I've been following a story lately on a mounting student loan scandal.
It was with great distress that I once again undertook a student loan to pay for my massage therapy program. We were almost completely loan free until I signed those papers.
My loan officer recommened only one company to consider for the loan. (We'll call it "Sally" for the time being.)
From the get-go, this company has been a major pain in the ass. I was required to start paying my loan before my first day of school. The lower "in-term" rate that was quoted at the time of admission was five times higher than expected. Last month, the payment doubled. I called to complain and they called me in return to inform me that my account was in collections. Really?
So I did what all good Americans do, I switched to another lender.
Some of my fellow students are not so lucky. They have been fighting with "Sally" since the first payment. Or, others deferred payments only to find their rate has since skyrocketed.
It just makes you wonder if there are any ethics left in big business anymore? All I'm asking is for a little preferential treatment now and then. Is that so wrong?
2 comments:
I am pretty sure it was "Sally" that called to hassle YOU...about MY loan not so long ago. I have not switched yet - but am in the process. I agree - where are all these ethical tactics I keep reading about on the Better Business Bureau website. I will let you know if I encounter any...but don’t hold your breath.
I have heard the same thing about "Sally" from others at school. I made sure that I asked who was going to be the company that would be handling my accounts. I told them that if they put me with "Sally" I would get my own loans from somewhere else. I feel your pain...
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