June of 2012 I fort enrolled into, what was known, as Sallie Maes rate reduction program. The program was designed to give the opportunity to pay ones students loans but with lower interest making the overall payment lower and more affordable. Before enrolling in the rate reduction program my payments were to be $800.xx something. The stipulation to being a part of this program was that the payments had to be taken out automatically from a checking account. From June 2013 to August 2014 I was enrolled into the rate reduction program with 3% interest at 487 dollars a month. I received a letter saying that I had until August 31st 2014 to re-enroll into the rate reduction program. I called on August 28th to re enroll into that program. The payment was increased to 587.xx at 4% interest. I gave them and reconfirmed my debit card number several times. September 28th rolls along and no money was taken from my account. I called to see what had happened. I spoke with a lady and she said they weren’t set up right and re-set the rate reduction program up again and that I should talk to my bank to see if they have any issues. I called my bank and they simply said that there isn’t any thing stopping them from taking money out. The bank said that they could see the attempt to take it out but never would. November 28th rolls around and again no money was taken out. I figured, ok, it’s thanksgiving and Black Friday weekend. Maybe they’re closed? I waited for December 28th, again no money was taken out. At this point in time is when the constant calls were starting to blow up my phone. At this point I called in again and spoke to a guy. I told him what was going on and he said, again, that it must not have been set up correctly. I explained that it had already been set up twice. I the. Started to get frustrated and said that this wasn’t my fault and the advisor said, ” no, this is your fault!” I needed the phone call. I called back a few weeks later and got a gentlemen that was understanding and empathic, he convinced me that it wasn’t set up right and he could set it up again. He seemed like he knew what he was doing and I felt I could trust what he was saying. January 28tb rolls around and yet again no money was taken out. At that point I gave up, and the phone calls continued to blow up my phone from dawn till dusk. It wasn’t till I was away on business that one of the advisors, Kenny, now from Navient, left a voicemail explaining that it was urgent that I call him, because he might have figured out what happened. At this point, it’s near the end of March and they haven’t been able to take an automatic payment. I explain my concerns and my issues Kenny finally convinces me to set it up all over, again. Instead of setting it up as a debit card he would set it up as a credit card, which apparently they aren’t supposed to do. I said that I didn’t want to make a payment at that time and agreed to have it set up to continue as normal. The agreement was to see if on April 28th, if the money was taken out. March 30th rolls around and I check my account and sure enough, there’s a pending transaction for $587.xx. I was irritated because it made me go negative, I was expecting it to come out on April 28th. I just said to myself that at least it’s resolved and can move forward. To this day the now keep coming out. My frustration is my credit took a huge hit for something that’s not my fault, and why it took 5 people to figure out the problem and to figure it out with a method that is t condoned. I had no idea what to do about it until I started reading more about the Art institutes and EDMC fraud, for which I am a part of, that I found a place to write my concerns and shortcomings. .
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