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Sallie Mae

Sallie Mae
Overall Satisfaction Rating 3.53/5
  • 5 stars
    74
  • 4 stars
    106
  • 3 stars
    57
  • 2 stars
    40
  • 1 stars
    33
Based on 310 ratings submitted in the last year

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    Sallie Mae Reviews

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    Page 1 Reviews 0 - 10
    Rated with 5 stars
    Verified Reviewer
    Original review: Dec. 28, 2020

    I am happy that the Sallie Mae student loan is open for non US Citizens and also allows access for students doing online learning. This comes in handy for me as I fit both classifications and going through my online degree would be far fetched if I didn't have the option of Sallie Mae.

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    Rated with 4 stars
    Verified Reviewer
    Original review: Dec. 26, 2020

    Sallie Mae was very helpful during my time of need and they were very helpful at all times on all my needs and helped with all I wanted and thanks to them I finished all my schooling.

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      Rated with 4 stars
      Verified Reviewer
      Original review: Dec. 25, 2020

      Never co-signed for a student loan before so can’t really compare. Guess it’s okay. Not been hounded. But my son pays on time every month so shouldn’t have any problems.

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      Rated with 4 stars
      Verified Reviewer
      Original review: Dec. 24, 2020

      Sallie Mae has been good. They send plenty of reminders when your bill is coming due or something has changed with your account. I am a co signer and I like being kept in the loop. I would apply with Sallie Mae for school loans in the future.

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      Rated with 1 star
      Verified Reviewer
      Original review: Jan. 8, 2021

      There is no courtesy from this predator. They have arbitrary 'policy' in place, which change depending on who you talk to. They don't send email correspondence to inform you that a forbearance is ending. They charge exorbitant interest (>9.9%).

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      Rated with 1 star
      Verified Reviewer
      Original review: Jan. 7, 2021

      I hate to see so many people like myself have fallen victim to this loan company as I have. From the beginning, I have had negative experiences trying to do anything over the phone with an agent. I am transferred several times, placed on hold, and told different things about my loan depending who I speak to. Additionally, I was lucky enough to get a new job during the pandemic, but if I was one of many others whom I know were laid off, struggling to find work etc. you'd have an awful time making these payments because they do not lift a single finger to assist. However, they still manage to push every advance to get you to sign another loan with them. I was just alerted on my dash in a "Coronavirus update" that anyone who is behind payment by more than 15 days will no longer be able to use credit or debit payments starting Feb. 1, '21. On top of everything this just seems damning to hell.

      The user interface itself is difficult to use and confusing. You are encouraged and inclined to use auto debit, but when I made my first payment, the auto debit did not takeout my payment on the due date, and my account reflected a payment was due still, so I went ahead to make a manual payment to avoid late fees. Nope, the auto debit took out the payment 3 days later and overdrew my account. I called again this month to be sure that I was not going to be penalized if the auto debit is late to take my money, and he assured me everything would be fine but I still get very nervous.

      There is 0 reflection on the site that tells you when auto debit will take, which I tried expressing to the agent. He just persisted with "the auto debit will withdraw soon ma'am". Very nerve wracking knowing these companies can come for your credit over anything. If I knew four years ago what I knew now, I wouldn't have ever committed to this. Greed and lack of compassion for thorough customer care rules this company. PLEASE don't sign a loan with Sallie Mae.

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      Rated with 2 stars
      Verified Reviewer
      Original review: Dec. 27, 2020

      Masquerading as a quasi-government institution they solicit your loans when you need them most -- as you and your kids realize their college education is going to cost more than they expected! They have exorbitant rates, no loan forgiveness or rate reduction paths for hardship, and generally use aggressive tactics to force uncomfortable payments. They claim to "work with you" on modifications or relief, but in reality, they do nothing. This behavior is very similar to the mortgage market during the 2008-2010 great recession.

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      Rated with 1 star
      Verified Reviewer
      Original review: Dec. 12, 2020

      I continue to be amazed why Sallie Mae's executives are not in jail. They are perpetrating the ultimate scam and worse, they are doing this to young adults. Their rates are insanely high leading to guess what, struggles to make payments. It's near impossible to discharge the debt while every other creditor doesn't get the same favor. Their customer service is a joke. Their website won't even let you get a statement and their hours of operation is typical government. And in the end, a degree isn't just what is was worth in the past. Please consider carefully before getting loans with Sallie Mae. It's NOT worth the pain!

      4 people found this review helpful
      Rated with 1 star
      profile pic of the author
      Verified Reviewer
      Original review: Nov. 30, 2020

      I had to take some extra graduate courses and took out a loan with Sallie Mae. I did not know that because it was a private loan, I could not consolidate the loan. During the pandemic, Sallie Mae continued to charge me 10% ($100 a month) while other student loan companies waived it. I tried to ask them to help me with the issue given financial hardship during the pandemic and they said they couldn't help. Avoid using them at all costs!

      3 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Nov. 18, 2020

      Never never ever! You should never take out a loan through Sallie Mae. It has been a completer nightmare. I co-signed for my daughter and it has been a nightmare since day one. With COVID and other REAL LIFE issues I am not sure how they sleep at night as a company. They are ruthless in their practices and just don't care at all. It locked families into interest driven loans from HELL. It will also destroy your credit if you miss a payment or misunderstand the deferment process. Just terrible.

      6 people found this review helpful
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      Sallie Mae author review by Barbara Friedberg

      Sallie Mae is one of the largest and most reputable student loan companies offering both undergraduate and graduate student loans. They have been in business for over 40 years and have helped more than 30 million students and their families save, plan and pay for college.

      • Services: Private education loans for undergraduates, graduate students and children in private K-12 schools. Banking products include money market accounts, high yield savings accounts and CDs. The Upromise by Sallie Mae earns members cash back on everyday purchases.

      • Smart Option Student Loan: This unique program offers an undergraduate school student loan solution with competitive interest rates, a choice of repayment options and rewards for on-time loan payments while in school. There are 3 repayment options and variable or fixed interest rate loans.

      • Three repayment options: Sallie Mae offers 3 different repayment options: a Deferred Repayment Option where the student makes no payments during school or pays as much as he or she prefers, a Fixed Repayment Option or an Interest Repayment Option where students make interest payments while in school so it doesn't accrue over time.

      • Payment rewards: The interest repayment option rewards the borrower for paying interest while in school. This benefit may save over 20 percent on total loan costs when compared with the deferred repayment option. On-time payments earn a 2 percent benefit paid into the student’s Upromise account.

      • Loan education and information: The Sallie Mae portal has useful budgeting, money management and loan resources to help student and their families with their finances.

      by Barbara Friedberg Personal Finance Contributing Editor

      Barbara Friedberg, MBA, MS is a former investment portfolio manager with decades of financial experience. Friedberg taught Finance and Investments at several universities. Her work has been featured in U.S. News & World Report, Investopedia, Yahoo!Finance and many more publications.

      Sallie Mae Company Information

      Company Name:
      Sallie Mae
      Year Founded:
      1972
      City:
      Newark
      State/Province:
      DE
      Country:
      United States
      Phone:
      (800) 472-5543
      Website:
      www.salliemae.com