I just received my disbursement for my Unsub Direct Student Grad loan (NOT PLUS).

Sallie Mae is charging me 6.8% even though Congress/Obama signed the new law 8.9.2013 making the rate 5.41% for ALL Grad loans disbursed after July 1, 2013.  I told them about it and some auto-bot emailed me back basically blowing me off.  I sent 2 more complaints and they have not responded.  I contacted the SL Ombudsman as well.

I double and triple checked (via Federal Student Loan website) and the rate SHOULD be 5.41%  Is anyone else being ripped-off?

Interest accumulates on DAY 1 for these loans…and they are charging me 6.8%!

Totally unacceptable.  Continue to monitor your account.  Communicate (or continue to) in writing with both your loan servicer AND the federal student loan ombudsman’s office.  Also submit a complaint to the Consumer Financial Protection Bureau (they are monitoring loan servicers).  I will update folks when if becomes clear how long it will take the system to implement the new rate and how they will go about fixing the overcharges.  Everybody needs to check their own accounts and keep checking until you’re sure that the erroneous interest charges have been reversed.  Please let me know as soon as anyone notices a fix on their account.