Well, actually I think that all entire loan sharking/leg breaking business in the entire world is managed and maintained by the Sallie Mae educational money lending system.

Even when a student pays their loan off, Sallie Mae retains that student for further use... they ruin your credit ratings, hold on to your name and address...just in case you might be dense enough to use Sallie Mae for another loan and then they really have you, for years to come.

My experience with the Sallie Mae educational loan system was like walking the plank and while the Sallie Mae sharks swim furiously underneath!

Sallie Mae, has a kept a student loan on my 3 credit reports for the past 22 years!! I defaulted on the loan in 1985, because Sallie Mae refused to acknowledge the original payments, so I stopped paying them until they recognized the 1985 payments. I have since paid the loan and SM will NOT REMOVE the loan from my credit report!! This is after I have a telephone conversation stating they would. Now, Transunion has changed the date of the default from 1985 to 2006 and states that Sallie Mae is telling to keep the loan on my credit reports for another 7 years.. THATS!!! 29 years of this loan with a $2, 000.00 balance (now paid 100%) on a student loan. SALLIE MAE, is no better than a LOAN SHARK SERVICE and the 3 credit bureaus are their LEG BREAKERS...

I wish I had another SALLIE MAE loan, so I could NOT PAY IT ALL!!! I think that everyone should stop paying back SALLIE MAE, because they lie, cheat and deceive students, take their money and then destroy their credit anyway. SALLIE MAE IS SUBSIDIZED LOAN SHARKING!!!

I contaced Sallie Mae May 1, 2007 after the sudden death of my 23 year old son, whom had a student loan with them. I was told to send the death certificate to them and that they would handle everything. We sent the death certificate certified mail to them in May of 2007. I personally had taken out a parent loan for my son and continue to make payments to this account. In July of 2007, I received a refund check from Sallie Mae that stated payments received after death. I assumed that the loans had be clear due to death. I received no other correspondance from Sallie Mae. On the anniversity of my son's death this April 2008, I received a telephone call from someone identifying as someone from Sallie Mae, asking me for my social security number. When I asked why, he said I had to pay $1500 or I would be in default for my loan. I explained the situation to the man and he said he would have to get the floor supervisor on the phone. The floor supervisor got on the phone and told me I had to give him a credit card number or my bank account number so I would not be in default on the loan. When I tried to explain the situation to him, he stated he didnot have to listen that I was a deadbeat and need to pay. Again I tried to reason with this man and he told me I should be ashame to let my son's memory to be that of a deadbeat. I told him that I did not do anything over the phone and to mail me whatever I need to look at. He stated I had to pay now and they did not deal with mail. At this point I am extremely upset and ask his name, he told me it was Brian. I ask for his last name and he told me he did not have to give a deadbeat his last name. I ask for a number to call back and he gave me a number and the hung up on me. I then pull my papers on the loan and call Sallie Mae back. When I gave the automated voice my account numbers it stated there were no loans with this number. When I finally got a person on the line, he again told me there were no loans with this account number. I had to give him my social number for him to find any information on me. After relaying the information to the man, he told me not to worry that if may have been fraud and that they would probably call again over the next 5 days, but not to pay anything. My family and I left for the weekend to remember the death of my son. On Saturday as we were eating, I received a phone call on my cell, from the collection department of Sallie Mae ( I had never given them my cell number) they preceeded to inform me that I was going to be in default on the note if I did not pay that day. I told them that I had talked to Sallie Mae the day before and what they had told me. At this point, my other son who is a 3rd year law student grab the phone and told them how many laws they had broken by harassing me and not informing me of the status of the loan be for now. They stated that it was not their intention to harass me and that they would mark that I would not pay. On Monday, we started receiving letters that I was in default. To this date, we are still trying to resolve this matter.

I have done nothing but battle with SM for over 3 years now. Here is the latest - I have been overpaying my loans every single month. I called in to ask why the due date at the end of the loan never came up, or why the monthly payment never went down - since I was overpaying. I was told it would be looked into. Next thing I know, I get a letter from SM and they lowered my monthly payment by extending my loan 18 months!!! I did not give written consent to this! I was furious, so I called back and demanded that my loan go back to what it originally was (same payment, same payoff due date). So yesterday I received the new billing - it now has the original payoff date, but has gone up almost $100 per month! Either I am getting scammed or someone cannot add. I have had it with Sallie Mae and am planning on turning them into the BBB soon. I would strongly urge you to NOT finance anything though Sallie Mae - there is no customer service, or at least none in English, and they are unhelpful as they screw you over.

Upon wanting to get an education at Le Cordon Bleu Culinary Arts at Miramar, Fl. Sallie Mae was there to prepare you for this educational loan. The spokesperson went as to tell me that my repayments after graduation where only $50.oo a month, I became interested and applied for this financial assistance only to find out after graduation that loan repayments were really $479.00 a month, which is a repayment so unable to pay unless you are Donald Trump and making 4 digit salaries and when you only make $9.oo an hour working as a chef right after you graduate it is impossible to pay.

And they know this!! So that is the lie they tell you to get you their assistance to get an education and ROB you!! I am facing default because what I can pay is to little and its not what they want and that is what I want to tell everyone!! Boycott Sallie Mae because they are liars!!