Big Bully: Sallie Mae's Threats in NYAll Education Matters

Big Bully: Sallie Mae's Threats in NY

I am collecting and interviewing people for an article on tweets about Sallie Mae. In the process, I noticed that someone tweeted something I've been trying to explore for a number of months, i.e., how many co-signers have been threatened with foreclosure or liens on their property as a result of a borrower's delinquent loan payments. This particular woman claimed that her mother's property was being threatened. Her first tweet was this: "My mother said sallie mae can put a lean [sic] on her house. 'I don't want the piece of shit anyway.'"

This tweet reminded me of a few other people who told me that lenders have threatened to take their property. This is the third case I have now heard in which a lender has threatened to put a lien or seize property from a co-signer. I have not had any success in finding a nationwide pattern, but I continue to research a possible trend. Incidentally, these scenarios all vary because of state laws.

I asked this woman if she would let me share her tweets, and she agreed. While these are just tidbits of a bigger story (both about her own situation and the broader student lending crisis that continues to plague the nation), they demonstrate the sheer brutality of Sallie Mae. They will go after borrowers in any way possible. Here's what she told me:

They stated to me that my mother has assets and mentioned how much her house was worth. When she tried to speak to them & resolve...

...the situation, she couldn't make a payment right away and the person began to yell at her & she couldn't get a word in. He eventually...

...hung up on her. Nothing has been resolved. The loan is going into default & now they're harassing her at her job & calling her manager.

I asked her where she lived and if her mother lived in the same state. She told me they live in the same state - New York. So, Sallie Mae comes down hard and nasty in the state of New York. But who's really surprised?