This company is not yet accredited. To learn more, see reviews below or submit your own.
Keep an eye on your inbox, the lastest consumer news is on it's way!
A link has directed you to this review. Its location on this page may change next time you visit.
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.
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.
- 1,423,915 reviews on ConsumerAffairs are verified.
- We require contact information to ensure our reviewers are real.
- We use intelligent software that helps us maintain the integrity of reviews.
- Our moderators read all reviews to verify quality and helpfulness.
For more information about reviews on ConsumerAffairs.com please visit our FAQ.
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.
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!!
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.
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