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Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Consumer Protection Law
Satisfied Customers: 117370
Experience:  Attorney experienced in commercial litigation.
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I paid Sallie mae 27138.20 in February 2013. I was told this

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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.

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Customer: replied 4 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.
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