Defaulted Student Loan
  • Petitioned Sallie Mae

This petition was delivered to:

Sallie Mae

Defaulted Student Loan

    1. Petition by

      cornelious coe

      Snellville, GA

My student loan which totals $37,000.00 defaulted in 1996. Since 1999 I have been paying a wage attachment to Sallie Mae and have paid over $68,000.00 dollars in INTEREST and not one penny has been applied to my principal. Sallie Mae is stating that I owe $45,000.00 dollars as of 1/1/2012. This is important because I feel that Sallie Mae has taken advantage of me and many Americans who have defaulted student loans. Sallie Mae needs to honor the fact that I have paid over $68,000.00 and this need to be applied to my principal so this issue can be closed. If not, I need the voice of Americans so we can get national attention put on this issue as I'm sure with the state of the economy, many more Americans will be in default status.

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    1. Reached 2,000 signatures

    Supporters

    Reasons for signing

    • scott surber BEAVERTON, OR
      • over 2 years ago

      This kind of Loan-sharking should, and I believe IS, illegal. These lenders and loan servicers constantly mis-manage these loans--they had to refund me over $17000 misapplied interest over a decade ago! IF they have mismanaged your loan(and it seems they may have) you can point this out to the guarantor and have the guarantee pulled and then Bankrupt on them. Also, if the loans were guaranteed, Sallie Mae was paid 98% of the face value of the loan at the time of default, and should not be able to garnish you or attach anything! Check with an attorney--I think you may be able to win a huge and absolutely necessary precedent setting case if you take them to court. Make them prove what they are doing is legal. Good luck to you and Cheers.

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    • Lisa Bennett BLUFFTON, SC
      • over 2 years ago

      Sallie Mae refuses to work with people who are trying to prevent their loans from going into default. Between exhorbitant interest and fees that are constantly tacked on that can't be explained, people end up paying ridiculous amounts more than they borrowed, and end up in severe financial hardship because of it...when they borrowed in the first place to better themselves! They are backed by the government so they absolutely will not work with people to try to arrange reasonable and affordable payments. I have spent countless hours on the phone begging them to accept a lesser payment that I can afford and begging them to work with me, and each time I'm told no, there's nothing they can do to lower them. They don't have to work with borrows - they'll just garnish wages! Paying back a loan should never , EVER be as difficult as they make it, and their practices should be illegal.

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    • Lue Meglen COLUMUBS, OH
      • over 2 years ago

      They need to be stopped! We have been dealing with them since 2007. Our student loan had doubled in 5years. We started at 34,000 dollars now we are at 72,000 dollars. We need to unite and stop this from happening to all of us.

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    • Beverly Senzee GLENDALE, AZ
      • over 2 years ago

      I'm in a similar position...don't believe in paying interest...

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    • Dorianne Dias BATESVILLE, AR
      • over 2 years ago

      Isn't 100% in interest and fees enough!?!

      Sallie Mae is about blatant greed.

      Student loan justice for all.

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