Sallie Mae Student Loan Complaint

Sallie Mae Student loan department,

Non-federal student loan Dealing with my lender or servicer Don't agree with fees charged New York

I have previously submitted a report on - - and -, now I would like to submit my complaint with SallieMae. I have - SallieMae loans, - being 7.2 % interest equaling $7300.00 and the other being 3.5 % interest equaling $6000.00 ( I believe 3.5 % is the lowest on any of my private student loans so only - of them is feasible ). The problem with the loan is NOT the amount, rather the fraudulent interest rates I am being charged. Because the interest continues to compound, my payments barely eat into the principal leaving me with a bigger loan than I started. I make every payment on time, however it seems to make little difference if I pay more than what is due. This is ruining my credit report because my debt to income ratio looks horrible, even though I make all my payments on time.


an acceptable level. Paying $ -- $1200.00 a month in student loans is not feasible when I am barely cutting into the principal and lowering the loan amount. In every case of my loans, they are now currently bigger than when I first received them even though I am paying this amount of money EACH month. This should not be allowed and is a form of - I am not asking for my loans to be forgiven, however I am asking that my interest rates be put at a normal level of almost all other loans in this country at 2 % interest. There is no reason I should be suffering from an fraudulent interest rate ; students should not be punished for seeking a higher education. After calling each of these companies several times, I have found NO help in trying to refinance my loans. The only option I get is to go into forbearance, which would mean a lifetime of debt for me and possibly other family members. Please review my case and understand where I am coming from. I can not express enough how these interest rates undermine my consumer rights.