Sallie Mae - loan payments not being applied against principal balance correctly - unable to get loan amortization information requested from Sallie Mae

# 9 for August 23, 2003

Complaints.com received the following consumer message on August 22, 2003:

From:

RE: Sallie Mae - loan payments not being applied against principal balance correctly - unable to get loan amortization information requested from Sallie Mae Sallie Mae is by far the worst loan service provider in the industry.

I have requested detailed information pertaining to my account only to receive the exact opposite of my request. I have requested specific dates and account information; however, I have been ignored on soooo many occasions that I forget the actual number of times. I have made payments that have totaled nearly $5000.00. They have applied less than $1,000.00 towards my principal balance.

I have requested detailed information regarding the amortization schedule of my loan-- to no avail. They have repeatedly reported me as being delinquent. I have never paid a day late. They have yet to provide me with a letter indicating that they have corrected this problem. I switched my paymens to bi-monthly in an effort to increase the amount of money being applied towards my principal balance.

They now apply some of one payment towards principal and take the other payment and apply the entire amount towards interest.

They fail to provide customer service. This is how they treat existing customers. I can only believe that this is how they will treat new customers as well.