Sallie Mae
Overall Satisfaction Rating
  • 5 stars
  • 4 stars
  • 3 stars
  • 2 stars
  • 1 star
Based on 30 ratings submitted in the last year
Show rating distribution

Sallie Mae

ConsumerAffairs Unaccredited Brand

This company is not yet accredited. To learn more, see reviews below or submit your own. Want to know more about ConsumerAffairs accredited brands? Check out ConsumerAffairs for Brands.

Select stars to rate your experience
Very dissatisfied with the experience
Dissatisfied with the experience
Satisfied with the experience
Happy with the experience
Would recommend to a friend
Last updated: Nov. 18, 2017

1337 Sallie Mae Consumer Reviews and Complaints

Filter by:
Verified Reviewer Verified Buyer
Original review: Nov. 18, 2017

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.

Verified Reviewer
Original review: Oct. 28, 2017

I am a lot of student loans with this company and have had nothing but problems since the beginning. My most recent problem is not having access to my account for almost 2 weeks now and every time I call (which has been every 2 days) they said they will pass the information along. Today I was finally told that each time I call it resets the "3-5 business day" rule for fixing a problem. What kind of crap is that? And their interest policy is messed up. If you make any additional payments they will add on the interested from your last paying till this one onto the extra payment and then at the end of the month they add more interest from previous payment. It is all very sketchy and I would not recommend them to anyone. STAY AWAY!

Get expert advice delivered right to your inbox

We try to avoid the fluff and deliver tips and guides that really matter

Thank you, you have successfully subscribed to our newsletter!Enjoy reading our tips and recommendations.
Unsubscribe easily whenever you want
profile pic of the author
Verified Reviewer
Original review: Oct. 27, 2017

After I graduated my student loans were paid off in full. Seven years after my loans had been paid I got 2 late payments on my credit report. When I called Sallie Mae they told me I had made a seven year payment and now I owed interest. I never received one statement in the mail in seven years or had been told about any interest so my credit score dropped. Sallie Mae said they do not remove credit remarks for any loans.

Verified Reviewer Verified Buyer
Original review: Sept. 9, 2017

Not for nothing but Sallie Mae was doing the same thing to its borrowers long before the split. I am a past borrower and was never told about other options until I consolidated in 2012 with a different company, right around the same time the government put pressure on providers to offer an array payment options. These options were already in place prior to 2012 but services were reluctant to mention due to the fact they made millions. And the DEPARTMENT of ED STOOD BY and DID NOTHING!!! Hasn't anyone asked if NAVIENT WASN'T CREATED just to fail??? Afterall its relinquishes Sallie Mae of any guilt. If Navient fails, they absorb all of Sallie Mae's mistakes.

Sallie Mae reports my old accounts erroneously. Navient is reporting the same accounts. I have raised a dispute with the CPFB. Sallie Mae is quick to respond that the issue isn't theirs. Then why are they reporting? How did Navient obtain my personal data and credit history? The accounts were PAID and CLOSED in 2012!!! Yet Navient website says I do not have any accounts with them??? Then why are THEY reporting?

I think there's a bigger picture here. One hand washes the other. It's the government running the government. They continue to fatten their bank account at the consumers' loss regardless if it is Sallie Mae or Navient. Both companies are fraudulent. By suppressing people's credit ratings and adding to their debt to income ratios aren't they essentially stepping on their own toes? People could possibly be afforded better opportunities that have potential to enable them to repay the debt if these companies wouldn't hinder those possibilities with their high payments, erroneous reporting, unfair reporting practices and poor customer care. Now with the department of education warning the cpfb to back down- it just really makes one wonder about the real agenda and who really benefits. I just want to bring this to the attention of the people.

View more
profile pic of the author
Verified Reviewer
Original review: Sept. 6, 2017

ATM LOAN - I've been reluctant in purchasing this blank ATM card I heard about online because everything seems too good to be true, but I was convinced & shocked when my friend at my place of work got the card from ghost hackers & we both confirmed it really works. Without delay I gave it a go. Ever since then I've been withdrawing $5000 daily from the card & the money has been in my own account. So glad I gave it a try at last & this card has really changed my life financially without getting caught. It's real & truly works though it's illegal but made me rich!!! If you need this card from real hackers then here is their email: **.

How do I know I can trust these reviews about Sallie Mae?

  • 941,664 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 please visit our FAQ.

profile pic of the author
Verified Reviewer
Original review: Aug. 20, 2017

I have been misguided and given false information about my accounts for 2 years now. The first time I had a problem it was when I tried to get in a repayment program, they reassured me that all of my loans were fine and they started automatically taking money out of my account. 2 months later, I get a letter in the mail saying that a loan of mine was delinquent. They had reported it to my credit and my score dropped 200 points within that year. I called to see what I could do to fix the problem and they said I had to put a down payment of 2,000 which I didn't have.

Fast forward to this summer, I had lost my job and called Sallie Mae to sign up and postpone my payments for the summer. I paid $150 and the lady said everything was set and that I would need to start making payments at the end of three months. A month later, Sallie Mae charges my account even though I had been approved for a forbearance.

They reported to my credit that I hadn't been paying and my credit score is consistently going down and they said they would fix the problem because they acknowledged it was their mistake. They have done nothing and when I call them they put me on hold for 45 mins and transfer me to 8 different people who don't know what's going on. Sallie Mae had been the reason I cannot get approved for an apartment. They won't work with me and it's very frustrating.

View more
Verified Reviewer
Original review: Aug. 7, 2017

I recently applied for a loan to cover the rest of my tuition. My school sent me the link to the loan, and informed me that this would be a loan I wouldn't have to pay back until after I graduated. The person I talked to over the phone informed me that I had to choose this option when filling out the application, so I'm not sure if I overlooked where I had to choose this, or I just wasn't paying attention because I thought that I was just automatically filling out the application for that certain loan. However, because of this one detail the woman that I was speaking with was accusing me of lying about not knowing I had to start paying the loan back before I finished college. She was very rude and continually accused me of lying.

Which brings me to the next thing, when I continually told her that my payments were not showing up on my bank account. Even though I repeatedly told her that my payments were not being credited to my bank, she would continue to say that they were. This is affecting my credit score in an extremely bad way. I'm trying to resolve this issue, and Sallie Mae doesn't care at all about the effects that this has on you. I have tried and tried, and I really don't know what to do at this point because I am trying to pay for my loans, however, Sallie Mae doesn't seem to be willing to accept my money, and it's destroying my credit. I will never use Sallie Mae and I highly advise anyone who is looking into using them to turn away and NEVER use them.

View more
Verified Reviewer
Original review: Aug. 5, 2017

My daughter has a student loan with Sallie Mae and has to pay $900.00 a month, which she cannot afford, and just like everyone else is complaining about, they will not work with her. She has not gotten her degree yet and is applying to schools to go back, Unfortunately, my other daughter was kind enough to co-sign for her, so not paying is not an option that she has right now. Because if my daughter did not co-sign for her sister, I would tell Sallie Mae to go ** themselves and tell her not to even pay them. Even though it would ruin her credit right now, once she is done with her degree, she could start paying them back. She is still young and could clear up her credit in time. She does have a full-time job, but does not make enough money to pay this ridiculous amount each month. They could care less if she has nothing left out of her paycheck to live on or pay any other bills.

This company has many students and their families held hostage because of their unwillingness to work within people's means. I have read so many reviews with the same complaints, and actually some of the stories are heartbreaking how it has ruined people lives, literally. It is ridiculous that they are getting away with this!!! In my daughter's case, if they cut the payment each month to around $600.00 for now, that would help her so much, and she could start paying more once she gets her full degree and a better paying job. There has to be something/someway to get this company to work with these student loans so that people can afford them. If anyone has any ideas, like trying to go through our government reps. in each of our areas and /or possibly through the attorney general in our areas, or even through the courts, I would certainly be willing to fight in any way possible.

It is sickening that this company is allowed to have this hold over so many people's lives and is allowed to be so unreasonable and unworkable! Nobody is saying that they don't want to pay. They just need an amount they can live with to survive. If anybody has any suggestions, please let us all know. I am going to try to get a hold of my representatives in my area to see what they suggest. I can be reached by e-mail at **. PLEASE lets try to do something, because this will never stop if we don't!!! I also hope that people who are even thinking of getting a loan through these people really listen to what people are saying in these reviews.

If you think you will walk out of college with a degree and get a good paying job right away, it does not always work that way, and you will for sure be in the same predicament that all of us are in!! Because I am sure we all thought the same thing, that once you or your family member gets a good paying job, it would be no problem paying these loans back. NOT WITH THIS COMPANY!!!

View more
Verified Reviewer
Original review: Aug. 2, 2017

Sallie Mae is the greediest, most inhuman and unfair company ever. For years they literary have tortured my son with threats, letters and unfounded accusations. They ask from him to be responsible as a co-signer of a student loan without any evidence and proof. He never signed or agreed to be a co-signer, his information was used without his consent. They continue torturing mentally a disabled person – he is ill and this pressure could be fatal for him. If something happen to my son, I will personally, hold Sallie Mae responsible for deliberately deteriorating his health and bring him to fatal despair. I will not stop using all legal means until I see all of them in prison – where they belong. Sallie May doesn’t care how many lives will destroy – they are interested in money only no matter what it would cost. Shame on all of the people working there!

Original review: Aug. 1, 2017

I will NEVER use or recommend Sallie Mae to anyone. Customer service is horrible, supervisors lie and say they will call you back but then they don't... I have been waiting 3 WEEKS for them to change my enrollment date... I have spoke with so many representatives from so many locations. Always have to repeat your story every time multiple times. The representatives accused me of pulling the certification time line out of thin air... When I found the information on their FAQ page... Representatives not knowledgeable at all. The supervisor is just as bad... Every time I asked about the enrollment change they said they said I have to wait 3 to 5 day for the student assist to respond. Like I said I am still waiting and have been waiting 3 weeks... I will not take the loan anymore cuz I don't have much time left to keep waiting. Can NEVER find an available manager or supervisor. Absolute worse experience. Please I really hope you consider another lender... DO NOT USE SALLIE MAE!!! THEY SUCK AND CUSTOMER SERVICE IS HORRIBLE!!!

Verified Reviewer
Original review: July 11, 2017

This company is the worst loan company I have ever seen. Here are a few of the things I HATE about them: 1- High variable interest rates only. I have excellent credit and co-signed on this loan for kid. They treat you like you're stupid when you challenge how you could be paying 11% when the rest of the world is paying 6% - there is no negotiation. You can POUND sand if you don't like it. The interest calculations changes with the wind (I think they just make it up) and every day you watch yourself go further in debt. 2- If you overpay for the month to try and tackle principal, they just deduct it from next month's payment. This way it get's applied to interest only instead of principal. Totally nasty trick and they claim there are no prepayment penalties. They just keep your debt as high as possible.

3- You can't pay early if you using automatic deduction- this way if there's any problem you can EAT it on your credit report- and with this company there will ALWAYS be a problem. This automatic payment primary account shell game they play between the borrower and co-signer just creates family drama... I could go on and on--- DON'T USE THIS COMPANY. When you call them with complaints they have super polite person on the phone to say screw YOU as nice as possible---but you still get the message.

View more
profile pic of the author
Verified Reviewer Verified Buyer
Original review: July 7, 2017

Sallie Mae has the worst loan department that I have ever seen in my life. The supervisors are very disrespectful and have no concern about your personal situation - they just want you to pay what they assume you owe. I actually had to hang up on a manager yesterday (7/7/2017) after trying for months to resolve an issue that he did not want to hear about. I had a forbearance that was not processed properly but he tried to say it was my fault and why did I want to get a forbearance in the first place. He tried to say that the forbearance was not even started by me. I tried to get him to go back and listen to the recordings and take the time to review my file since Nov 2016 but he tried to tell me that it was all my fault that we are at this point and my payment is at the credit collections department. Please don't use this loan company. Stay far away. :(

Verified Reviewer
Original review: June 30, 2017

Do not do business with Sallie Mae. They offer no reasonable payment options. My daughter got student loans from Sallie Mae and the payments are way too high for her to afford on her own and they are not willing to offer any payment options at all. Horrible customer service terrible experience.

Verified Reviewer
Original review: June 24, 2017

I had to take out a private loan my last year of law school due to some administrative errors; the school wouldn't let me attend classes until it was resolved. As I was stretched pretty thin by then my then spouse co-signed the loan. I began making the $279/month payments immediately, never missing a payment nor making a payment late. Unfortunately, shortly after graduating and before I could even pass the bar exam, I was stricken with an incurable disease that rendered me unable to even sit upright more than an hour or two a day. I was immediately fired from my job and of course, lost my health insurance too. My husband bailed, leaving all the bills and the house he'd refinanced in MY name using a forged power of attorney without my knowledge.

I struggled to pay everything as long as possible, but during the 2 year wait for disability I went through my 401(k) just to live on until I was finally forced into bankruptcy & foreclosure when that ran out. Then I owed the IRS taxes on that as it counted as income, and when disability finally came through I was destitute with no credit, no home, and only $1739 a month to live on. Sallie Mae had reduced my payments to interest only for 3 years during that time, but when that temporary reprieve ended the payments increased to over $350 a month. Between the grossly inflated rent in our state, mega payments to the IRS, utilities, phone, Medicare payments & medical bills for the many things it didn't cover I just couldn't manage that much.

I contacted Sallie Mae (Navient by then) again to explain that I couldn't hope to make that payment. I pleaded with them to stay with something as close as possible to something i could pay. They were actually pretty sympathetic; I got a forbearance (yes, there was a fee of $100 as it was 2 separate loans) while I applied for a hardship consideration. Somehow though my application got lost but I wasn't made aware till the full megapayment became due again after the forbearance ended. They gave me another, for which I paid another $100 fee while I applied again.

Finally I got an answer, which was really quite decent. I have a payment I can afford, and few people I spoke to were impolite. So my experience, while stressful, was in no way the horror story like many I've seen here. I can understand exactly why people would hate such a company, but my experience just wasn't like that. Everyone I dealt with, by phone or in writing, was understanding and helped me as best they could. I'm appreciative of the help I received from them when I had problems.

View more
Verified Reviewer
Original review: June 19, 2017

The day my son got loan I was not contacted single time. The loan was funded to him. He is out of job. As parents we tried to make payment. Was just tossed around making excuses of privacy issues. Finally couldn't get any way to make that payment. Provided son with credit card. He can't make payment. Card is not under his name. Parents tried to make payment. Can't do that. Loan is not under their name. Even though they put my wife as cosigner never called her once. Playing the nasty game kid against parents and parents against kid.

Finally payment is late. They reported against my credit and my sons credit. I called today to complain. They have no problem taking same payment with husbands card but they won't the recall the credit report back as it was company's mistake not taking the payment even though me and son tried our best to make payment. I will request all students and parents please stay away from this unethical unprofessional company. They are taking advantage of students as they starting life have no idea of companies like Sallie Mae. They want you rate them with star. You guys are Vultures. Please make sure tell your kids to stay away from them.

View more
Verified Reviewer
Original review: June 16, 2017

I've been paying on time for 2 years and yet the rates go up every few months because I'm on a variable rate. At 1 point, it went up 6-10 dollars in a month or two. I had bounced a bill one time because it had pulled the amount twice (and for the amount of 652, that's 1300 bucks). They did by accident and of course, months have passed before anything was ever done. When confronted as to when I will receive my refund, the answer I get was that I can put in the request for a refund but it doesn't mean that it will get approved. Now that I'm jumping into a debt relief program, they called my mom, my sister and the people close to me to demand payments. They are like vultures, calling in under different pseudo names and private numbers to hunt for their money. Don't ever get Sallie Mae's as loans, they're one of the worst servicers. You pay on time, your rates still go up. Whatever happened to savings for loans that are on autopay?!

Verified Reviewer
Original review: June 14, 2017

My wife and I both cosigned on different loans for our daughter to finance her education through Sallie Mae. After making several payments we were able to acquire the funds to pay off the loans. My wife contacted Sallie Mae and made arrangements for the payment for the loans in full. The full payment was for both of the loans that my wife and I cosigned for. The check for payment on both of the loans was mailed to Sallie Mae. A couple months after the payment was made we receive notification that the loan I cosigned for was in arrears. My wife made several phone calls speaking with several different representatives and was unable to resolve the issue. One of the representatives transferred my wife's call to a supervisor. After explaining the issue to the supervisor that the loan payment was for both loans we were still unable to resolve the issue. The supervisor became very condescending during the phone call and my wife hung up the phone.

I then made the phone calls to the Sallie Mae to try and resolve the issue and was unsuccessful. By this time three months have gone by and Sallie Mae sent a letter and advised that they were going to turn our account over to a collection agency. We checked our credit report and found that Sallie Mae had already contacted the credit bureau's and our credit report showed three months of non-payments. My wife then called Sally Mae again, I was present during this call. When my wife explained to the representative that I was present the representative asked to speak with me. The representative asked me at this time if I gave permission for part of the payment that my wife had sent be credited towards the loan that I cosigned.

After telling the representative that I indeed give permission to pay off my loan she advised me that our account would be paid in full. This representative was the first one that my wife spoke to in the initial call to resolve this issue. I then asked that she contact the credit bureaus and remove the late payments noted on our credit report. The representative advised me that she would not be able to do that but that she would make note of it on our account. Our credit report will now show the delinquent payments for the next seven years.

View more
Verified Reviewer
Original review: June 6, 2017

I needed a Private loan to finish the last two terms of my BS Degree. What should feel like a huge accomplishment is now causing me extreme financial heartache. Sallie Mae is not willing to work with folks to pay back their loans, they say they are and they advertise they will, but buyer beware. They are not. They ask a lot of personal questions about finances to give you options. One of the options is Forbearance, but you cannot get one unless you can prove you can make the payments after the Forbearance is completed. (Which, by the way is $50.00 every three months and a limit of a year.)

The other options provided do not take off enough per month to make it worthwhile. If you are one day past due on your bill forget any assistance at all until you pay the bill. If you just can't pay at all you are pretty much forced to default. Other sources have stated then all you receive from Sallie Mae is collection calls and no offer to help you pay your loan even if you are willing to. The options they give are not possibilities. If you can stick to your Federal Student Loans, just stay there. They are willing to work with you and I have had no problems making payments to them.

View more
Verified Buyer
Original review: May 11, 2017

I filled out my money order sending in with my name thinking with my name it would be added to my account for that month's payment. Who writes their Social Security Number on their money order but because I did not write my Social Security number on the money order I lost the account number. Then I realized I was being charged for a late fee. So I called and said, "I have been sending thru payments". They said it was not posted to my account because of not having social on it. Then guess what before I got that information I had already mailed in my other payment. Same way with my name with a money order I got the answer too late. They agreed to credit my for the first one but I never got credit for the second one that was sent in mail.

Original review: May 4, 2017

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.

View more
Verified Reviewer
Original review: April 17, 2017

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!!!

Verified Reviewer
Original review: April 9, 2017

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!

Original review: March 20, 2017

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!

Customer increased Rating by 2 stars!
profile pic of the author
Verified Reviewer
Original review: March 15, 2017

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.

Verified Reviewer Verified Buyer
Original review: March 10, 2017

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.

View more
Verified Reviewer
Original review: Feb. 7, 2017

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.

View more
Verified Reviewer Verified Buyer
Original review: Jan. 28, 2017

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.

Verified Reviewer
Original review: Jan. 17, 2017

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.

Verified Reviewer
Original review: Jan. 3, 2017

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.

profile pic of the author
Verified Reviewer
Original review: Dec. 12, 2016

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.

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.

Profile picture of Barbara Friedberg
Barbara Friedberg

Personal 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.

Sallie Mae Company Information

Company Name:
Sallie Mae
Year Founded:
United States
(800) 472-5543