How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Consumer Protection Law
Satisfied Customers: 111550
Experience:  Attorney experienced in commercial litigation.
10285032
Type Your Consumer Protection Law Question Here...
Law Educator, Esq. is online now
A new question is answered every 9 seconds

I paid Sallie mae 27138.20 in February 2013. I was told this

This answer was rated:

I paid Sallie mae 27138.20 in February 2013. I was told this was what I owed on a student loan I co signed for. Today June 28th, I received a bill for785.11. I am now being charged interest on top of interest. When I spoke with a representative in February I was told that was all I owed. Do I have any recorded with Sallie Mae?
Thank you for your question. I look forward to working with you to provide you the information you are seeking.

If Sallie Mae did not give you a payoff amount in writing and just gave it to you on the phone, then this is a problem. You will have to contact them and demand they send you proof of how this interest was accrued as you are entitled to them to prove where this money due came from. If they can prove that the interest was legally accrued, I am afraid by law you will have to pay them, even if they made a mistake when they gave you the payoff amount on the loan I am afraid.



I truly aim to please you as a customer, but please keep in mind that I do not know what you already know or don't know, or with what you need help, unless you tell me. Please consider that I am answering the question or question that is posed in your posting based upon my reading of your post and sometimes misunderstandings can occur. If I did not answer the question you thought you were asking, please respond with the specific question you wanted answered.

If you did not get all of the information you may have wanted PLEASE USE THE REPLY TO EXPERT LINK IF YOU HAVE FOLLOW UP QUESTIONS AND NOT THE FEEDBACK BUTTON FOR BAD SERVICE. PLEASE CLICK ON “OK,” “GOOD” or “EXCELLENT” SERVICE. Kindly remember to ONLY rate my answer when you are fully satisfied. If you feel the need to rate anything less than OK, please stop and reply to me via the or REPLY TO EXPERT button with whatever issue or clarification you may need.

Also remember, sometimes the law does not support what we want it to support, but that is not the fault of the person answering the question, so please be courteous.

Customer: replied 3 years ago.

The letter I received yesterday was dated 6/19/13. If i had not called them yesterday and sent them a check for the amount due on this notice it would still not be paid off in full. I was told by Justin at ext 89150 my new current balance is 810.00, not the 785.11 that is on the notice sent to me. Is this truly legal? This appears to be pretty shady business.

Sallie mae is what is known as a bunch of legalized extortion artists because they have the backing of the federal government and because they are exempt from the Fair Debt Collection Practices Act. They are a very shady and unethical company but they operate under the law with impunity because the government has exempted them from the consumer law protecting consumers from unscrupulous debt collectors.

You can file a complaint with the Federal Trade Commission against them, but generally the best thing to do is contact Sallie Mae and get a supervisor on the phone because they can adjust this ridiculous daily interest charge they keep charging. Professionalism stops me from saying exactly what this company is in this forum, but I am sure you have used those words yourself.
Law Educator, Esq. and 7 other Consumer Protection Law Specialists are ready to help you