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My son applied for loans through Sallie Mae, all of which I cosigned for. He ended up taking out 4 loans (one each year). He chose the option to pay the interest while in school, in order to only owe the principle when he was finished with college. Each of his loans was on a variable rate (anywhere from 10 - 12.75) and the interest was calculated on each loan separately!! I took on the payment for him, and for his final year, it was up to 400 dollars a month just in interest!! It gradually climbed from 80 dollars to 400.
After he graduated and his loans came due, the payment was almost $800 a month for a 50,000 total loan amount (and that's after I had paid all of the interest while he was in school). The worst part of it all: THEY DON'T EVEN CONSOLIDATE THE LOANS YOU HAVE WITH THEM. They are all separate payments. This company is the biggest disgrace I have ever seen. The way in which they take advantage of students who are attempting to get an education is sickening. You should be ashamed of yourself, Sallie Mae.
I am writing this so anyone who is considering Sallie Mae as a loan source for a student loan will think twice before taking a loan from them. These are not good people so if you decide to do business with them be careful. They are NOT looking out for your best interests. I am the father of a student who was was 18 years old and just starting college when Sallie Mae made an outrageous loan to her and her mom, neither who knew much about finance or borrowing money. Sallie Mae heavily solicited her loan and then gave her a 12.125 interest rate. I do know something about finance and know that at the time the cost of capital to Sallie Mae would have been somewhere in the vicinity of 1 percent. This is an estimate but that means Sallie Mae was making somewhere in the range of 10 to 11% on an 18 year old girl with no warning on what she was getting into.
I have now gotten involved in trying to pay off the loan and called Sallie Mae to see if there was any relief available for what is very close to a usury loan loan rate. Sallie Mae will do nothing and was not the least bit sympathetic or caring about the financial crisis they are an integral part of creating. The question in my mind is why would anyone, especially an entity like Sallie Mae even offer a loan like that???? I can't find anything about this that I could say was helpful but I can say there is a lot of stuff about it that was egregiously harmful to a child just starting out.
I am stunned that they would do that and not bat an eye. There was NO offer of information to my wife and child to guide them away from locking into a damaging situation and in fact enticed them in. There was no amortization schedule of other information provided. Even if there was it would have been given to someone who would not have understood it. It is like luring young children into smoking cigarettes which is my best analogy. It is an awful example of corporate greed. Thank you Sallie Mae. I hope you and the people that work there sleep well at night.
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I have been with this company since 2017. I make overpayments on the account, yes over payments to keep my accounts up to date to avoid bank charges. I am an overseas student and need to make a large lump sum to avoid additional $ 20.00 or $ 30.00 just in bank payments. Currently, I have $ 1800.00 of overpayments. Sallie Mae not only sends me a bill showing that I am late on two months of payments but they have called the credit bureau. When I called, please read this carefully, when I called to speak with a "trained" customer service, they told me that they do not know what a credit or payment on account means. I spoke with a supervisor, and please read this carefully, she told me I had to call Sallie Mae to tell someone in the accounting department to move a credit amount of $50.00 from an overpayment to satisfy a payment?
Listen up people, not only do they double charge you but the fat cats are trying their best to cause you to be delinquent to make extra money. This is a scam. PLEASE PLEASE CALL the CONSUMER OF FINANCIAL PROTECTION BUREAU. ALSO, PLEASE PLEASE CALL YOUR DISTRICT ATTORNEY. This is ongoing for me. I have always made payments on time, overpayments, always, never late. This is a flawed and corrupted system. I WILL BE CONTACTING AN AUDITOR and THE DISTRICT ATTORNEY WHO REPRESENTS MY LOCATION. PLEASE PLEASE BE CAREFUL.
I graduated in December of 2019, a few months before cocos. I enrolled in their forbearance program, which is no payments for 3 months but still accruing interest. A week before it was supposed to end I had a death in the family and had to pour my savings into going to the funeral out of state. I contacted them and asked if at all possible to get my forbearance extended and they allowed me to extend it until October. (My balance remained at 0$) Two weeks later me and my co-signers started receiving emails and phone calls daily about how my forbearance has ended.
I logged into my account online and saw that my account was past due 450$. I reached out to them and nobody could figure out what was going on because my account was supposed to be frozen. I was transferred to 5 different people in the span of an hour only to be told something vague like it was a “rolling past due amount” and it’s frozen so I don’t have to pay it? I don’t see how I could have a past due amount from March that just showed on my account in August. My co-signers are now getting harassed every day by phone and email. Not a good way to conduct business.
The most exploitative company I've ever dealt with. I took out a loan for my Bachelor's degree in desperate times of need and ended up with a 12.875% interest rate. I opted to pay $100 a month while I was still attending school- that was 'supposed' to go towards my interest on the loan. However, the monthly payment didn't shift my overall balance by a penny. It actually went up. Fast forward to post-graduation, I have a $900 monthly payment. Okay great, I'll pay $900 a month, and sometimes even $1000. "This will get paid off in no time." HAHA. My overall balance is still increasing. I'm basically throwing $900 a month into a black hole. The customer service can't even explain this concept to me. They can't even tell me where my money is being applied to- because it's definitely not my $30,000 loan. I've been paying $900 a month since January 2020. When I first started paying, my overall balance was $30,762; now it's $36,240. GOOD LUCK.
Sallie Mae is a predatory lender. First, they do not give an Amortization Schedule so you never understand how much goes to principal and how much goes to interest. Also, I have a 12.375% interest rate and my daughter is still in school. After 2 years, I owe over $2,700 in interest which is charged at $5.11 EVERY DAY!!! 100% of all of my payments will only be applied to the interest so even if I make payments, I will still have to pay all interest which NEVER stops accruing at a daily rate of ($5.11/per day). Customer Service was rude. I told them I will refinance this loan with another company and I will never do business with them. The Service Reps let you know how very much they could care less about your business. Agreeing to pay additional payments while in school doesn't help AT ALL because $0 of your payment will go to the principal.
I have a 725 credit score. I have had several personal loans and have paid them off. I have credit cards. I am very familiar with lending and credit. I have never had such a horrible deal. I am so embarrassed that I let this company take advantage of me. All of my statements are electronic so I never looked at them but I paid $25 and my loan went up. I paid $50 and the loan went up. I paid $100 and the loan amount went up. How surprised to learn, interest is $158 per month that has been accruing for 2 years. I feel so stupid. I feel like I've been raped, used and abused by Sallie Mae and I feel sick. I will messed up. Please stay away from this lender.
If your choice is a Sallie Mae loan or not going to school- DON'T GO TO SCHOOL! They are the absolute worst company to deal with. While every other creditor is waiving or suspending payment during this virus time Sallie Mae is ignoring my medical discharge paperwork and reporting me to the credit agencies. They will hound you until the day you die and if they could dig you up and get a payment from your teeth they would do it. Bottom line- wait a year and save your money so you do NOT have to use them. If you do it anyway you only have yourself to blame.
I needed to update from my Customer Identification Number to SSN so I called agent. I had to fax them my SSN and they say it would take 3, 4 business days. After another 3 calls, today marks 48 days. Terrible Company!!!! Interest rate will jump to 11% no matter what and they are not doing anything in this stressful times of Coronavirus to help poor people and students that took loan. Do not make this mistake in your life, no matter how desperate you are, do not take loan at Sallie Mae. Wouldn't recommend to my worst enemy.
I got a loan from Sallie Mae for school. I couldn’t do what I was going to school for. I call and ask for loan forgiveness. Because I dropped out of the school and I’m unemployed. I give them a call for loan forgiveness and they told me they can’t do a loan forgiveness. Sallie Mae expect you to pay even if you are jobless. All Sallie Mae cares about is making your payment no matter what you going through, they don’t care. Period. Stay away from getting a loan from Sallie Mae.
I called up to speak with someone about working out arrangement with monthly interest payment because I just got laid off this morning because of Coronavirus. Message said no one in office because of virus but go online to chat with someone. There is no place to log on to a chat, just more BS from the government on everything, in the meantime I cannot discuss with anyone about the problem which I know I'm not the only one that has it. I am going to refinance my loan ASAP and will never ever use this BS operation again and I suggest others do the same!
Sallie Mae author review by Barbara Friedberg
Sallie Mae is one of the largest and most reputable student loan companies offering both undergraduate and graduate student loans. They have been in business for over 40 years and have helped more than 30 million students and their families save, plan and pay for college.
Services: Private education loans for undergraduates, graduate students and children in private K-12 schools. Banking products include money market accounts, high yield savings accounts and CDs. The Upromise by Sallie Mae earns members cash back on everyday purchases.
Smart Option Student Loan: This unique program offers an undergraduate school student loan solution with competitive interest rates, a choice of repayment options and rewards for on-time loan payments while in school. There are 3 repayment options and variable or fixed interest rate loans.
Three repayment options: Sallie Mae offers 3 different repayment options: a Deferred Repayment Option where the student makes no payments during school or pays as much as he or she prefers, a Fixed Repayment Option or an Interest Repayment Option where students make interest payments while in school so it doesn't accrue over time.
Payment rewards: The interest repayment option rewards the borrower for paying interest while in school. This benefit may save over 20 percent on total loan costs when compared with the deferred repayment option. On-time payments earn a 2 percent benefit paid into the student’s Upromise account.
Loan education and information: The Sallie Mae portal has useful budgeting, money management and loan resources to help student and their families with their finances.
Sallie Mae Company Information
- Company Name:
- Sallie Mae
- Year Founded:
- United States
- (800) 472-5543
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