Sallie Mae Student Loan Complaint

Non-federal student loan Dealing with my lender or servicer trouble with how payments are handled

Sallie Mae Student loan department,

Non-federal student loan Dealing with my lender or servicer Trouble with how payments are handled Texas

I have had - private student loans with Sallie Mae since -. These loans were reportedly, by Sallie Mae, paid on time, until late -. Payments of $50.00 a week were sent, which more than covered the agreed amount due each month. For 6 years, Sallie Mae only applied the exact amount due each month to the loans, and placed the residual funds in some sort of overpayment account. The loans, for some reason, started to turn up past due, and I discovered that more than five thousand dollars were sitting with their company and not applied to my loans. I was charged interest on a higher principal amount than I should have had. Their company promised that the payments would be corrected, but only after mailing a notorized letter to their company. The excess funds have been applied, after much time spent working with the company to fix the issue, but the problem still persists with my payments showing up as past due. I now would like to pay these loans in full, which Sallie Mae requires contact by phone to receive a payoff quote. I have tried to call for 3 consecutive days, and have been on hold for over 4 hours, and I have still not been able to speak to anyone with their company so I may pay these loans off.

Sallie Mae customer in Texas
Jan 05, 2017

* Source: CFPB Complaint Database

Sallie Mae response to complaint:
Closed with explanation

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