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My family and I found out that we would not have enough to pay for my college tuition so we were referred to Sallie Mae. Since then, it has been the worst decision of my life. After graduation I was expected to pay $1,000 a month which has now risen to $1,700 a MONTH due to interest. I work in an entry-level position in Marketing and my monthly payments are absolutely ridiculous. I have tried to contact Sallie Mae to see if they can lower my payments, but every time I call I am greeted with a nasty Sallie Mae representative or there is nothing they can do. They do not care about anyone except for the money that they make off of people who cannot pay their student loans right away. Sallie Mae is a terrible company and the student debt crisis needs to be addressed. Colleges are more of a big business rather than an educational system and thrive off of families who cannot pay their student loans.
I deposited money into this bank a couple months ago. They froze the account due to "suspicion of fraud". These criminals/fraudsters stole my money and they are the ones accusing me of being a fraudster. Ironic to say the least! To this date I have not been able to recover the money that is in my account(s). I would not recommend this bank to my worst enemy.
Hello, I was tricked into a parent plus loan with SM. After my daughter finished school the loan was immediately due. My daughter did not begin payments and rather than try to get her to pay so that she could consolidate this loan along with her others they decided to just come after me for the payments. I have been trying to let my daughter assume the debt but SM will not now let her assume the debt which is hurting my credit. This from a company that was bailed out by Obama in 2008! They should be punished for mishandling funds NOT helped, they never help me try to reconcile the loan. I would like to just settle the loan but they want the entire loan amount. They did not have to pay their entire loan amount from this government that used our money to bail them out.
All my loans are paid in full but my children are still paying. The student loan and college tuition situation is a criminal crisis. Naive students and parents are tricked into loans that will take years to pay for an “education” that is more socialist Marxist brain washing than a legitimate learning experience that will lead to a fulfilling and sustaining career. There should be more controls on the use of loan money. It shouldn’t be used for frivolous reasons. There should be counseling on the consequences of borrowing and the responsibility of borrowing. Colleges are getting wealthy and spending tons of money on frivolous research and activities while soaking students for huge tuitions for a product they promise and do not deliver.
I received a denial letter from Sallie Mae for a student loan I never applied for. The option of Parent Loans were on my college profile so I reviewed the info but I didn't apply for them. No money was exchanged but this will affect my credit score which is already low enough. Also I am clearly not the parent.
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Dissatisfied would be the understatement of the century to describe my experience with these monsters! My grace period ended on April 24, so my first payments were due on that date. For now, I am working a job that only pays $10.50 an hour and the amount I am expected to pay back every month is way too high for me to afford.
I tried talking to them to no avail to see if they offer income-based repayment or could at least lower my monthly payments. I was told that the only option they have for me is the hardship forbearance which costs $150 per loan to put into place. I can't even afford that (I have 6 loans with this company)! What kind of student loan lender does not offer income-based repayments?! This is absolutely ridiculous! To anyone who needs to take out student loans for college, please do not, I repeat, do NOT use Sallie Mae. They won't work with you. They don't care about their customers at all. All they care about is money, money, and more money!
We were directed to Sallie Mae by my Granddaughter's University when we, at the last moment, found out she was short for tuition. As we needed to fund in 3 days we agreed co-sign on the worst interest loan we had ever been offered: 11%. It was miserable from that point on. We were given the incorrect payment address twice, the posting always ended up late by the time it reached the correct department. Their explanation: they were being divided and administered by different companies. I would get calls from outside the country because we were "late" - no, we were not. Finally was able to speak with someone in Salt Lake who told us he would be our contact and then, of course, he was soon no longer there. Once we signed up for auto withdrawal, it calmed down.... until my granddaughter graduated, she paid just fine until she moved out of state, could not find a job.
After her savings were depleted, she called to let them know she needed hardship relief. She believed they gave forbearance, but we were getting up to 8 robocalls each (husband and I) per day and emails saying she did not pay. We tried to to get them to help, received poor and incorrect information and the calls continued. Sometimes they would speak with us, sometimes not. We were told she was NOT in forbearance but could do so online - not true. Finally, my daughter who works in Finance spent time helping - received incorrect information then finally getting someone to help with forbearance stated it was her SECOND forbearance. So all the while she was in forbearance, we were receiving robocalls, emails and letters saying we were behind and because she did not pay we were responsible.
I threatened them with the Consumer Finance Protection Agency and reminded them that according to the Consumer Fair Debt Collection Practices act this could be considered harassment. They finally stopped the calls, but now, even though she is in confirmed forbearance, we are receiving emails we are behind. Though their representative have been polite in the discussions, they have given incorrect information. I find them to be an unbelievably poorly run, opportunistic and unprofessional loan company, and would leave them if I could. But they have probably affected our and my granddaughter's credit, so she will likely have trouble finding a re-fi loan. They have caused great distress for us and our granddaughter. I would NEVER EVER recommend them to anyone under any circumstance.
It ONLY took 12 years to pay-off the undergrad loan. Med school was financed thru Parents and Will probably get paid off in less time. My only issue will be if Politicians pass laws to forgive debts. What about everyone who has been paying monthly debt for over a decade? There is no discussion about repaying those who have diligently paid down debt. Will any Student Loans be reimburse (probably not).
I called Sallie Mae a few months ago after they doubled my loan payment unexpectedly. I told them they can either change it back to what it was or expect it to default. I don’t care about my credit and have no desire to own a home anytime soon so it’s no sweat off my back. Of course they were unwilling to work with me except for putting it in forbearance, so they can add the grossly accumulated interest onto the principal. So I stopped paying. I didn’t have a co-signer so the only person that hurts is myself.
Today my grandpa informed me that Sallie Mae called him in regards to my loan. Again, I have NO co-signer for this loan. The guy was asking him personal questions and for his SSN. My grandpa told him nothing. But the action on Sallie Mae's end seems pretty illegal. I wouldn’t touch Sallie Mae with a 5321 foot pole if I didn’t have to.
I co-signed a loan for my daughter's undergraduate tuition and expenses. The interest rate continued to rise. Although we paid early and twice or three times the minimum each month, Sallie Mae would not work with us to lower or refinance the loan. Even though we were told this would be an option down the road. When calling, their customer service representatives were not helpful and sometimes rude. I would not recommend Sallie Mae.
WARNING-I worked in fraud. It seems to me from the questions I was asked today that some of their reps are trying to get information to sell. What this company asked me for today is NOT NORMAL. I tried to open a two year CD here for a small amount. First time their website crashed during the verification. Second time it went through after asking me to verify everything under the sun including my ex sister in law's name who hasn’t been married to my brother in 15 plus years. Next day I get an email asking me to verify more. I call and verify the account, get transferred to fraud. Fraud says there is a problem with my address. I verify it as well as another property we owned in the 15 years I continually owned the other. They leave me on hold forever. I tell them they can verify with the tax assessor. That’s not proof they say. Then they start asking the weirdest garbage. Who my mobile carrier is and whose name my phone account is under? My pets' names.
Then they got ludicrous. How did I hear about Sallie Mae? (A weird question from a fraud department. But I was assured it was fraud related). Why did I open an account? (Seriously. Why did I open a two year CD? To save money. Smh.) Did anyone have access to my account? (Me. “Why? Do you show someone else accessing the account.” “No. We just ask.”) This goes on a long while. Then they want to call my bank the electronic transfer is coming from and verify over the phone which would have meant a rep from their office hearing my passwords. When I tell them they’re starting to sound like scammers, they scoff and say the security of my account is important. I ask to close the account. They lie and say it’s already been funded and they can’t close it. (I checked with the bank. It had not). But I wonder...why do they want to get my bank passwords if they had already taken out the money?
I ask the speak with a supervisor. They say I can when I verify more. Then they ask me more insanely stupid questions and afterwards say a supervisor will call me back. The passive aggressive crazy rep hangs up. I call back and told they are closed at 2:30 pm MST! This place is a nightmare and I’d be very wary about some call center rep wanting to know your mobile carrier, who owns your mobile account, passwords to your bank account - they can take over your phone and steal. Don’t trust these guys. There is something not right about this “bank” and the reps working in their centers. I resolved the issue by paying for a stop payment with my bank so the account wouldn’t be funded. A truly horrible and creepy experience. Wish I had never gone down this road.
I had a horrible experience with Sallie Mae. They contacted me repeatedly to consolidate my credit card debt. After spending lots of time giving them all the information they wanted and lots of calls from them telling me that I would definitely get a loan, I logged on to check on my loan and the results said I had no application on file. They just erased everything because the "proprietary method" they used said that my income wasn't enough. When I called to ask about it, the representative said that the person with whom I had been working was in and he would connect me. He then proceeded to put me on hold 6 times while he asked this person about my loan (he clearly was too cowardly to tell me that he had turned me down after assuring me that my loan would be approved) and finally I just gave up and said I would go through my credit union. Awful, awful customer service. Just a ghastly experience.
I am so glad I'm not the only one that has had a horrible experience with Sallie Mae. I thought I was helping my two sons with alternative loans to go to college but this company has made life after college difficult for my sons to start life. My sons have bachelor degrees and pay close to $700 dollars a month to Sallie Mae. The most they owe is 40,000. The interest my husband and I paid on these loans during the four yrs of college did not help our sons' interest as it was explained to us it would. FALSE ADVERTISEMENT!!!
I was told my son's loan was a fixed rate, wrong. I remember specifically signing a fixed rate loan. My son graduated and his loan is variable. Not only were we not aware that the loan has to be paid off in ten years from the first day of college but an additional two years has been added to the loan due to the variable interest. So we are currently working very hard to refinance the student loans with another company. Maybe someday my son will be able to buy his first home. My advice to parents is if you cannot pay for your child's college education, do not let them go away to college. Community colleges are a lot cheaper, a degree is a degree.
This was quite some time ago, but I did have a loan with them and it is was simple and easy to take care of. Was transferred a few times, but nothing changed. The other lenders were just as pleasant. Glad when it was paid off!!
I had a savings account with Sallie Mae. Three weeks ago I was informed, with no advanced warning, that my account had been closed due to (what they said was) "suspicious activity." They refuse to tell me what this suspicious activity was supposed to be, they refuse to tell me when I will get my money back or how much of it I will get back -- they won't tell me anything. Again, this was three weeks ago.
To be clear, I am a college professor, excellent credit, good financial habits. I have not had so much as a speeding ticket in my entire adult life. There was no "suspicious activity," unless my account was hacked. The only thing I EVER did with this account was put money in it. So if you think Sallie Me would never do this to you, think again. DO NOT TRUST THIS COMPANY.
I have multiple accounts with passwords and never have issues. With Sallie Mae, however, after being locked out of my account continuously, even when using saved passwords, written-down-so-I-don’t-forget passwords, etc, I STILL get locked out. When you call, don’t expect any help either. You will get hung up on before you navigate the automated system. Literally the worst bank ever. I have emailed to request someone please call me instead, hoping I can talk to someone long enough to close my account.
This is one of the worst student loan program ever. I would never recommend this program to anyone. They make it so hard for students to make the payments that they wants from student that just got out of college. Not a good one. : (
High Yield Savings Account/Unacceptable Business Practices. While I have not lost any money there are several reasons to not choose Sallie Mae's savings accounts based on my experience: 1) If you transfer $5K or more, they will hold ALL of the deposit for more than 10 days for no apparent reason other than I presume to play the float against us. 2) You cannot change or delete a transfer of funds once it is submitted unless you call in. 3) Calling in is a joke, they automatically hang up on you after telling you they are very busy at the time.
I have accounts with other firms, like Marcus, and they have none of these issues and higher interest rates. So, if you are looking for a solid high yield savings account, I would go there or choose someone other than Sallie Mae. Separately, Capital One also is questionable on their deposits as they play you on the float too. Marcus plays no such game no matter how much I send over there.
I signed up for two fixed rate graduate student loans, and one is just fine. The other, and larger, loan magically turned itself into a variable rate loan. Despite presentation of origination documents showing 'fixed rate', Sallie Mae keeps coming back with a processing sheet saying they processed it as a variable rate loan. Obviously, that is not what I signed up for. One would think this would be an easy fix, but Sallie Mae refuses to fix the problem. They have since raised the interest rate by a factor of 8 from the changes in the 'liber rate' they site as the need for the increases. These guys are straight up crooks. They learned absolutely nothing from the financial crisis or from Wells Fargo.
I took out two student loans to finish nursing school in 2014 and 2015. My brother was kind enough to co-sign those loans. Since graduating they have raised the interest rates with zero notification and pulled my co-signer's credit report 4 times for some unknown reason. I have not ever been more than 5 days late on a payment and had automatic debit as well. This month for some reason my automatic payment wasn't taken and I didn't know it until they started calling and harassing my father who is not my co-signer, my co-signer, and then pulled mine and my co-signers credit report.
My payment should have been taken but somehow it magically didn't get charged. Now they will try to raise my interest rate and I realized that this is the game they play so they can increase interest rates. "Forget" to withdrawal payments on automatic debits and then raise rates without notification. What kind of company is this??!! Morgan and Morgan need to start a class action lawsuit and I hope all my documentation and records will help start the process.
Well, Sallie Mae is at it again. I’m on SSDI. Full disabiltiy. I quit school because of the disabilities. I told Sallie Mae this. After almost 2 years, they have now sent a collection agency after me. I’m not afraid of them. I’ve had sound advice from an attorney and they cannot touch or garnish my SSDI or my husband’s retirement. In Tennessee, you can exempt up to $10,000 in personal property from being seized. We own no real property. They better leave us alone.
I unfortunately needed to take out loans in order to complete my college schooling. The aftermath of this has entirely made me regret going to college and has essentially ruined my adult life. Sallie Mae no longer consolidates their loans, which they don't tell you beforehand, and they are completely unwilling to help -- despite the fact that someone who just graduated college may not be in a place to pay their insane monthly payments. Each month, they currently take over half of my monthly paycheck.
I've tried to contact them and request assistance and was essentially told to suck it up or that I could put my loans on hold for one month to a year, but that would cause my interest rates to skyrocket. These payments have completely depleted any savings that I had, because whether they believe it or not you do need some of your paycheck left to live off of. I'm stuck in a horrible dead-end, with no escape. Whatever you do, do not take out loans with Sallie Mae.
This loan is the worst. They do not care about your problems when you're going through it. I wouldn't recommend this loan to anyone at all. This loan is the death of everyone, interest is high and when you thought you're half way done you're back from step one. PLEASE DO YOUR RESEARCH AHEAD OF TIME. DO NOT SIGN UP WITH THEM. I missed two months of payment and they send it to the credit report department, lowered my credit score down 100 points. Insane is not the word.
Sallie Mae is THE most fraudulent and misleading financial institution I have ever encountered! I took out a FIXED rate loan for my MBA 5 years ago and after inquiring over 20 times over past few years I ONLY learned today that they have been secretly adding "daily accrued interest" to my loan. The rep made clear I already signed off on this and it is a fait accompli however I have been trying to figure out why I kept paying my $35k loan each month and yet the outstanding balance was barely reducing!
They hide this in their accounting ledger online which DOES NOT show how payments correspond to monthly balance! Customer Service is useless and just try to drive you to use their apps but details are NOT clear and they obviously do this for a reason! So you don't realize how much you are paying! I only noticed yesterday when I paid $500 and realized upon looking at the NEW balance today that there was a $30 discrepancy between what I had paid and the new amount. I only found out because I TOOK A SCREENSHOT of the OLD BALANCE AND COMPARED IT TO THE NEW ONE!
Sallie Mae sold me a FIXED INTEREST LOAN which was already high and after loads of calls and signing I thought indeed that interest was only 7.5% on my loan and that this was the fixed and there were no other hidden fees, costs or whatever semantics/words you want to through in here. I haven't calculated how much I have paid over past years but will do now - I believe it amounts to over 5-10% on top my fixed loan. So instead of paying $35k loan off it's closer to $50k! They obfuscate and lie! Don't bother trying to decipher the fine print! TAKE A LOAN WITH SOMEONE ELSE!
I came to this page in frustration, first of all 10 minutes before 9 pm and you guys close shop early? Coming up on MLK day, payments will be delayed, also one cannot select auto enroll with credit card, anytime you want to pay with credit to build your credit, you have to call in. The reps are Chinese bum socks, talk you in circles and can’t answer basic question, explain things unpropitiously, careless people. In all honesty I blame my father for not doing more research on this company, ** you dad! Sallie Mae destroyed my credit and sent me into collection, college was not worth the frustration... Do not sign with this lender! This is only the beginning, by the way hard as crap to refi too, they’ll get you for everything you got!
Because of my university revoking my financial aid my second year of school, I had to take out around 40k from Sallie Mae. Fast forward to 6 months after graduation, they are requesting around 500 dollars a month in repayments. Despite working two jobs, one being seasonal, and barely getting by, there is absolutely no chance they will lower the payments. Based off of my cosigner's (Household, not individual) income, they see no reason the payments shouldn't be made. However; I make around 27k a year, pay rent, a car loan, utilities, etc. and there is no option for me to lower the burden.
Banks will not even touch the loans to refinance because my debt to income ratio is so high, but I can't lower it because I can't make any payments. My credit score has already dropped 50 points and any hopes of buying a house one day are becoming dismal. The system is so broken, they prey on ignorant 18 year olds by making it so simple to obtain thousands of dollars, but make it near impossible to pay them back. Perhaps I will have to get a third job just to pay a fraction of the monthly payment. Disgusting what our higher education system has come to. It's criminal.
I opened a money market account with Sallie Mae Bank. I had a large amount in the way of checks to deposit and therefore used a prepaid debit card to make a test deposit first (good thing I did!). The nationally known debit card company backs and coordinates deposits via an underlying checking account. Again with a nationally known financial institution. For some reason the test deposit was returned - apparently somewhere along the way the card was treated as a credit vs a debit card and many banks don't allow you to use credit to fund a savings account. No problem. At least the account was active and I was going to follow up with endorsing checks over and depositing them to my Sallie Mae account.
In the interim I received an email from Sallie Mae asking me to call them, which I did. A man answered the call and asked the typical security questions. Great, they're doing their job properly. However, the questions seemed to be endless, and he even wanted to know where was I when I opened the account? This seemed to be getting out of line. He alluded to an issue of fraud, mentioning the test deposit being returned, apparently my location, and other issues he refused to identify. His communication style became more curt, even to the point of arrogance, and took on the tone of a police interrogation. I certainly didn't feel like I was talking to my banker. The end result? He closed my account. Thank God I hadn't endorsed the back of my checks with my Sallie Mae account number, nor made any deposits! My final comment? AVOID LIKE THE PLAGUE!!!
There's a reason their reputation is so low. I've called multiple times trying to get help, usually the call lasts 45 mins-1 hour every single time and nothing good comes out of it. You get transferred constantly and no one knows how to do anything. We even got hung up on one time when we were told everything would be okay. They act clueless. They provide zero help but are quick to harass and call you, your family, and anyone that may have relation to you and try and get info out of them.
They try to force you to call in and say it's urgent when they're not allowed to. I was told I would be given forbearance and never went through and they ruined my credit. Now they're even threatening us after they are the ones that cause all these problems. My advice if you have loans out with Sallie Mae, don't get pulled into any of their programs they offer you, they'll mess everything up so more. Try to refinance through your own bank or other companies. Awful service and a joke of a company.
My bank sent out a check to pay off 3 loans totally over 30k. They applied the check to a 4k loan and never called me. I had a 29,000 balance on a 4k loan and they applied the money to the WRONG loan and let alone a loan that who would put a 30 plus payment on a 4k loan? I think they did me a disservice and never contacted me but continued to accrue interest on my account and post late payments. Once again this just proves that Sallie Mae is in for the money.
I opted for a loan to cover additional graduate school loans. Normally, not a big deal. On my last payment, I submitted the payment and discovered that the payment, a draft from my bank account, could not be processed due to a 'holiday'. It was taken ONE DAY LATE as a result. Sallie Mae responded by jacking up my interest rate over a full percentage point and had put me, apparently, into a permanent delinquent status... My next payment is due two weeks from now but is still apparently delinquent in advance? No one seems to be able to explain much of anything. Fortunately, I can refinance this loan at 3 percent less. Why anyone would expose themselves to this kind of exploitation is silly.
Sallie Mae expert 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.
Best for: Students who don't qualify for scholarships, families of students needing help with private school K through 12 tuition payments, undergraduates and graduate students.
Sallie Mae Company Information
- Company Name:
- Sallie Mae
- Year Founded:
- United States
- (800) 472-5543