Sallie Mae

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Satisfaction Rating

My story is long and involved and utterly frustrating. My identical twin boys have several Sallie Mae loans, unfortunately. They are the only game in town that makes it easy to become their hostage. Bottom line, they need the money or they will not be able to finish their college educations. We recently applied for their last semester, which will be this summer, 2017. Both boys have NO credit history. They have NO credit cards or payments of any type. Their only debt is for school (and that's extraordinary). Both are in debt for the same amount of money. On paper, they are exactly alike, even their majors are the same. After they applied for their loans they were each granted an offer of an interest rate. One boy was offered 6%. The other boy was offered 9%. That's a difference of 3% which equates to hundreds of dollars over the life of the loan.

We've made many phone calls to try to educate ourselves as to how this is possible. Never have we been given an answer...except that the "computer" figures out the rate based on an "algorithm". That's it. In the meantime Sallie Mae told me to contact TransUnion as their credit scores are different from each other. TransUnion replied that the score for the boy that is being offered 9% was different than what they reported to Sallie Mae... They indicated that Sallie Mae must have changed it. How is this legal? It is terribly sad what we are doing to our youth today with this kind of underhanded business practices. It's appalling.

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Sallie Mae preys on those with poor credit! My interest rate has increased 3 times in less than a year. They try to say it's because they belong to LIBOR. They're liars and pathetic! Get your money anywhere except from this company. They're a total RIPOFF!!!

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America's future, saddled with debt, that seems eternity that will follow them. Great reward for trying to better yourself via College educations. The "scam"? Sallie Mae's predator like tactics, by helping "defer" payments until after graduation, with the guise that "We make it easy for you by allowing payments later." However, when you graduate, it may take you years to pay off the "accumulated interest" with your principle never going down. They laugh to the bank, and with interest rates that are never really favorable. Try dealing with them, do they care? Not really. Offer you any real solutions? Not really. The "shame"? That Sallie Mae's name is tied to the US Gov't, and that the US Gov't allows these predator like tactics to occur. Sinking America's future = shame on you!

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I thought I would go back to school but I didn't have time so I decided to do it online. So I got a loan through Sallie Mae. I started making my payments back and they started getting higher and interest started going up and I only have social security. I made as much as I could and with my other bills I just couldn't afford it anymore. Now they call and send me letters saying they are going to take our taxes. I just wish someone would make them go through what I am going through!

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Consumer Increased Rating!
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I had to drop out of college for health reasons. I have been on Social Security disability for years and thought a degree might help me get a job I could do even with my health. It didn't happen. Worst mistake I ever made was taking a private loan with these crooks. I am 59 years old and cannot work at all. My husband is nearly 66 and retires this year. My little SSDI check doesn't even cover our rent and his paychecks barely cover our other bills and food. Sallie Mae has done nothing to help even though my doctor has certified me as fully and permanently disabled. Well, my loans are private, so they can't touch my ssdi and after my husband fully retires, they cannot take his SS checks. I just wish they'd stop the harassment. I've told them to cease and desist. They must be made to understand they are actually violating law by acting the way they do. They do not care.

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Sallie Mae offered me help when I was pushed up against a rock and a hard place. I needed $12,400.00 fast or I would not be able to finish my last year of college. I exhausted my financial aid and my parents would not take out another loan or cosign one. Sallie Mae was the only option at the time due to my credit and being in college I had little income coming in. They were quick to help me but failed to explain exactly what I was getting into.

When I got out of college I had a 6 month window until repayment started, then I got the first bill. I owed somewhere around $290.00 a month (Oct. 2014). I was floored... I paid and I paid and I paid... I NEVER missed a payment and was NEVER late, ALWAYS EARLY. I was getting NOWHERE. My interest rate had increased a couple times from what it started at currently it is 9.750%... Outrageous for any loan. I called several times pleading for help and got the same answers time and time again. I could enter into a forbearance for up to 12 months at a time and every 3 months pay $50.00 for each loan which I had two loans so $100.00... interest would continue to accrue and be tacked onto my loan and at a 9.750% interest rate (I called recently) it would amount to about $62.00 in interest per month equaling $186.00 every 3 months. This would cause my total amount owed to increase exponentially over a year.

I had recently called several times in the past month asking for documentation from the time I agreed to the loan to now and I asked for all payment information. The first time I asked I told them to fax it to me. It would take 48 hours to get that information. It never came. I asked a second time for that information to be mailed to me (now over two weeks ago) it was NEVER mailed to me. Because I did everything over the phone and online I have never held a hard copy of any documentation on what I actually signed up for (bad on my part definitely but shame on them for taking advantage of a broke college student desperate to finish schooling like a good little citizen). I asked several times to speak with supervisors and was told a written request from the manager has to be submitted. I never received any call (I may have but I was unable to answer at the time and NO messages were ever left).

Over the past 3 years this company has received not 1, not 2, but almost $3000.00 in interest!!! In 3 years I paid on time, always paying an extra $50.00 here $100.00 there. I barely made a dent in the loan. From $12,400--->$7,200.00 (current amount). That's $5,200+$3000=$8200. THEY HAVE RECEIVED $8200.00 in blood, sweat and tears. But it didn't dent that loan at all. All I wanted was some help, put me in a better interest rate, that's all I wanted. I know I took the money out and I wanted to pay it back at a fair rate but to no avail. They did not help me. It's not like I couldn't pay it. It was just leaving my pockets empty and me living paycheck to paycheck.

The last representative I spoke with gave me probably the most asinine response to my situation. I quote "Miss your payment and collections will call you. They may be able to work something out with you but it's not guaranteed." I was floored. I never miss a payment for ANYTHING and I was not about to risk my almost PERFECT credit score over it. Needless to say they SUCK. A greedy, dishonest business not willing to work with those who truly want to pay back their loans. I never minded paying them back at a lower rate. They would have continued to profit from the interest and eventually made the money of the loan back. JOKE'S ON THEM NOW... I was lucky enough to have a relative willing to pay the loan off for me and pay them back interest free. So SALLIE MAE if you read this I WILL MAKE IT MY MISSION TO MAKE SURE NO ONE BORROWS FROM YOU CROOKS.

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I cosigned for my daughter's loan in 2011 and 2012. This was before the separation of Sallie Mae and Navient. They claim to be separate companies but can tell you exactly how much you owe each one. I filed a complaint with the CFPB, and suddenly, they could get someone to phone me that supposedly could resolve the problem. Before that, I'd been bounced around from one person to the next with different answers from every one. Basically, they have set the payments for the loans way beyond my daughter's ability to pay. So, they have come after me. I had harassing phone calls multiple times every day. I told them to stop phoning my cell but they continued to do so.

Today, I spoke with John who tried to use "used car salesman" techniques with me. I kept the upper hand and he became more hedging. For example, he said he'd send me all the details. Then he said he'd file the paperwork with the CFPB, as if I would trust them to not doctor the paperwork. I have the originals, which I never told him, and I will be comparing them. He tried to pressure me into naming an amount that my daughter can pay, which I refused to do. I suggested that he should consider that if they are a "private" bank then they have the power to extend the payments out so that she can afford to make them. Of course, then they are not free to do that??? One evasion after the other.

You can't claim to be a new bank since 2014, and then when challenge about the fact that we signed our documents before that date then they were new in 2009. These people are loan sharks with aggressive debt collection tactics. Predators doesn't even begin to cover these guys. Contact your state Atty General, file complaints against both Sallie Mae and Navient. Contact your state and federal representatives. Keep the pressure on, find an atty to take the case. They are arrogant enough to imagine that they can't be touched. They are monsters.

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I use to not believe the people that have had all the problems with SM but it caught up to me. Ridiculous interest rate. (And I have really good credit mind you.) Increased payments without notice. (Which is interesting since they have no problem sending a stupid amount and mail and emails.) Getting ahold of a real person to talk to is impossible, and when you do they have no idea about anything. DO YOUR RESEARCH. Sallie Mae is awful.

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This is the absolute worst company to ever get a private student loan with. They don't even deserve one star. I have been receiving multiple calls every day and two months later they still have not handled the issue. They say a form has not been received when I confirmed twice with the account manager that the deferment letter was received. They are only after money and have no concern for students or graduates. I'm literally in tears of frustration. Please don't choose Sallie Mae.

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I had student loan with CitiBank. I moved to new location and reported my new address to Citibank. At the same time my student loan was purchase by Sallie Mae. I did not receive any mails from Sallie Mae. Few months had passed and I called Sallie Mae after finding out that Sallie Mae purchase my loan. I had late payments. I tried to explain my situation but they did not care. I paid my loan fully. Then when I was trying to purchase a house the late payments were on my record. I called Sallie Mae and explained my situation and told them to take out late payments from my record. They refused and I couldn't purchase a house. Don't get loan from Sallie Mae. They DO NOT CARE ABOUT THEIR CUSTOMERS.

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I've had quite a few less than impressive encounters with Sallie Mae student loans. However, once I started the automatic payment plan everything was fine for a few months... Then I switched banks. I changed my bank information on the site, paid my loan manually for that month, and signed up for automatic payments through the new bank. There have been multiple issues. Including starting the automatic payments and then suddenly not making them. Causing late fees and my credit to go bad. So I paid manually and then they randomly would withdraw automatically certain months. I've had to call my bank and put a hold on them twice. They've attempted to withdraw from my closed bank account even though I've deleted it from the site, and it just reappears. Now I'm attempting to make payments and it won't go through at all. I've called my bank and ensured it's not on their end. It's beyond the point of ridiculous.

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I signed (and aunt cosigned) for a $10,000 loan with Sallie Mae in 2013. They informed me that I wouldn't owe them a penny until 6 months after I graduated. However, 1month (this was October, I started school in September) into school they started harassing me telling me that I owed them money. I asked them how when I just started school!? I told the agent that I had been promised by multiple Sallie Mae agents that I wouldn't owe until 6 months after I graduated (before and after I signed).

The person I spoke with said they didn't know but I owed them and if I didn't pay they would take action against me and my cosigner. So of course, as a scared 18 year old I payed up. I had just gotten a minimum wage paying, part time job to pay my phone bill, etc, so I fortunately had the $75 they were asking for. However, it didn't stop there. I continued to keep calling (and getting transferred hundreds of times) asking how my account could already be in default as I had literally just gotten the loan, still no answer. I literally spent hours on the phone trying to speak to these people, someone, anyone who could tell me about my account and where my money was going! It is my right to know what is going on with my account, but all the agents were acting like it was a big secret or something, which it indeed turned out to be.

My cosigner started calling me asking why it was in default and that it was affecting her credit so she would sue me if I didn't pay. I literally didn't have anything except a part time job, a cell phone, and a car that was given to me from a family member. Finally, months after calling numerous times and speaking with countless people, I got an answer from a sallie mae agent and she informed me that what I was actually paying this whole time (from the 1month (October) after starting school in Sept, 2013) was the interest on the loan, not the actual loan, and that I owed them over $5000 in interest.

Shocked, I asked if there was anything I could do because I was a struggling student and barely even surviving as it is, and I was told no the only option I had was to pay it. I even told her that I had been scammed by them and she didn't have any answer so I kept getting transferred, still with no answers. I struggled for months until eventually I had to drop out of school to look for work full time just to pay the loan because they were harassing me daily! Almost immediately (1 month after quitting school) they started calling again saying now I owed nearly $400, instead of the $75 I had been paying, I was floored.

Again I asked how is this possible and no one would give me an answer, everyone I spoke to said I have to pay or they would take action against me!! Still to this day, three years later and being in contact with them constantly, no one from Sallie mae has contacted me or tried to resolve this issue with me. The only calls I ever get from them is a recording saying I owe them money! I still tried to pay them despite them lying to me plus my hardships and they wouldn't work with me at all! All they have ever offered is to give me a deferment for $50 (claiming that it goes towards interest), which I have done.

I don't know what to do, but I have filed a complaint with the BBB, and now here. Still no call from Sallie Mae or offer to help from any agents thus far. THIS COMPANY IS COMMITTING HUGE FRAUD AND SCAMS ON CLIENTS WHO HAVE TAKEN LOANS WITH THEM! I have seen online they had been sued in 2014 for fraud against clients and they agreed upon a settlement. However, what about the rest of us who have been scammed by Sallie Mae and have gotten no settlement check, let alone any answers!? What are we supposed to do next? So far, I have just been paying them but I feel this is so wrong and I definitely have been scammed and treated unfairly! Seems like this is extremely common amongst the people who have, unfortunately, taken out loans with sallie mae, in one form or another. Thanks in advance.

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I have a student loan in Sallie Mae, and as soon as 6 months hit after I graduate from school my payment became from $45 to $495. I have not taken the nursing exam yet so I have no money to pay for that very high amount and my parents couldn't help me because they are struggling with financial too. So I called them to do a deferment at least 3 months till I pass my exam and get the job I went to school for, and so the struggle started.

First, every time I call them they keep transferring me back to automated machine or transfer me to a person, and hangs up once I addressed the reason why I called. I have called them a hundred times and they kept doing it. 2nd, when I finally get to talk to a person that didn't hung up on me, so I told her that I needed to defer my loan for at least 3 months, and she told me that she wouldn't help me unless I pay the amount due on that month. So I paid them $495 (I had to borrow money from a friend because I don't have that much amount). And again, when I tried to call them for a deferment, they did it again.

Every time I call them they keep transferring me to answering machine or they hang up on me. After more than 20 calls, I finally talked to someone and she were to help me. Before we went over to processing the deferment, I asked the lady to do cancel my automatic payment that I had made for September 2016 and October 2016, and she told me that she was able to cancel that. While we were processing my deferment, I have to pay $150 for a deferment fee so they can process it, the lady said that it would take 3-5 business days for the result and they will be sending a mail and an email for the result, BUT THEY DIDN'T.

I only found out that my loan were finally on deferment on my account online. It says "On deferment till Jan. 6, 2017." So a month passed. When I checked my account summary on my bank I saw that it was negative $400. When I went over to my statement it showed that Sallie Mae had charged me $485 on October 28, 2017 while I am on deferment. I thought the lady on Customer Service had cancel my automatic payment, it turned out she didn't!!! I almost fell out of my chair after I saw may bank account with NEGATIVE $400!!! This is so irresponsible of them!!! That is why I did a deferment for 3 months because I don't have money to pay for it until I pass my exam and get a job. Plus I paid Sallie Mae $150 for the deferment!!! This is so frustrating!!!

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I haven't really had too much of a problem with Sallie Mae since taking loans out with them in 2013. The one thing I can't stand about them is the annoying amount of phone calls when your payments are due. My loan has been in deferment since I started my master's degree, so I have not been making payments. My mom was co-signer and my statements go to my parents address so I don't always get them on time. Apparently I missed two months of payments, and within a week (Oct 25-Oct 28) they have called me 19 times!!

I ignored the first two calls because it was from a number I did not recognize, and I figured if it was important whoever was calling would leave a voicemail. Well Sallie Mae does not leave voicemails apparently, and on the fourth call I picked up the phone to a recording telling me to call them back for information about my account. It wasn't even an actual person and there was no information about what was going on with my account. I understand giving someone a reminder call to let them know that payments are due, but 19 calls in the span of four days is harassment, especially since I was making payments on time before my loans went into deferment.

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So I took a loan out from Sallie Mae to cover a year for college. Worst mistake of my life. I got my grandfather to co-sign the loan for me and they immediately accepted us. Well I first signed up for auto bill pay and that was mistake number one. They input all of my information wrong. Got my first late letter in the mail but that was after they bombarded my family with phone calls and letters. Manually paid the first month. I call them up again to try and resolve the issue so they can just take it out of my paycheck every month. Wrong again. They did not accept that payment method either.

So I finally manually set up all of my information online hoping that this will work. Everything seemed to be on the up and up until one day a rep called my father saying my information was deleted and they needed to "update" my information. Fast forward to my senior year of college, I get a text from my father saying Sallie Mae tried calling my aunt to get in touch with me. Well I was immediately confused as to why they wouldn't have called me. I get on the phone with my rep and am immediately transferred back and forth to different departments. Turns out MY PAYMENTS WEREN'T ACCEPTED FOR OVER 120 DAYS!!! They told me there was a problem on their end that they didn't catch! That if I didn't make a minimum payment my loans were going to have to be paid in full!!

I immediately said if my loan payments were not being accepted then why wasn't I told? The rep immediately transferred me to a supervisor after being on hold for 45 minutes! I am several days away from accepting my degree early and in the process of finding a job! These people are scam artists and completely unhelpful!!!

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I currently have student loans with Sallie Mae. I graduated in 2015 and have started paying off my large amount of loans (PS: Private schools are expensive) I have. As a recent graduate I have had difficulty finding a full time job that pays me enough to make my payments. Luckily I have wonderful parents who help me out. My complaint is the obsessive amount of phone calls I receive from Sallie Mae regarding my account and payment that is due. Over this past week, Oct. 17-20, I have been called 17 times!! Some as early as 8 a.m. and other as late at 10 p.m.! I understand I have a payment due, but calling me every other hour is not going to make me pay it any faster. I am aware of my payment when I get an email about it a week or two in advance. You DO NOT need to call me everyday, multiple times a day to remind me.

It is the most annoying thing and I can honestly say that if you call me once and LEAVE A VOICEMAIL instead of not leaving one and calling me every hour on the hour, I will be more likely to call back or make my payment. I have learned to ignore the calls and go about my day, but at some point it is a little out of control. I know this won't stop the calls but I hope they understand this is outrageous. I will make my payment for goodness sake! Stop badgering me!

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I went to Westwood College online, a few years ago, Paying on a 14,000 dollar loan, thru Sallie Mae, and the Dept. of Education. 7000 for each loan. Am I crazy or no. The thing is I only went for 5 and a half months and dropped out. Can't believe I owe 14,000 for 5 and a half months, and I have been paying for years, maybe 3. Now Sallie Mae is saying I missed a payment, which I haven't. Now the harassing phone goes day and night, and stupid me they asked where I work. Now I'm sure I will get harass now at my work. Can you help, or guide me in the right direction.

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My experience with Sallie Mae has been horrible. My daughter had a loan with them for school in which I am a cosigner on the loan. I got sick and my daughter had to put school on hold for awhile to help me out. Before I could completely recover, the harassment started and has not let up. They call us constantly and even at my work place in which I explained that I'm not allowed to get personal calls and asked them to stop before they get me terminated. They do not care. If I get terminated I explained they won't get anything. My daughter cannot afford to pay them a lump sum of money and the payment they are trying to bully out of us neither of us can pay due to my still trying to recover from being sick, yet they do not care. They harassed her to tears and commenced to tell her what she should do to get the money.

These people act as if they do not understand the plight that everyone is not rich and if they were they wouldn't apply for their loan. Please do not make the mistake of acquiring a loan from them because it will be the worst thing you've ever done. You'll never get any peace. I hate my daughter ever got a loan with them because they do not care about the consumer at all and it's obvious they do care if you go through personal issues and cannot make the full payment they want. They don't even try and work with you. Just tell you what you can do. I plan on going to school myself soon in the future, but I assure you if I need a loan I will sooner pull out my own teeth than deal with this company ever again! Again, this company is a nightmare.

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Where to begin with this company, they've been a nightmare from the beginning and they never seem to get better! I fell for the low monthly payment of $25 and then got slammed with a much higher payment right around Christmas. When I called to see if they could help I was rudely told I could either default on the loan or go back to school and defer it... Yeah, not helpful. That was several years ago and I'm still paying on that loan, which they told me I'd have paid off in October, but somehow my payments don't seem to add up and my interest rate got raised and I've been paying more than they ask each month on time.

Then there was a matter of the loan that was under my mom's name, my sister's social security number, my school, and some random loan amount neither of us had chosen. When we called to ask about it and see whose it really was, if it was anyone's at all since it was so messed up, we of course didn't get any help and were pretty much told that we would just have to pay it.

Then there was the mystery loan that popped up 3 years after I had graduated. We have been paying on multiple loans and one day we get a letter from the department of education about a loan that was in default for 3 YEARS! Once again we called Sallie Mae and they had the nerve to say they tried contacting us about it but we never made payments... because yeah, we wanted to pay every loan except that one! Not to mention the fact that they had our house phone, my cell phone and email address, and our physical address. Pretty sure if they tried to get a hold of us like they said they would have done it. They had multiple opportunities to contact us.

I absolutely DO NOT recommend this company to anyone for any reason. They've been nothing but horrible and useless for about 8 years and I can't wait to be done with them (whenever that day is going to be). I don't feel comfortable giving them one star, they deserve 0, and even that wouldn't reflect how awful they are. Avoid this company like the plague they are.

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Sallie Mae is doing so horribly they had to change their name to NAVIENT. They're still horrible. I've had multiple issues with them and their customer service is so rude. Here's some examples of their rudeness: I'd taken care of a bill the day before. The day after, Sallie Mae calls. I say "Oh I've already gotten that taken care of." He says "Well obviously it hasn't been taken care of otherwise we wouldn't be calling now would we?" Guy calls and tries to keep me on the phone. I tell him I'm out and would like to wait until I'm home to look at the computer and my accounts.

He keeps me on, saying "Oh well we can just do a post-dated check or a card" and I say "I'd much rather do it when I'm at the computer so I can make sure everything's straight" and he tries his best to keep me on the phone. Finally he says "Yeah what's the REAL reason you can't pay today?" I didn't say I COULDN'T PAY! I just said I wanted to make sure my accounts were in order before I start doing post dated checks!

He just called again today and I said I had to call him back. He said "Well you said you'd call back Friday and you never did!" Actually I did and it went straight to a machine. So he kept saying "So I'm gonna call back and you better answer! You're gonna answer right? You better answer!" They just make everything so uncomfortable and aren't nice at all!

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My son took student loans to finish his college. He graduated in 2014. He has met EVERY requirement of the "remove co-signer application" available on their website. His credit score is north of 775. No loans other than the student loans...and the denied it, saying loan to debt ratio was too high??? I contacted my state representative, and NBC Responds, the television station seeks to help people with problems that they can't seem to resolve. Neither got far. The BIG BANK is boss, and with 43% of people in default on student loans, they will do anything to hold onto co-signors...it is wrong. Just be frickin honest, and put on your website, you will not be able to remove co-signer unless they die or loan is paid off. YOU SUCK SALLIE MAE!!!

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My son borrowed money and I was the co-signer. I can not even make up how bad the customer service is. Once he graduated and started to work his student loans went up from 25.00 a month to 540.00 a month. We called and got them dropped to 205 a month. The process was set up with Sallie Mae and by Sallie Mae. It took 6 one-hour long or more phone calls to get it straight. Phone calls so bad that I do not understand how a organization ran like this could be in business. One call I was transferred 8 times, the record is 10. There is so many hidden items in the loan contract and the way they conduct business is worst. Please parents and students, find other funding.

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So my parents co-signed on a $10,000 loan for me. My parents live in a different state than I do. Now, if I am like three days late with my payment here's what happens: My dad texts me, "Sallie Mae is calling multiple times per day on your loan." I start getting automated calls from them a couple hours later (outside business hours so I can't call back right away).

I call them the next day, make a payment and ask them to stop calling my parents when this happens. The calls continue for two more days, and it starts over the next time I'm a couple days late. I concede they have the legal right to call my parents, but I thought that would be if there were indications that I would default; not that I was a couple days late. And why they would call my parents before they call me is beyond comprehension.

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In 2002 I went to college and graduated early in 2004. One of my loans was with Sallie Mae and I borrowed $14,000 for school. Today is 2016. Yes 12 years later guess what my loan balance is - a whopping $17400.00 and we make monthly payments. Now I took math in school and for some reason our payments do not touch the principal. It just adds up. And we have paid $275.00 monthly. You figure it out... and more to pay... not sure how this is possible. But it is. We continue to pay due to credit, we would be ruined if we did not pay this... a life time of sorrow.

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I co-signed for a loan for my son who is out of school but has no job. The deferment period is over and Sallie Mae whets their money. I am a single parent, have school loans of my own. A few payments missed, they called me, I paid at least half and asked if any information was sent that can have a negative effect on my credit report. I was told no. Today I found out that they lied to me. My score is down 80 POINTS!!! EVERYONE KNOWS HOW DIFFICULT IT IS TO BUILD A GOOD CREDIT SCORE!! I have heard horror stories about Sallie Mae but I am now having my own experience!!! It sucks to be between the realm of 'rich' and 'poor'. You do not qualify for assistance and you do not make enough to pay your own way so you have to resort to the likes of Sallie Mae!!!

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I wish with all of my heart that I had never heard of Sallie Mae and never helped my child apply for a loan and co-signed these stupid loans. We could not get any loans anywhere else even with good credit. We are out of deferments with Sallie Mae. My child don't have a job right now. She is trying to find something. I don't understand what is going to happen. She has tried to make some kind of payment each month, but can't make their high payments. We have called and talked to Sallie Mae almost every month and never get straight answers. I couldn't make payments all the time when she was in school, and I am unable to help much now with my husband unable to work due to being injured at work. Am I going to lose everything I own over this? I am worried sick but don't know what to do and can't find anyone to help me. I found this site this time. Is there anyone out there that can at least direct me where to go for help?

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I wish I had read these reviews prior to falling prey to this Legal Loan Shark of a company. I, like the rest of us that want to further the education of our children, had to pay for everything - no grants, no nothing. However, I been paying all four loans while my son was in school from the start, 4 years of it, that was over $1,000 a month every month for 4 years. Then he graduated, Whoopie. Can't find a job. I send each payment (2) separate accounts, two separate bill pay checks sent. I send extra. I get told that I am behind. I asked, "How could that be, I send more than the minimum required amounts each month." Ready for this explanation.

After my 7th call to these ignorant turds, hung up on, or "I'm sorry, sir, I can't hear you." The one lady tells me that the reason for the confusion is the fact that the Finance Department does not know where to apply the extra money so it goes towards 'rears'. What 'rears'? I'm sure she meant 'Arrears'. I said that makes no sense at all. It should automatically go towards the principal. So then I get told that the payments are based on being ahead by one month. I mean really? What is wrong with this outfit, no manners at all, they got me so pissed off. I went as far as yelling that had my son been a immigrant, he would have had a full ride, but because he is an American, he gets nothing, and yet they base all his financial documents based on my salary and my wives. Why? He is over 18.

This Sallie Mae corporation is nothing more than a legal Loan shark that sucks the life out of every person that falls for their "Loans". Once they get you to sign on the dotted line, they got you and if I worked at this Pyramid Ponzi scam ** hole and spoke to the customers the way they do, I would have been fired. No wonder education is not within the reach of any American here. I hope Trump plucks your feathers and expose you for what you really are. Out for yourselves.

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Satisfaction Rating

Sallie Mae is the worst loan company I have worked with, and I will regret my decision until the day I die. Sallie Mae promises new loan buyers the world, but once you sign the papers, their well-wishes become fangs filled with venom. When I first applied for a Sallie Mae loan, I was hooked by their low-interest rate (which, compared to the other loan providers, 6% was great). After signing the dotted line, that 6% became 9%. When I argued it, the customer service reps would either sit there in silence, laugh or just hang up on me.

Another issue is that they are not willing to work with you, at all / no matter what (especially post the forbearance stage). They want me to pay 797.13 a month on top of another loan that is from a different company... I can afford 1/2 of that, easily. BUT, rather than getting something instead of nothing, they declined every solution I had and just hung up on me. I begged and pleaded, but they would rather have my co-signer and I go into default than to work with me.

The customer service portion is a joke. One rep called me a liar when I told him I am borrowing money to pay my loans (really??). Another rep laughed at me when I told her of my issues, and she told me "Sucks to be you, kid." and hung up on me. Another rep said "I have better things to do than work with people like you." and hung up on me. These are three of the MANY calls I had with them, most of them either equal to worst than what I just said. They really make Comcast customer service look like angels.

Finally, I am in a situation where the money I make doesn't compare to the payments required. One rep, laughing while he said it, told me to find another place to buy-out my loans. I may just do that because I'm working myself to death for nothing. I wish the absolute worst to Sallie Mae, and I truly believe in karma. Companies like Sallie Mae are the reason why people are struggling to this day. I made the choice to go to college, I graduated top of my major, I work harder now than I ever did to survive. What goes around, comes around, Sallie Mae.

UPDATED ON 07/23/2016:After writing my previous review, I was contacted by Sallie Mae's Office of the Customer Advocate. In their message, they left me a phone number to call. I suddenly felt like my prayers were going to be answered, and that my payments would become more manageable. NOPE. Instead, when I called the number and I was immediately sent to a representative (whom I want to publicly name, because she was a class piece-of-work, BUT if I do, I feel that Sallie Mae will find another way to punish me). The representative introduced herself to me, apologized for my experience, and stated that she was going to listen to all my calls in hopes to fixing the issues that I had. She never once said "We will try to find a way to help you pay what you can", instead... just "fix the issues that I had".

She told me to wait two days, and she would call me back. After waiting those two day, she contacted me. She immediately reminded me that I was being recorded and I must understand this (immediately igniting shivers of rage within me). She promptly followed that she found no proof to the experiences I had, and professionally called me a liar. She stated she only went back to "2015", to which I have been having these issues with Sallie Mae reps since 2014 (when I graduated). After telling her what I stated was still the truth, she just replied "Yup" and I began to hear an onslaught of "taptaptap" in the background (now documenting her behind).

Long story short, after going back and forth with her (and hearing an unending onslaught of "taptaptap" in the background), I bluntly asked her "Did Sallie Mae reach out to me to help me out OR did they seriously contact me JUST to clear their customer service's name?" She evaded the question and told me, instead, that ONCE AGAIN Sallie Mae will not help me lower my current payments. Sallie Mae's reasoning is as follows: Since I am "paying" my loans, I am therefore not considered "in financial difficulty", even though I frequently call them, begging to lower the monthly payments.

Sallie Mae's wants me is purposely not pay my loans (and call them before 15 day past-due date), then have Sallie Mae NOW take both my co-signer's and my financial information, run a financial report, and make a new payment pooling our incomes. When I disagreed with this, saying it was stupid, and said that I didn't want my brother now getting pulled down with me, her actual response was "Well, he shoulda knew what he was getting into once he signed the papers. That's what a co-signer is for, right? You can't make your payments, then he can. If you didn't want to put him at risk, you should never have used him." Really? REALLY??

What we knew when we agreed to signing up with Sallie Mae is that I was promised that I would end up paying the loans back at LOW INTEREST/PAYMENT (hence why we were brought to Sallie Mae in the first place... their LOW REPAYMENT PRICES), not the factor that I signed a blood document, seeded with lies, so that they would cripple my brother and I should I experience any struggles at a price tag THEY personally decided.

In the end, classic horrid customer service being horrid again, combined with ruthless business tactics. If I hit a miracle and I am actually able to pay off this upcoming month's loans, I will immediately start searching for someone to buy out my loans and save me from the hell Sallie Mae has put me through. Everything about this company is a corrupt from the ground up, and do not trust Navient, either. They are run by the same people and same principles of Sallie Mae (this stated from the ACS, StudentLoans.Gov, and NSLDS representatives I talked to on the phone, post that Sallie Mae phone call). To any/all potential Sallie Mae repliers, DON'T BOTHER MESSAGING ME. You will not get a response from me anymore, no matter what you say. I am completely done dealing with you/interacting with you. May this PLEASE be the last experience I ever have to have with them again.

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Satisfaction Rating

First of all I never used the Sallie Mae loan because my ex-husband between 2009 and 2014 was in the military and I had went to University of Phoenix and Pikes Peak Community College. Sallie Mae charged me for schools that I didn't even go to. I gave them proof that my identity was stolen and they keep sending me more and more bill statements after stating that I never gone to these horrible schools that wasn't even accredited like Remington College or Everest. Don't ever apply there because some students don't even get jobs after they were promised that they would. They have no accreditation and have the highest rate of college dropouts. They pool your information and tell you you owe them even when you did not go. So Sallie Mae is a piece of useless loan that makes you pay when you didn't go and puts it on your credit. However they can go fly a kite because I am NOT PAYING FOR A SCHOOL I NEVER WENT TO and neither should you.

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Satisfaction Rating

While my son was in school, he was paying $200 a month toward his loan. Suddenly, they started sending him back a check for $200 a month. We called the phone number provided on the check to find out why. They were to return our call with an answer within 10 days. Nope. Meanwhile, this went on for five months. After speaking to numerous people at numerous numbers that they kept transferring us around to, NOT ONE person could explain why they were sending him $200 every month.

Meanwhile, his loan is NOT being paid and interest is accruing yet he is TRYING to pay down his loan. WE assumed it was because since he was in school full-time, he was in "forbearance" and they WOULDN'T take his payments! He was paying them from his bank, not through the automatic withdrawal because they wouldn't let him pay the $200 a month that way because he was in school! Since my son has attempted to pay ahead on this loan, they have more than once stopped taking payments and returned payments without any notification to him. I therefore can specifically say that Sallie Mae intentionally causes students to accumulate interest.

Expert Review

Barbara FriedbergPersonal Finance Contributing Editor

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

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.

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Sallie Mae Company Profile

Company Name:
Sallie Mae
Year Founded:
1972
City:
Newark
State/Province:
DE
Country:
United States
Website:
http://www.salliemae.com/