*NOTE: Sallie Mae apparently has fixed the reporting issue, and should no longer be damaging Equifax credit scores. If you would like to check your Equifax FICO score, you can visit Coastal FCU for a discounted product selection.
If you have a Sallie Mae student loan, and you have chosen one of the graduated payment plans (plans that have a lower payment at the beginning and go up later in the life of the loan), then Sallie Mae is currently lying about you on your credit report. If you had good credit prior, your score could have already dropped as much as 150 points.
Basically, if you were on the lower payment plan, but paying as agreed, they have added a notation that makes it seem as if you are behind more than 60 days, and the entire balance is due in entirety, because they are reporting it like it is a charge-off. The wording added is something like this: Arrangements made with credit grantor to make partial payments. This thread on MyFico.com will help you see what is up. If you are having this problem, you should get in touch with Sallie Mae, local and national news organizations, Equifax, and your representatives in your state and national legislatures. Read that thread for specific contact information.
This is a serious affront by Sallie Mae. There are probably millions of Americans affected by this issue. Hopefully a class action suit is in the works, but unfortunately, that will not be enough to help you if you are in the process of buying a house or otherwise getting credit. If you are in the mortgage process, you should be upfront and let your mortgage officer know what is going on. Sallie Mae is being very nonchalant about the problem, and may not get it fixed in a timely manner. I’m not sure, but it appears that the problem is currently localized with Equifax. However, the score drops with Experian and Transunion may come any day now.
Good Luck.