Thursday, July 14, 2011

The 9.5% Loan Scandal: The Hero and The A%&$!-es

Very few are aware of how much taxpayers were ripped off by student lenders like Nelnet, Sallie Mae, PHEAA, etc., etc. They stole millions and millions of dollars from taxpayers. Nelnet settled a case out of court for $55 million after a former Department of Education researcher, Dr. Jon Oberg, filed a False Claims Suit against them. These loan shark cumbags like to settle out of court, so that the public doesn't learn the true story.

PHEAA is still in litigation, and claim that they will get out of it.

It is time to revisit the 9.5% loan scandal.

Stay tuned for a sordid and despicable story . . .


Nando said...

I recall a local asshat from Sallie Mae telling me and a group of college grads that Sallie Mae was looking to purchase student debt from PHEAA. This was about one year ago.

Anonymous said...

Sallie mae tricked me by placing one of their employees in the financial aid office at my college who told every student our only choice for a student loan was sallie mae. I was paying my intrest payments while attending school. After my first 5 payments they jusmped my payments up to the amount i was to pay after I finished school and told me they have never received a payment. When I asked for their records on my payments so I could match them with my bank statements the refused. when I hired a laywer and he requested these documents they refused. To date they have not provided these documents. They harrassed me while in calss blowing up my phone harrassed my wife who soon after left me, harrassed my family friends and employers. I lost 4 jobs due to sallie mae harrassing my employers and my step-sister who Ive never met got threats from sallie mae collectors who told her they would have her wages garnished and if she refused to pay she would go to jail and have her children taken away. She attempted susicide due to sallie mae harrassing her up to 7 times a day.I consolidated my loans through the federal government and still sallie mae harrasses me saying they still hold ownershi[p of my loans but my documents prove otherwise. Today they called my boss and demanded that he take money from my meager checks to send to them. He then called me on my day off to terminate me. So now I am jobless and a single father. When will someone do something about these criminals.

Cryn Johannsen said...

@Anonymous 7:29 - thanks for sharing. I am very sorry to hear that you are jobless and a single father. I'd like to share your story with others, so they know that they aren't going through something similar all alone.

If you are willing to share more with me, you can email me here:

If you don't wish your name to be revealed, you can remain anonymous.

Rest assured, I'm working as hard as I can to get the attention of people in DC and elsewhere for you and other indentured educated people.

Something MUST be done. This situation is just ridiculous.

Hang in there.

I know it's not much consolation, but you aren't alone.


Anonymous said...

I have had problems with Sallie Mae as well. I went to college over ten years ago. Took a loan out for school. Only went for about 6 months because I had to move. The school would not transfer my credits, so I was going to go to school when I moved back. But I did not get a chance to finish school. I had taken out a loan for about 2,300.00. That was for my books and to pay for my classes. I also received about 1000.00 to get a computer for my classes.
About 3 or 4 years later I get a bill from Sallie Mae. Saying I need to start paying. My bill at that time was about 5000.00. Without the accumulated intrest. With it , it was 7000.00+ dollars. They took two years of my federal tax returns, which were over 3000.00. I told them they took enough and they were not getting any more. Then Dept. Of Education started sending me bills last year saying I owe over 10,000.00 last year. I sent them a letter and now a collection agency is sending me letters saying I owe over 11,100.00. I will never be out of dept!! They have screwed my credit all these years. I want to sue these bastards! But how can I when I have no proof of paying. They "destroyed" the records. So now I pay again. And they will keep doing it. How can I make them stop!