Reflections on my last student loan payment

freddie mac, sallie mae, fannie mae = the reason i got out of the real estate business. pure evil.

About a year before my loan was done I got a message in the mail saying, "Ooops, we miscalculated your payments! Instead of paying $A a month, you now need to pay $A x 2 for the next twelve months so you're done on time. And this was at a time when making $A a month was a challenge.

I called and basically said, "Uh no. Keep my interest at 2% and stretch out the payments so I pay $A a month until I'm done, even if that's another two years from now. It's your mistake, not mine."

They agreed. Still, the day that last payment was sent off was heaven.

One thing though, instead of "meet your monthly demands for the following decade" it's more like "meet your monthly demands for the next 40-50 years". Or until you're dead. Whichever comes first.

Glad to know I'm not alone. But, what sucks for me is knowing that I have more hell to come with these jerks!

I've been trying to finalize my loan with them since before Christmas. At first they couldn't read my fax, then I didn't have the right documentation, then my school wasn't qualified (despite the fact that they have funded my loans for several semesters already), then they needed a letter from my school with all kinds of information, then that letter wasn't good enough so we needed another one with the same info from the first one plus some other stuff, then they send my check out only to have it returned to them cause the tards didn't have my address correct (interesting since I was required to send in two forms of address verification and every time I called in - which was a lot - I had to verify my address). Now here it is almost the end of February, I still don't have my check and now I'm being told that because the address verification I sent in back in December is past their 42 day time period, I now have to re-fax NEW bills to them and then wait 3-5 days for processing to be sure that it meets their standards and they will then update my address and send the check - I should have it within 10 days of that time. What the fuck?!? And pardon my language for those offended, but seriously. They have screwed up since I submitted this application and not one person there takes responsibility for anything. They won't even consider the notion of overnighting or wiring the money to me - nevermind that I have had to deplete my cushion to pay for school in the meantime. I've talked to over 60 people about this - I stopped counting at 60 - and several supervisors know me on a first name basis, but do you think anyone of them give a flying rat's ass about my situation? Nope! As long as they get their paychecks, they're happy. I'm beginning to think that with them having to cut spending because that buyout didn't happen that they are purposely trying to piss people off so they say nevermind on the loan. Giving money costs money, so they piss us off and just hassle those that have to repay. What assholes! I've already filed a complaint with the FDIC. I guess I'll just have to keep going up that chain because the complaint didn't seem to help. Urgh! If anyone has suggestions, I'm all ears!

Hey,

I am trying to help change things like this....please check out what we are doing at http://www.screwcollegeloans.com and join us in our cause to rid students of this burden!!