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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.
When I took loans out through Sallie Mae, I was under the impression I could consolidate them so I would just be paying on one bill with one interest rate. NOPE. Found out they do not do that which I think it will but whatever. So I refinanced through another company. The company sent the money out 20 days ago. Sallie Mae still claims they never received it. I called a couple different times and they keep telling me not to worry about the payment. That I have a grace period after the due date and the money would process by then. Well. Weeks are going by and nothing processed. And I am being penalized when they told me I would not be. They supposedly made notes about my situation yet it seems nothing is being done. What happened to the money that was supposed to pay it off? Did they lose it? Are they sitting on it? Thinking I should get an attorney involved so guess it’s a good thing I have relatives who are attorneys.
Sallie Mae has put me in a terrible situation today, I am in between jobs and start next week. So I am low on money until my first paycheck. When I paid 153 dollars for my student loan on November 2nd, and additional 153 was taken out as an automatic deposit on November 3rd even though I had already paid. This put me negative in my bank account and cost me a 30 dollar overdraft fee. I called a representative immediately to sort out the issue and was insured the money would be returned to me within 3 to 5 business days.
After waiting 8 days and 6 business days I stopped by the bank to get money for gas only to find that Sallie Mae still had not put the money back into my account. So I contacted another agent to discuss this issue again. The agent apologized and said that the reimbursement wasn't filed until 4 business days after I had initially called. She informed me that I would be receiving my reimbursement on November 19th, which is a full 8 business days after I originally called, and that there was nothing more that she could do.
Now I am stuck with no money and no gas 20 miles from home and I've lost 30 dollars because of a mistake made by this company. It may not seem like a lot but to a struggling college student trying to pay off loans it is extremely important especially in this economy. I know there will be nothing done to right this wrong, but I just wanted somebody in your company to know the multiple mistakes that have been made and how it can negatively impact people.
My experience with Sallie Mae began when I needed a loan for school. Back in the day Sallie Mae and Navient had a partnership unlike now being two separate companies. I applied for multiple loans, and when the two companies split I ended up having more loans with Navient thankfully. I was responsible for 2 loans with Sallie Mae where my mother was a co-signer on one with me. Our payments were over $600 monthly and I found out that they had adversely impacted my credit when I noticed my credit went down 50-60 points! I looked into the matter further. Was told that Sallie Mae reported my credit and this happened multiple times.
When I finally talked to someone it was some young guy who put me on hold about 10 times every time I asked a question and was on the phone with him for over 1 hr & 15 mins until I told him to escalate me to a manager. He didn’t even want to do that, could not provide answers on why my credit was reported yet sat there like a broken record saying I had to pay and kept asking me for payment methods. I had also explained multiple times that I was still currently in school at this time as well which means I should have still been in my grace period.
When I finally was able to speak with a manager, she told me I was over 160 days late and I told her I don’t understand because I have not graduated and agreed to make payments after graduation. This information was reported Dec of 2017 yet she told me they reported me in 2015 which makes absolute no sense. They adjusted the interest and after graduation I had to get on a payment plan instead of paying 1400$ monthly. They incorrectly reported my information and I later called back for them to correct my credit score and they refused to correct that as well saying they had nothing to do with that. I ended up making a credit dispute and got one lifted because Sallie Mae didn’t respond to my inquiry.
My loans with Navient have been great, the representatives are very pleasant unlike Sallie Mae and Navient has me on an income driven plan. I urge anyone who is thinking about taking out student loans to do it elsewhere and do not do it with Sallie Mae due to their unfair and abusive customer service and credit reporting tactics.
About a month ago I was able to refinance elsewhere and consolidate my Sallie Mae loans on my own because they continually raised my interest rates; I had to find another alternative. I went from paying 600$ monthly to paying 128$ with the new company. The icing on top of the cake was when I got a statement a month before the consolidation showing that I paid -34% of my loans off even though I’ve been paying it for a number of years. Now that I am completely rid of them I am convinced they love screwing people’s credit and making sure that you are not able to pay off your loans with them. Stay away from this company!!
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I don't know anything about getting a student loan and stupidly did not do my homework. As a consequence, I wrongly chose Sallie Mae. They have VERY high interest rates and will absolutely NOT work with you to lower your payment, refinance the loan, lengthen the term, ANYTHING! I got three loans with a payment of $575 a month. Forbearance is a joke, why wouldn't they want you to take a forbearance? They keep getting their interest, don't they? They call multiple time a day if you are late. Many time the reps are rude and in any case not authorized to do SQUAT for you! DO NOT TAKE OUT A LOAN WITH THIS COMPANY! You will regret it every day!
Sallie Mae preys on families. They are greedy, don’t offer ANY sort of repayment options. At 18 my parents told me to sign the papers that if I didn’t I couldn’t go to college. So I signed them not knowing exactly what I was getting in to. Fast forward after two years of college I dropped out. Some of my loans were coming in and I was paying them. After 3 months I get a call from Sallie Mae telling me that I owed over $900 for past due payments and there will be another payments coming in 7 days totaling over $1200.
I asked how that happened and here to find out they were sending emails to my parents because they were my co signers! They never sent anything to me and I had no idea! I could only pay off the months that were past due and asked Sallie Mae what my options were since they literally took everything from me. They said I could defer the loan for 3 months so I could “get back on my feet.” I had no other option so I decided to defer it. Had to pay them a $100 “in good faith” charge. At that time my payments were a little over $300. Then when those three months were up my payments went up to $450! At that time I was working 40+ hours a week just to scrape by. I kept paying it and now I have 2.5 years left to pay on a 6 year loan and 102 months to pay on a 12 year loan and my payments are over $500.
I have never missed another payment and when I call to see if something can be done since I’m drowning they say I could defer the loan (HA FAT CHANCE) or I could let the payment go to collections and “maybe” they can work something out. Every few months my payment also goes up. Apparently when we signed up for the loan and my parents not knowing anything since I was the first child to go to college they decided to pick the variable interest rate instead of fixed. After talking to the representatives I asked how I can get a fixed rate? They say “Well you would have to refinance the loan and we don’t do that here.” OF COURSE YOU DON’T! They are unhelpful and THE WORSE COMPANY EVER! I cannot stress that enough. Beware of this company, once you sign those papers they literally own your soul and you signed your life over to the devil.
Whatever you do don’t click the option for pay while in school. The minute you miss a payment they’re on you like flies on poop. I opted to do the automatic payment which honestly does nothing. They say it lowers your interest rate by a small percent but I haven’t seen it, if anything my interest rate went up. I pay the minimum amount and I somehow owe more. I can’t even pay off the interest at this rate. You’re better off selling a kidney. At least the pain would be quick. I wouldn’t wish this upon my worst enemy. Please do yourself and others a favor and choose to conduct business elsewhere. Unfortunately, it’s too late for me, but you can save yourselves from this heartless, greedy corporation.
Whatever you do, don’t click the option for pay while in school. The second you miss a payment they are on you like flies on **. I opted to do automatic payment which does absolutely nothing. I pay the minimum and I somehow owe more. I can’t even pay off the interest at this rate. You’re honestly better off selling a kidney. At least that pain is quick. I wouldn’t wish this on my worst enemy. Please do the yourself and others a favor and not choose to do business with this company. Maybe someday, someone will listen and there will be a change with this company. Unfortunately, it’s too late me, but you can save yourselves from the horror of owning money to a greedy, heartless mess of a corporation.
My daughter took out a loan which my 80 year old mother cosigned for. While applying for the loan my daughter accidentally chose the wrong option, she chose the one to pay the interest on the loan while in school. She should have chosen the one not to pay until you graduate. My mother and daughter are getting harassed by this company 20 plus calls a day. I called Sallie Mae and told them what happened. They said they could not change the option. I explained that my daughter is not working, my 80 year old mother is living on a very fixed income and I am working two jobs just to keep a roof over our heads since my daughters father passed away in 2014. They said they could not change the option and we had to pay. I don't know what to do because none of us can afford to pay it right now. Now they are threatening my daughter saying they are going to take the money back. I'm so worried I don't know what to do!!!
This experience has been the worst I ever had to deal with and I have a terminal illness, mind you. This company is extremely incompetent and each month for almost 4 years, I have NEVER gotten an answer that matched what was said the prior month EVERRR! I'm on a scheduled payment plan and they can't take money properly! I have to still call every month because my payment “declined.” Of course, it will decline if your incompetent ** type in the cc info wrong then blame the bank. Instead of fixing it, they call to tell me I’m 120 days late and being reported to the credit bureau. I called each month to rectify each matter! Yet, they tell me, “Oh we never went back to get the money out after you called us back to take it." Sooo my credit is shot to hell because SALLIE MAE IS THE MOST INCOMPETENT COMPANY I HAVE EVVVEEERRR DEALT WITH!
It took for me to not be able to make my $500 a month payment on 20k a year, for them to take off $200. I have the money in the account on the 22nd of each month because I agreed to that. Well, I also recently found out that’s not my date, my date is actually on the 4th (but I receive a “decline” email on the 22nd of each month). But they can’t change it to the 22nd because I'm “behind.” I never agreed to the 4th with anyone, only the 22nd. Apparently, it’s supposed to come out on the 22nd because that’s the date I get the email, because they have my cc info wrong so it declines, but claim they can't change until I'm caught up on the payments even though I called them to take it out months ago. I GUESS THEY COULDN’T TAKE IT BECAUSE THEY HAVE THE WRONG CC INFO, THAT THEY CAN'T CHANGE!! Worse piece of ** company I've ever had the horror of encountering!
Only giving it one star because you have to choose one. I took out 3 different loans with Sallie Mae, not knowing the consequences of dealing with this company. They were charging me $650 a month when I made 30k a year, refusing to work with me until my 96 y.o. cosigner, who made even less, died. Recently, they have taken out my payments 4 days before they're actually due, when I haven't gotten paid yet. I have called several times, and it was after the third time that they finally changed the due date that I requested. However, I was charged over $270 in 3 months of overdraft fees.
My bank simply requested a letter be faxed to them stating it was Sallie Mae's fault that I was charged overdraft fees, and they would refund me my money. Sallie Mae REFUSED to send any sort of letter or make any sort of call. They basically said you're SOL. That $270 is almost an entire payment that I could have made. Sallie Mae is the worst company I have ever dealt with and they refuse to work with you on anything. The only reason I haven't left them yet is that I can't get refinanced through another company due to the amount of debt I have from this stupid company. If it wasn't so unprofessional, I would use every swear word that ever existed to explain how awful they are. STAY FAR AWAY.
SM requested security documents to verify opening the savings account. Two weeks later I had to call to ensure my personal security documents had been received. I called to inquire status. No calls or emails from SM about account. From day one cannot get transfers from external accounts to my accounts after linking them to SM account. I called and logged a complaint. Nothing further happened obviously. Calling wait times are extremely long and sometimes no one picks up so I hung up. So my call list extremely important? Joke. Horrible experience. Would not recommend SM.
I wish I never went back to school. These people call 2-3 times a day, (even when you pay them), and have been for the past year. Yesterday, they called my husband at his government job, and left a detailed message with a random person who answered the phone. Again... they left my personal information with a random person who answered the phone. I am done with these people. I have taken a step forward for an attorney, especially since they confirmed breach of my private information.
Cosigners BEWARE! Once you're locked in with someone's acct, You're screwed. It's not right for a cosigner to be imprisoned with the primary acct holder, even when the primary user has proof of employment and ability to pay.
This servicer is plain out thieving my money any chance they get. In 2008, I borrowed $8,000 for college and this has been by far the ABSOLUTE worst mistake of my college career. Not only did they add $3,500 on unpaid interest by the time I graduated college in 2012 but their interest rate is absurd. So far since 2012, I’ve made a total payment of $8,029.10 and my account is still at 7,942.54.
I’ve previously enrolled in their “autopay” service to “reduce” my interest from 9.75% to 9.25% That only lasted two months until I noticed my interest rate had gone up to 9.85% last month in April 2018! I removed myself from autopay and today I checked and my interest rate is at a grand high of 10.00%!!! Who do they think they are?!?! I’ve tried talking to them multiple times to reduce my rate to no avail. Here we are in 2018, 10yrs after borrowing $8,000 and my head hurts every time I think of these idiots. To ANYONE considering Navient and/or Sallie Mae, save yourself the headache and go elsewhere! THEY ARE THIEVES!
Do NOT ever get involved with them. When you try to pay off the account, they hold the checks forever and tell you they don't have the checks. So, they are just trying to get more interest out of you by doing that. I had to stop payment on a check to them because they kept telling me they didn't have it. The day I stopped payment on it, they suddenly said they had it. So then I send them another check and they still have not credited it to the account and they have had the check for three weeks!!! You have to be kidding me. Won't even let you talk to anybody in "processing" to see if they have the check. They say they're no telephones in that department. What a joke this company is.
I have 5 loans through this company totaling over $32,000. I began repayment in Feb. 2017 with a minimum payment of $520/month. I spoke to customer service about how to get my payments lowered because I couldn't afford that high of a payment per month and they told me my only option was to not pay my loans, go into forbearance, get contacted by collections and then they would work with me on payments. Are you kidding??? I have excellent credit, and this is the best they could do for me? Not to mention that every time I was able to put just a few extra dollars to one of my loans, my interest rates would go up. This is a money hungry company who has no interest in working with account holders. I now have a job that can support the $500/month payment and am putting extra money towards them every month to try and get rid of them so they don't get more money from me than needed. Don't ever get loans through this company!!!
Non responsive institution. Their systems do not work with Quicken or Mint. They will not provide paper statements by US mail unless you request said once a month. They clearly don't want customer so please help them achieve their objective.
I co-signed for my daughter on some loans. Now that she is graduated, they stalk us on the regular if she is late. Which she is due to the amount she is expected to pay back. How is she ever to get a good start with so much in debt. With the high interest the debt seems to never move. It really is sad to know this after the fact. Now it seems we're stuck. This company is the most pushy / harassing company, I've ever seen. DO NOT FINANCE / LOAN FROM SALLIE MAE.
PRIVATE SALLIE MAE STUDENT LOAN. This letter is in regards to a Private Student Loan with a Cosigner. Loan Amount - $30,000. Paid $500/month for over 6 months and the loan went up to $33,000. In the past 3 months has gone from 33,000 - 35,000. An absolute burden that was wrongfully forced on us. These statements have been clearly and verbally stated several times to each loan servicer. Major Immediate Grievance: Severe and total harassment of cosigner to the point where cosigner suffered a stroke on Jan 26th due to the stress from Sallie Mae's harassment and FIDM's fraud in signing and taking this loan. (Document included) She is suffering from major illness from this loan and the Loan Servicers continue to harass and call at work, and have called repeatedly and continuously. They have called at times when they knew they should not call (late hours or during a doctor’s appointment).
They have repeatedly called work even though she has explicitly stated that her employer does NOT approve of these calls. They also harassed a 3rd party (Co-worker) about this alleged debt and used abusive language when talking to her. She has also expressed distress about the harassment and wishes to seek action. Due to this severe harassment and incessant nagging, I am concerned for health and well being! All the calls were recorded on Sallie Mae's part and show how she is completely distraught, light headed, and having a panic attack on the phone. The doctors have stated that her stroke is due to the stress from the burden of this loan and the harassment that she has been enduring. The financial information Sallie Mae claims to have is not correct.
She has not been able to receive the imperative medical care she needs to survive because Sallie Mae has stated that the money on her credit card needs to be used to pay this student loan. And now after the stroke the doctors are insisting she seek the help she needs ASAP. NATURE OF THE LOAN: (FRAUD) FIDM - Borrows Defense Against Repayment - Fraudulent School. This loan is under a great deal of scrutiny due to the school this loan was for, FIDM in Los Angeles. A demand letter has been sent to the school in regards to the Borrower’s Defense Against Repayment. FIDM is a for profit school that lied, deceived and outright illegally pushed us into taking this loan. I was supposed to receive a scholarship and was repeatedly reassured by the advisor, Susan **, that I had a very high chance of receiving the scholarship; preying on my naiveness and financial need.
I exhausted all options to get help interviewing for 2 RA positions with great qualifications to do it and they ignored me, denying me any help to pay for my tuition. I was then told about 2 weeks before classes were to begin that the results for that year's scholarship were delayed for some unknown reason and that she would hate for “such a fabulous” student to miss out on being enrolled. Sending me to get approved for a private loan through “Sallie Mae”. Susan ** called every day to "check in" and make sure I was working on getting my loan. (Phone records can be retrieved if needed; emails are available). It seems the for profit school is working with private loan lenders to secure a win win situation for the two leaving students with an overpriced education and no jobs available in that field.
FIDM and Sallie Mae are clearly taking advantage of students who come from lower income families by enticing them with false promises of a unique education and job opportunities upon graduation. The discrimination continued during my schooling with the most notable time being when my intellectual property and business design specs were stolen by a fashion line known to FIDM during a showing of my work. I was one of the top fashion design students with a 4.0 and they lied about the jobs available upon graduation and the salaries available. This university is an abusive college that does not prepare you for a career in your field and completely and utterly works with private loan institutions.
Financial and Medical situation of Student: 1. Unemployed for 2 years. 2. Credit Card Debt. 3. Homeless/on assistance. 4. Psychologically affected by school's fraud and discrimination. Financial and Medical Situation of Cosigner: 1. Suffered a stroke Jan 26th due to harassment about this loan and delayed proper medical care due to payment of this loan. 2. Credit card Debt. 3. $35,000 Medical Bills left from terrible divorce, family member... We have asked repeatedly for a copy of the original contract signed. Nothing has been received yet... This loan should not have been given to this student and the school should not have pushed the student into taking out such a high interest private loan with no prospect of a job that could help pay this back with the degree.
The amount Sallie Mae claims they want to settle this loan is not possible and they know that. It seems Sallie Mae is refusing to help make an affordable settlement so that the account compounds since it is an unlawfully high interest rate. By not working with us, by harassing us when we are picking up and talking to you created an unhealthy and permanently disabling situation.
This school loan was only 9862.00 over a year ago. I have paid on this loan more than they ask for a month $9112.00. Horrible Company to deal with. They are pocketing money somewhere! Don't get them!!! They also raised the interest on me last month because it was not paid off.
Sallie Mae is a horrible company. They are in it for the money. Do not waste your time getting a loan here. Since they are a private loan company, they can do whatever they want. They only offer 2 loan repayment options which are forbearance, and automatic debit. None of these are options to me. Save your time and your money and go with a different loan company. The woman in customer service basically just told me if I miss a payment it will go to collections and they will have different repayment options for me. Who tells a valued customer to let their account go into collections to find a better repayment plan? HORRIBLE COMPANY.
My original loan was for $10000. Last year I paid over $3000 towards my private student loan with Sallie Mae. I still owe more than $9,800. I can't even imagine what it must be like to owe this terrible company more than that. I'm drowning with this loan. They are also unwilling to do more than offer a forbearance that you cannot agree to unless you pay a fee. How are they legally allowed to operate this way in this country? They prey on the lower class, and there is a special place in hell for anyone that even thinks about working here. They even have "noncompete" agreements set up with certain lenders so you cannot consolidate or refinance a loan with them if you're trying to refinance a loan from Sallie Mae. Never under any circumstances take out a loan with them. You'll regret it for the entire life of the loan. If Satan exists, he's running Sallie Mae.
I had absolutely no problem setting up my loans and getting my money to my school. I even paid off a major portion while in school and that transition went very well. As soon as I graduated the level of service disappeared. Let's go in chronological order. I graduated in June of 2017. September: After my 6 month grace period ended I called and talked to the agents about the reduced payments so that I could take over from my parents. They told me my loans would be deferred one more month and the agreed upon amount was about half of what was initially expected. $300 was taken out of my parents account despite being under the impression that all my loans were being deferred for one more month.
October: I reached out to inform Sallie Mae that I would be taking over payments that my parents had been graciously helping with. I was informed that it was too late to make that apply before the first month of payments due and my parents would have to fully remove their bank account before I could add my own. A bit odd but I called my parents to make arrangements to make it work for that month.
October: My mother and cosigner called the next day to remove her account, it was removed. I called afterwards and was told that I was set up with an automated payments and all funds would now be debited from my account. November: I was then harassed by multiple phone calls outside of their business hours and told that my account was overdue because they could not collect that payment from my parents (surprise) because their account was removed. I called back and provided my account again and was told it would take 3 business days to process payment. December: My account was not debited, so after 2 weeks of waiting I called back 3 separate times and was told each time that my payment had been processed, it just took time to debit my account. I was also provided confirmation numbers at these times.
January: After STILL no money was debited from my account, I followed up and turns out they were trying to pull money from an account that was neither mine, nor my parents. That time I managed to get ahold of someone helpful and she handled the payment right then and there. I saw the debit to my account in literal minutes. I also found out they could not do automated payments while I was on the reduced payment plan (which seems counterintuitive personally) but would have been nice to know. Good to know so that I could pay my bills on time, no one had thought to tell me my application for auto-debiting was declined.
After being under the impression that the hassle was finally over and my next bill was not due until February 10th, I get several calls during my work day, every day for two weeks until my schedule worked out so that I can call them back today January 26th. I asked to speak with a manager who tells me I owe double my monthly payment after I had been told my next bill for ½ that was due was in February.
Today I spoke with this manager, he said he'll email me a statement and the best he can do is delay my account by 10 days because the money is still due. I understand if the amount owed is correct and I'm happy to pay it, but I am living paycheck to paycheck post college (honestly who isn't) and have had to pay other bills while they get their act together, imagine that! No email was sent and I have received 3 phone calls outside of their business hours tonight and am quite frankly livid. I have been trying to GIVE this company my money since October and now I am being harassed as if I am avoiding paying my bills.
The worst part is, if I had to apply to college again Sallie Mae was still the best option for my family financially. College is an investment in my future and I am so disappointed that Sallie Mae can't provide any sympathy or forethought to how they work with people paying an accumulative billions of dollars. Loans are a legal scam and a necessary evil, but please just make it a least an easy payment process.
My son applied for a loan, using my wife as the cosigner. We tried to adjust the loan amount, but when we got to the acceptance documents, the loan amount was incorrect. Furthermore, the interest rate was listed differently between what my wife was looking at and what my son was looking at. We called two times to get this changed; each time we were promised that it would be correct. When I finally called to ask THEM to change THEIR SYSTEM RECORDS, they said that they couldn't do it unless I got my wife and son on the phone to verify their identity. Unbelievable. I would highly recommend going anywhere else for your student loan needs.
A few years ago, I cosigned for my daughter on a Sallie Mae loan. Now, they call me (robo and live) several times a day (seventy two times in the last thirty two days!) asking for payment, when I've told them repeatedly that my daughter would take care of it as soon as she could. They've also advised me that the calls would continue thirty days after payment is made.
My son ended up having to choose a loan quickly, this was because the University that he wanted to attend waited until the last minute to finalize his acceptance letter. He and my Mom (who has the best credit score of anyone that I know) applied for the loan together. My son did receive the loan, and because of time constraints he accepted it. When we received the finalized paperwork my mom and I were shocked at the horrendous interest amount, the payments and the fact that he would end up paying 3X. Yes, that's right, three times the amount of the original loan amount back.
I have a power of attorney, because he is attending college abroad, so I called Sallie Mae and asked them to lower the interest amount, in consideration of my mother's excellent credit score. They wouldn't even consider it. They are a vile, opportunistic, and greedy company. While my son is still overseas, my mom and I will be trying to find a decent company to get a new student loan from. My advice to anyone reading this would be to NEVER deal with Sallie Mae, they are an uncaring and greedy company with shoddy business practices.
They constantly spam my phone with robo calls every 20 minutes, but put me on hold for hours at a time when I try to call them. They are harassing my relatives because they say they “can’t get ahold of me.” They do not offer income based repayment and use scare tactics to get what they want. They will sell your loans to other companies without telling you first and do not offer loan consolidation.
I have been diligent in paying on time for loans to educate two of my children, for ten years! I have asked to please not require me to make my monthly payments on the same or very close dates each month. I have also asked for interest rate help, these rates are 6.75% and 8.75%. I was told by Sallie Mae ten years ago the rates need to be high to compensate for rising interest rates. The Prime rate has only gone down! On just one loan I have paid 55,000 in interest while only 12,000 in principal. Sallie Mae refuses to even discuss interest rate moderation. This is difficult as I have not had a w2 for ten years and the amount taken by Sallie Mae is almost the entire amount of my Social Security ck of 1600.00$$. Sallie Mae makes this withdraw against my bank account wi ttg his days of receiving it each month! These are just some of the justifications I have for being dissatisfied with Sallie Mae.
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