie Mae! Please help!!

Anonymous — Sun, 13 Feb 2011 02:27:53 GMT

@Anonymous wrote:
No we don't have the contact for Sallie Mae. We sent a letter to the address that showed up on the CR and never received a response.

Thank you!

I will send you some information for Sallie Mae in your PM's.

Re: Not sure where to turn about Sallie Mae! Please help!!

IOBA — Mon, 14 Feb 2011 01:26:08 GMT

I learned the hard way that schools can take out student loans in your name, even if you are not aware of it.

*** As explained by Sallie Mae, schools use a student loan form (that you sign) that allows them to take out loans in your name, for up to 10 years.

*** Although you are suppose to be an active student (enrolled part time or full time) at the time the loans are taken out, Sallie Mae will not raise a stink if you are already out of school.

*** The school financial aid dept is suppose to send an "award" letter giving you the option to decline the loans. Again, Sallie Mae does not care if you agree or not agree to the loan. If the school takes out the loan, they take out the loan. The only way to have it reversed is if the school sends back the money. Good luck with that one.

In other words, the schools can do whatever they want and Sallie Mae doesn't care and won't make it right. If the money is borrowed in your name, you gotta pay it back, regardless of the circumstances. Been there, done that. It sooo s**ked!

Re: Not sure where to turn about Sallie Mae! Please help!!

IOBA — Mon, 14 Feb 2011 01:27:17 GMT

Maybe that is what happened with your husband?

Re: Not sure where to turn about Sallie Mae! Please help!!

Anonymous — Mon, 14 Feb 2011 16:22:38 GMT

write a letter to sallie mae's office of the customer advocate.. address here - https://www1.salliemae.com/about/corp_leadership/management/advocate.htm

include a copy of your actual CRs that you got from annualcreditreport.com .. highlight the incorrect or inconsistent listings.

be sure to list a good phone # because as soon as your case is assigned to a rep, you will get a call, and in my experience, that is your ONE shot at actually talking to someone so be ready to field that call. they will not return your calls, and if you call in you will likely get voicemail every time.

as to the specifics, i have no idea what's happening, but it is either incorrect reporting or something went awry in your handling of the loans.

my EQ report does not show a string of lates i had, but the other 2 CRAs report correctly, even after several attempts (and finally success) to get something else to report correctly (incorrect status on TU). they say they send the same info to all the CRAs, so sallie has big issues getting the correct info reported even when they are aware a problem.

Re: Not sure where to turn about Sallie Mae! Please help!!

Tazman81 — Tue, 15 Feb 2011 14:57:44 GMT

@IOBA wrote:
I learned the hard way that schools can take out student loans in your name, even if you are not aware of it.

*** As explained by Sallie Mae, schools use a student loan form (that you sign) that allows them to take out loans in your name, for up to 10 years.
*** Although you are suppose to be an active student (enrolled part time or full time) at the time the loans are taken out, Sallie Mae will not raise a stink if you are already out of school.
*** The school financial aid dept is suppose to send an "award" letter giving you the option to decline the loans. Again, Sallie Mae does not care if you agree or not agree to the loan. If the school takes out the loan, they take out the loan. The only way to have it reversed is if the school sends back the money. Good luck with that one.

In other words, the schools can do whatever they want and Sallie Mae doesn't care and won't make it right. If the money is borrowed in your name, you gotta pay it back, regardless of the circumstances. Been there, done that. It sooo s**ked!

I have to disagree. I've never heard of the above. You have to sign a MPN (Master Promisary Note) for each year the loans are dispursed. You cannot sign one MPN and have funds dispursed for 10 years. When you sign the MPN, it normally has the amount that will be dispursed that year, and yes Sallie Mae and other lenders will send money to the school each semester, but they cannot just take out a loan in your name without you signing a new MPN for that year. If that has happened to you, I would go back request a copy of the MPN for the years this has happened. I think whoever told you that at Sallie Mae was mistaken. Remember, you also have to have a FAFSA on file each year to qualify for federal student loans. Same thing with a private student loan, you can only qualify up to a certain amount (based on school costs).

Re: Not sure where to turn about Sallie Mae! Please help!!

Anonymous — Tue, 15 Feb 2011 17:56:52 GMT

Ok I just realized this. On the EX report, DH's dad's name is also showing up as one of his names [they have the same name with diff middle initials which has been a nightmare for a long time]. There was a loan on his dad's name that was never paid. I wonder if Sallie is reporting DH's ONE loan and his dad's loan thinking that it's the same person.

The two loans are showing up on EX and EQ only. TU is reporting the "good" one only.

Other that this acct, we can't think of anything that could be related to DH's dad. And you know how EX is stubborn abt removing names if there's an acct related to it. We've tried several times and they will not remove DH's dad's name.

Hmmm...Thank you guys!

Re: Not sure where to turn about Sallie Mae! Please help!!

IOBA — Tue, 15 Feb 2011 18:12:32 GMT

The new promissory note is valid for 10 yrs. I am not sure when schools started using it, but at least 7 or 8 yrs ago. According to the Dept of Education, it looks like the previous forms with one or two lines of language changed.

The new promissory note allows the school to pull loans in your name for up to 10 yrs without you signing another note. (In the old days, you had to sign a new promissory note every year.)

Re: Not sure where to turn about Sallie Mae! Please help!!

Tazman81 — Tue, 15 Feb 2011 18:52:01 GMT

Ah, scary... I would never sign anything that gave someone the ability to pull a loan in my name for 10 years.

Re: Not sure where to turn about Sallie Mae! Please help!!

laz98 — Tue, 15 Feb 2011 19:20:01 GMT

@IOBA wrote:
The new promissory note is valid for 10 yrs. I am not sure when schools started using it, but at least 7 or 8 yrs ago. According to the Dept of Education, it looks like the previous forms with one or two lines of language changed.

The new promissory note allows the school to pull loans in your name for up to 10 yrs without you signing another note. (In the old days, you had to sign a new promissory note every year.)

i agree about the 10 years thing......but technically, when you go through the process of accepting your loans for the new year through your lender, you are electronically signing your MPN.

Re: Not sure where to turn about Sallie Mae! Please help!!

IOBA — Tue, 15 Feb 2011 21:27:50 GMT

The school I went to did not have me accept any new loans. I applied for financial aid once - signed the form - missed the small print about it being good for 10 yrs - and wrote on there SUBSIDIZED loans ONLY.

Over the next 3 yrs, the school took out subsidized and unsupervised loans. They sent me one letter saying I was approved for in house financing and for the one unsubsidized loan. That letter came as my financial award letter. I had a pell grant, in house school loan, and the sub loan. I continued to pay cash as I went along and take out one more in house loan. (In house loan was whatever amount was needed, I signed their form, and paid it back before the next quarter begin. Kinda like being on a payment plan.)

I found out that they had taken out MORE loans when Sallie Mae sent me a letter telling me I needed to start paying on my unsub loan immediately. I called the school, they said too bad, took it to the Dept of Ed, took it to Sallie Mae -- bottom line, I had signed the promissory note applying for student loans, therefore I was on the hook for all the loans the school took out, even if I didn't know about them.

NEVER again will I do student loans with a school!

Re: Not sure where to turn about Sallie Mae! Please help!!

laz98 — Tue, 15 Feb 2011 21:34:30 GMT

is this a regular 4-year university? that sounds really shady. i wonder if some employee was just taking out loans in students' names!

at my school, you have to apply for financial aid every year, & your disbursements are at the beginning of fall, spring & summer semesters (assuming you go to summer school, of course). you get a letter every time they release funds to you, but you only have to sign the MPN once, at the time of acceptance of your full school year's awards. the one signature covers whatever loans you took out, subsidized or unsubsidized.

Re: Not sure where to turn about Sallie Mae! Please help!!

IOBA — Wed, 16 Feb 2011 03:29:42 GMT

yes, it was.

I changed schools. The new school had employees taking out loans in students names and keeping the money.

Re: Not sure where to turn about Sallie Mae! Please help!!

laz98 — Wed, 16 Feb 2011 05:15:12 GMT

some school! shady shady shady!