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A place for Get Rich Slowly readers to ask questions
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It is currently Thu Jul 31, 2014 4:42 pm




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 Post subject: Re: Anyone familiar with Sallie Mae website?
PostPosted: Sat Jan 26, 2013 1:01 pm 

Joined: Tue Jun 30, 2009 9:44 pm
Posts: 275
Location: Atlanta, Georgia
When I graduated college in '03, I remember completing exit counseling in the form of a website on which you just kept clicking "next" until the end, when I might have clicked a radio button that "I agree" or something to that effect to electronically sign. When I graduated law school in '07, I have no recollection of any exit counseling whatsoever. But again, if it was as rubber stamp as the first time, I'm not surprised. But I did understand my loans and repayment quite well already, so I may just not have paid much attention. In any event, loans have been fully repaid.


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 Post subject: Re: Anyone familiar with Sallie Mae website?
PostPosted: Sat Jan 26, 2013 3:33 pm 
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Joined: Wed Sep 23, 2009 9:01 am
Posts: 5303
LeRainDrop wrote:
When I graduated college in '03, I remember completing exit counseling in the form of a website on which you just kept clicking "next" until the end, when I might have clicked a radio button that "I agree" or something to that effect to electronically sign. When I graduated law school in '07, I have no recollection of any exit counseling whatsoever. But again, if it was as rubber stamp as the first time, I'm not surprised. But I did understand my loans and repayment quite well already, so I may just not have paid much attention. In any event, loans have been fully repaid.



This is actually amusing. You are all young so you might not even know this but in my day it was very common to be given a form that you had to sign to "rubber stamp" things. But many of us used to strike out sections or just plain refuse to sign. I mean what are they going to do, NOT give you your degree?

So it was far less common to get forced into things you did no actually agree to. I mean maybe technically and legally you did, but producing the paperwork to prove it was much harder so it was easy to get away with things so to speak.

Just in the last few years the university I work for changed from paper contract (for faculty and researchers like me) to electronic contracts that you agree to with a click. Well, these are entirely legal of course, but it has created a HUGE uproar because a surprising number of people have used line-item-vetos to exclude themselves from some of the contract clauses. So many people flat out refuse to sign the contracts electronically. They print them out and write their own version then send them to HR. Well HR does not seem to know what to do - scrap a $100 million computer system (really) and revert to doing them on paper or just let people have their way. So far nothing has been done and people are still getting paid.

I tried to play my own little version of this civil disobedience. We are required to carry an ID card. In order to get the card we have to agree to allow the university to turn any owed amounts over to a collection agency. Now, in my position I would never owe them anything except maybe on a parking ticket. But I object to this on principle and I actually refused, in writing to sign the documents. I demonstrated compliance with the ID requirement by applying without a signature and getting denied then refusing to sign online. So I have no ID card. For several years now I have been TRYING to get stopped and asked for ID by the college police or security so that I can perfect this little act. But so far they never seem to be around when I am in my office late at night, carrying expensive equipment across campus in the wee hours, or otherwise doing things you'd think would draw suspicion.

Anyway, the whole "you clicked your life away" idea struck a chord! I almost never agree to anything online or electronically anymore. I realize those things are perfectly legal but it is rare that you actually have to go along with it!


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 Post subject: Re: Anyone familiar with Sallie Mae website?
PostPosted: Sat Jan 26, 2013 4:52 pm 

Joined: Thu Jan 24, 2013 5:03 pm
Posts: 10
Yes... I know that interest is accruing daily... The reason I said it was crookery because they make you jump through loops to try to pay down your loan ahead of time. And I am pretty sure that they don't require you to take exit counseling...


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 Post subject: Re: Anyone familiar with Sallie Mae website?
PostPosted: Sat Jan 26, 2013 9:46 pm 

Joined: Wed May 30, 2012 11:56 am
Posts: 132
When I took out a loan in 2009 I had to do loan counseling. It required that I read and answer questions on what I read - don't remember if it was actually graded or if they just showed you the questions you got wrong. It also laid things out pretty clearly about the difference between subsidized, unsubsidized, interest accrual, etc.

When I graduated in 2011 exit counseling was pretty much the same thing as the original counseling.

When I did a semester of school back in 2002 there wasn't anything like that.


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 Post subject: Re: Anyone familiar with Sallie Mae website?
PostPosted: Wed Feb 13, 2013 6:30 pm 
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Joined: Mon Jan 07, 2013 3:45 pm
Posts: 8
Location: San Diego, CA
This was a perfectly valid question and should not have warranted insults from anyone. Although it seems that any additional payments should automatically go towards principal, most student loan servicers will actually apply the additional amount towards future payments, thus safeguarding themselves in case you stop paying. The lenders make more money this way, since they are making money off the interest and the principal portion is insured.

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