So I just get off the phone with someone who barely speaks English from Sallie Mae, and I'm so pissed off I could scream.
My accountant told me they were a bunch of snake oil salesmen, but I didn't understand. Now I do!
If you ever get money from these losers, you better know the ins-and-outs. (which your not going to learn from them)
After I finished my flight training, I had around $1200 dollars left over. That money went back to Sallie Mae and they sent me notification that I had fullfilled my monthly payments for around six months. O.K. I thought.
The money didn't go to the principle, but it's going to give me a little extra help during these trying times of flight instructing and whatever else.
Disclaimer!!!!!!!!!!!!! WHAT THEY DON'T TELL YOU IS THAT THEY PUT THE MONEY TOWARDS THE PRINCIPLE BALANCE AND THEN THEY JACK YOU WITH INTEREST FOR THE NEXT 6 MONTHS, BUT THEY DON'T SEND YOU A BILL!
So, today I called them noticing that my principle balance wasn't moving with the payments I was making. Then the guy said, "that's because you have a seperate interest acct for $764 building at 9.75%. I wish I could have came through the phone and choked him.
My point that I'm making is I don't know how this is legal. I know a lot of guys that work construction that pay loans in big sums in the summer and then get laid off in the winter. The banks and lenders meaning 99.9% of all normal companies out there will take the money and put it towards your payment booklet or what ever you use. Each month is covered including principle and interest. Not as much goes to the main balance, but at least you keep up on your interest.
For all you kids trying to borrow money, I hope this gets to you.
In a nut shell, they take your 5-6 months worth of money which to them has nothing to do with the next 5-6 payments and tell you that your good to go for that time period. Not telling you that interest is accruing. This is a scam and should be illegal. It was a $764 mistake on my part, don't let it happen to you!
My accountant told me they were a bunch of snake oil salesmen, but I didn't understand. Now I do!
If you ever get money from these losers, you better know the ins-and-outs. (which your not going to learn from them)
After I finished my flight training, I had around $1200 dollars left over. That money went back to Sallie Mae and they sent me notification that I had fullfilled my monthly payments for around six months. O.K. I thought.
The money didn't go to the principle, but it's going to give me a little extra help during these trying times of flight instructing and whatever else.
Disclaimer!!!!!!!!!!!!! WHAT THEY DON'T TELL YOU IS THAT THEY PUT THE MONEY TOWARDS THE PRINCIPLE BALANCE AND THEN THEY JACK YOU WITH INTEREST FOR THE NEXT 6 MONTHS, BUT THEY DON'T SEND YOU A BILL!
So, today I called them noticing that my principle balance wasn't moving with the payments I was making. Then the guy said, "that's because you have a seperate interest acct for $764 building at 9.75%. I wish I could have came through the phone and choked him.
My point that I'm making is I don't know how this is legal. I know a lot of guys that work construction that pay loans in big sums in the summer and then get laid off in the winter. The banks and lenders meaning 99.9% of all normal companies out there will take the money and put it towards your payment booklet or what ever you use. Each month is covered including principle and interest. Not as much goes to the main balance, but at least you keep up on your interest.
For all you kids trying to borrow money, I hope this gets to you.
In a nut shell, they take your 5-6 months worth of money which to them has nothing to do with the next 5-6 payments and tell you that your good to go for that time period. Not telling you that interest is accruing. This is a scam and should be illegal. It was a $764 mistake on my part, don't let it happen to you!
