Have you been dealing with what seems to be endless phone calls and harassment from Sallie Mae? Learning about Sallie Mae and what you can do about the harassment are the first steps toward easing your stress.
Dealing with Sallie Mae is extremely confusing, considering the recent upheavals in the company. This is the same agency that a few years agoreceived extensive government bailouts. Sallie Mae is in the headlines again with news that their business has now separated into two companies, Sallie Mae and Navient, respectively. If you are getting calls and invoices from Navient, Sallie Mae has not forgotten about your debts.
The descriptions of the two businesses on the Sallie Mae websiteindicates thatNavient will be more active in debt recovery. However, trying to decipher the details at Navient’swebsite only adds to the confusion as there are a few agency names listed under “Navient’s family of asset recovery companies” which manage educational loans. Some loans will continue under Sallie Mae and notices were reportedly sent out to individual loan holders that described the details of their new loan account servicing.If you had made any prior collections arrangements with Sallie Mae, you will want to double-check that terms are being carried out and met under the new changes.
As if life’s regular financial challenges were not enough, the Sallie Mae name change confusion has brought even more borrowers into difficult situations. Once your name gets on Sallie Mae’s delinquency list, a simple search will reveal that Sallie Mae holds true to their reputation is that they never go away. There have even been claims that Sallie Mae sells predatory loans and stops at nothing to collect, even when borrowers truly cannot pay.
Unreasonable fees seem to top Sallie Mae’s list of complaints. Sallie Mae’s history includes pleasantries such as “tuition answer,” which is later followed by ‘unemployment penalty fees’ if a new graduate quickly cannot find work in their field. These fees are reported to basically prey upon the vulnerability of the unemployed by actually chargingsignificant fees for maintaining loans, with the threat of loan default problems. As of 2012, after heavy social media attention, Sallie Mae has officially reported they now apply the ‘unemployment penalty fees’ to the students’ loan balances.
The private lenders behind many of Sallie Mae’s loans have no financial incentives to offer flexible repayment plans or hardship deferments. Any attempts at “fair agreements” between borrowers and Sallie Mae are often negotiated in court by Sallie Mae’s attorneys and include terms that negate prior payments made under individual agreements wheneven one payment is late.
A quick search shows stories about Sallie Mae loan holders who have been sued and prevailed against Sallie Mae’s aggressive tactics. Sallie Maedoes not give up and there are stories circulating that indicate that Sallie Mae returned to court, demanding that judges overturn prior rulings that ended up favorably for the defendant. No matter what, Sallie Mae does not go away and dealing with an agency like this, your best bet is to contact a qualified attorney and find out more about your rights.
Having a knowledgeable attorney at your side will allow you to learn more about what your rights are and what violations to keep track of and report, all of which will help strengthen your negotiating stance when dealing with this agency in the future.
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