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This is not an issue with a single employee that pisses me off - it's the entire goddamn company. I don't want to say their real name, but you can probably guess who I mean: Mallie Sae.
They are fucking horrible. I've got several thousand dollars in private loans with them and I've been reading some horror stories from other customers of theirs lately and it made me remember just how shitty these people are.
Like many, I was a dumb, naive college freshman who trusted the financial department to help me pay for school. Didn't read what I signed because I figured it'd all work out and I'd only have to pay $50 a month (what I was told). Well hey looky, I graduate and they want $800 a month! Yeah, no - I don't even have a job. So I called them and told them I have no real job and I made maybe $1K-$2K a year from freelancing. Oh well then, you only have to pay $380 a month then! Oh well then, I'll just go out back to my money tree and get that for ya!
Then that bill steadily went up each month, and after being in repayment for less than a year, somehow my bill reached almost $600. Apparently they will not lower it anymore. Then I was shoved into grad school and my loans are in deferment, but boy Mallie Sae is sure happy to tack on interest! Now I owe more than what I did when I graduated and all the thousands I somehow paid mean nothing.
That's just what happened to me. Other fun things Mallie Sae does are:
Basically, horrible company. This is why I will probably never have a job, a car, a house, money to live, or even be able to live on my own. These people have already ruined me financially and there is no way out unless I die or leave the country forever. They seem to be more concerned with trying to set its borrowers up for failure to keep them forever in debt rather than try to help them pay with an affordable plan so they can, you know, get repaid for money borrowed.
I cannot believe a company as corrupt as Mallie Sae is allowed to even exist. Yes, it's the borrowers' faults in part for signing with them, but I don't think making an ignorant choice should damn someone to joblessness and poverty for the rest of their lives. Why is it if you're irresponsible with credit cards, you can declare bankruptcy and get it all forgiven, but you go to school to try and make a better life for yourself, you can't get your student debts forgiven? It's not fucking right. Most people are more than willing to repay on their student debts, but Mallie Sae makes it so tremendously difficult that a lot of people feel that letting the loans go into default is better than paying them off.
Has anyone else here ever had to deal with Mallie Sae? If not, try Googling the actual name of the lender and you will find thousands upon thousands of complaints.
They are fucking horrible. I've got several thousand dollars in private loans with them and I've been reading some horror stories from other customers of theirs lately and it made me remember just how shitty these people are.
Like many, I was a dumb, naive college freshman who trusted the financial department to help me pay for school. Didn't read what I signed because I figured it'd all work out and I'd only have to pay $50 a month (what I was told). Well hey looky, I graduate and they want $800 a month! Yeah, no - I don't even have a job. So I called them and told them I have no real job and I made maybe $1K-$2K a year from freelancing. Oh well then, you only have to pay $380 a month then! Oh well then, I'll just go out back to my money tree and get that for ya!
Then that bill steadily went up each month, and after being in repayment for less than a year, somehow my bill reached almost $600. Apparently they will not lower it anymore. Then I was shoved into grad school and my loans are in deferment, but boy Mallie Sae is sure happy to tack on interest! Now I owe more than what I did when I graduated and all the thousands I somehow paid mean nothing.
That's just what happened to me. Other fun things Mallie Sae does are:
- Will apply payments to one loan, meaning any other loans you have will be labeled delinquent. They will charge late fees for this and report you to credit companies.
- May not apply online payments until after the due date (even if they are made on time) so they can tack on late fees and report you for non-payment to credit companies.
- Constantly give customers the run around when they try to call and get things sorted out. Hours and hours on the phone will often accomplish nothing because people you can't even understand will just repeat everything over and over again, threaten you, accuse you of lying or simply hang up.
- If you don't pay, they will garnish your paycheck, take your house/car, drain your bank accounts, ruin your credit, sue you, and harass you and everyone you know by calling anywhere from 2 to 25 times a day. Employers often will not hire someone with shitty credit, so I fail to see how it's supposed to help someone repay their debt when the lender ruins their chances at finding work in order to PAY.
- Will absolutely not work with borrowers to figure out payment plans that are affordable. They want as much of their money as fast as possible and they give not one shit if you can't afford rent, your car, food, or any of your other bills.
- Don't allow you to put entire payments toward the loan balance itself - it either is applied entirely to interest or mostly to interest and a teeny tiny bit to the actual balance. This is why some people may see their balance increase after repaying the damn loans for years.
- Income-based repayment options do not apply to their private loans.
Basically, horrible company. This is why I will probably never have a job, a car, a house, money to live, or even be able to live on my own. These people have already ruined me financially and there is no way out unless I die or leave the country forever. They seem to be more concerned with trying to set its borrowers up for failure to keep them forever in debt rather than try to help them pay with an affordable plan so they can, you know, get repaid for money borrowed.
I cannot believe a company as corrupt as Mallie Sae is allowed to even exist. Yes, it's the borrowers' faults in part for signing with them, but I don't think making an ignorant choice should damn someone to joblessness and poverty for the rest of their lives. Why is it if you're irresponsible with credit cards, you can declare bankruptcy and get it all forgiven, but you go to school to try and make a better life for yourself, you can't get your student debts forgiven? It's not fucking right. Most people are more than willing to repay on their student debts, but Mallie Sae makes it so tremendously difficult that a lot of people feel that letting the loans go into default is better than paying them off.
Has anyone else here ever had to deal with Mallie Sae? If not, try Googling the actual name of the lender and you will find thousands upon thousands of complaints.
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