Sallie Mae

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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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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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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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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.

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Sallie Mae is the worst loans for students you say look I have no job. I can't get a job. I have no money. Well you have to pay X amount of dollars for you to get a forbearance and it's 50 per loan. Well if I had that 50 per loan then I wouldn't need this... They don't care what kind of situation you have they want that money... and since you can't file bankruptcy on them they have you... But guess what if you get disabled or draw social security you don't have to pay it is forgiven so what the hell get disab... Then it's all forgiven and then go back to work lol... And the personal loans, signature loans those can be dismissed on bankruptcy so what the hell file easier to start your credit over then get them off your back.

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I was told, by my financial adviser, that Sallie Mae was the way to go when getting a student loan. It was not. First off, they divided it into 3 separate loans which one was for a ridiculously low amount... that I could've, literally, paid out of pocket... and each had a different interest rate. When it came time to pay, I wasn't allowed to pay more towards one, they divided it up for me and less than half of what I was paying went to the principle balance. A total joke. Customer service was absolutely horrendous and no help at all. I'd get transferred time and time again. Then when I left school, they demanded I pay the remaining amount in full. There was no way I could pay 10 grand out of pocket. They automatically put my loan into default. It took me 6 months to get them to agree to a payment plan. I could go on and on about how awful this company is. If anyone recommends that you go through them, just don't!

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I applied to Sallie Mae based off of my college advisor (whom I wish I never listened to) when I was applying for College. I had to open a loan and my advisor kept "selling" Sallie Mae to me because ALL her students used it. Since I had less than a week to get my application thru so that I could get approved after I was accepted, I thought, what the heck, why not, seems like a well trusted company.

I contacted Sallie Mae and the representative persuaded me to choose a FIXED rate instead of a Variable for my loan. His reasoning was that since I have never opened a loan before, I should choose having a fixed rate. Fine, I did that. Well, my "fixed" rate ended up being a wonderful 11.75% rate! There was no going back. I was also convinced by him that this was a GREAT RATE!

I graduated 3 years ago. I've been paying on time, every month, well above my minimum monthly payment just to keep my head above water and keep this rate under control. It's been eating me up and I've seriously gone crazy and feel like I'm on the verge of becoming homeless! If I had chosen a variable rate, my interest rate would have been as low as 3 to 6%, not too bad comparing to what I'm stuck with now. And if it was a variable rate, I would have been able to make decent payments instead of these huge chunks that rip right through my bank account.

I contacted Sallie Mae to try to negotiate a better rate and they told me that I could either open their credit card and pay off the loan through that (with a rate that will only be 11.50 % instead), or I can have my account go to COLLECTIONS and ruin my credit so that they can work with providing me LOWER rate. Terrible service. I'm almost done paying this nightmare of a loan off.

But my advice to anyone thinking of using Sallie Mae is: Do your RESEARCH before opening up any loans with SM. Do not let any representative persuade you into accepting a high interest rate because of the simple reason that you are a student and do not have any loan experience therefore this is why you were approved with a higher rate. Remember: YOU are a STUDENT, you should not have any experiences with opening other loans, hence the reason for why you are opening a student loan. If you do decide to go with SM, make sure you make larger payments to keep your head above water and do not miss any payments!!

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Satisfaction Rating

The website is horrendous. I spoke with agent some months ago to make sure all of the loans we pay for our kids are automatically withdrawn. I was ASSURED they all were good to go. So I get a notice we are late!!? Of course I go online to pay it. Problem 1: shows the past due loan (at about $84) and it was not on automated system. Ok, not the end of the world so I try to put it on automatic withdrawal (put in bank number routing number, etc.) but it won't take the payment because there is a past due loan (PS past due by 2 days!). OK, I can handle that. I go back and tell the website to make the payment but it's automated. I can't put in an amount and the amount it will let me pay is about $2 less than what it says we owe. No other options so I pay it.

Hmmm... website still shows we owe about $84. So I use the phone and run through their system (It's Saturday when most working people can call). So after going through several options (including if you'd like to speak with an agent press #__), I entered the information to make the payment by my bank. The automated response asked me to confirm that I wanted to make a payment of $82 (still an amount lower than they said we owed). I confirmed by hitting the digit 1 on the phone as directed. Then it said we could not make future payments which caught me off guard because they are saying it's past due.

As directed I entered 1 again. It recycled back to the same messages that I heard when I first called the number. So I went through the prompts again, but this time the automated response was, "So, to make sure, you want to pay $164." So I went through the prompts again, and when it gave the option to speak with an agent, I entered 1 to say yes. It immediately said agent assistance is only available on Monday-Friday (Tell me that up front)! So I hung up and went back online to see what it said on my account now. Nothing had changed. So I called back and went through the prompts again - everything was exactly the same until it got to the "So, to be sure, you want to make a payment of $228?" So I just hung up! I can see where this is going - NEVER and I mean NEVER has it been so hard to make a payment on something!!!

To add insult to injury, when they left a voicemail about the past due loan, they threatened my credit rating (which is well over 800) over a payment that was only 2 days late. Even then, they had previously told me verbally that all of my loans were on auto-pay. So I haven't even been checking on the amounts due - I just assume it's on auto-pay, which has been working fine for many months.

Why when I go on the website am I shown an amount to pay that is LESS THAN what I am being told is PAST DUE. Wouldn't that amount AT LEAST be the amount that is past due??? And then I cannot even change the amount to make it the amount due. If they are worried people will put in a lower amount then fine. But at least let people put in a higher amount especially when it is "past due."

Do they mean to tell me that they cannot create an online program that would allow me to enter what they are telling me I need to pay? I am no software whiz, but I could even make an Excel sheet that could do that. If their web page could do that they would have their money, and I wouldn't have spent precious weekend time dealing with this.

I know this review won't change anything. Student loans are almost a monopoly ("We don't care - we don't have to"). I wrote this review on this website, because although I may have missed seeing it I didn't see anywhere on their website to give feedback. Smart move on their part! I did give them 5 stars of payment options because that issue is good (debit, credit card, or checking account number for direct pull - supposedly), but the service is wretched!

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Satisfaction Rating

I applied for 3 loans from Sallie Mae during nursing school using a co-signer. Throughout school, I made monthly payments which were more than the minimum requirement. So much so, my account was almost ALWAYS paid ahead. Sallie Mae even called me and asked if I wanted to "skip" a month's payment because I was so far ahead.

Fast forward to post graduation. Monthly payments jumped from well below $100 all the way to almost $1000 a month! I have been having a difficult time finding employment, but even so, I find that amount to be absolutely absurd for anyone, much less a new graduate! I have made numerous calls to Sallie Mae for assistance in getting my account into a forbearance.

SALLIE MAE DOES NOT CARE ABOUT ANYONE'S SITUATION. They are so incredibly unhelpful and inconsiderate. Yes. I did have a co-signer but that was 4 years ago. Things change and they are unable to assist me anymore. My account was never put into a forbearance and they continue to put my account into collections demanding a balance payment before I can even speak to customer service. They refuse to let me speak to anyone in customer service and continue to tell me the same things over and over again with absolutely no attempt to help resolve my issues.

It truly is disgusting that this company is still around. Their debt collections department are like the most disgusting vultures waiting around for the next unfortunate victim so they can attack them until they get their payment. A loyal customer does nothing for them. I have dealt with other loan companies and used to work at a bank and never have I experienced such incredibly appalling customer service or support from a company! After reading all of the other reviews, I do not understand how this company is still allowed to be in business. If I could give them a negative review I would. They don't even deserve the 1 star rating we're forced to give them.

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Satisfaction Rating

Let me start by stating if a negative number was an option it would apply. I have had nothing but issues with Sallie Mae. This includes the monthly bill received and the people that they have staffing their phones. Currently I am paying the monthly interest on the loan which never adds up. The customer service team has difficulty getting the number to make sense. Since this loan was started I have called every month and never received the same response to my question. It is a joke that these people are in business. If I did not pay the interest my daughter would owe more than twice the amount of the original loan. Sallie Mae is unforgiven if you choose the wrong options for the loan and provide no advice. Just to get rid of them, I will borrow the money from my 401k to pay them off. PLEASE do not take out a loan with them.

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Satisfaction Rating

I am a first generation college graduate and a proud public high school teacher with 15 years experience. Yet I do not qualify for teacher loan forgiveness. My work in a school with 80% poverty isn't honored because of some random legislative date? Why is it that only a borrower who took out his or her first FFELP or Direct loan after October 1, 1998 (or who had no outstanding balance on a prior FFELP or Direct loan at the time the borrower took out a new loan after October 1, 1998), qualifies for forgiveness under this program (My first degree was not in education)?

I also do not qualify for government service cancellation because my consolidated loan does not say "direct" in front of it! This is a hidden penalty for first generation college graduates like myself that did not have parents or mentors to advise me. Sallie Mae sold me a consolidation loan product "smart loan consolidation" after my masters in teaching. It has a 25 year term! I have worked diligently at a "qualifying school" (department of Ed. lingo for poor) for 13 years. I have faithfully paid student loans for 25 years and now I have 10 more to go despite the rhetoric our leader has espoused! Disgusted! I should have gone to law school so I could have fought the power that takes advantage of the hard working middle-class public servants who are deceived by corrupt legislators and greedy bankers. Change the laws and give me back the $250 per month so I can save for my retirement! Unjust hidden clauses impact lives!

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Satisfaction Rating

I have had countless problems getting a student loan through Sallie Mae. They have given me the same problem for 3 years now. The first was easy and got approved immediately. Past that, it has been nothing but jumping through hoops and them promising that it would not happen again. But, it does. They give the same exact reasons, approve it then have to go through all of it again the next semester. I have one semester left and they refuse to give me a loan, funny thing is that the reason I am getting a degree is to get a job, with that job I can pay back the loan. I don't understand how they don't realize this concept. They are rude EVERY single time I have had to do this. They have hung up on me, told me I have no clue what I am talking about and so on. If you are able to I highly recommend going through another financial institution.

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Satisfaction Rating

Sallie Mae screwed up my daughter's loan and the university has demanded the tuition in full which we can't afford. Now, she is out of school and has to work to pay off the tuition. My husband and I are helping her pay off the tuition but it has been a couple of years now (this is the price we're paying for a quality education). Can we file a class action suit against Sallie Mae?

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My son registered half time at his university. It was by graduate hours. The university applied his hours in writing and online. Dear Sallie Mae, the public can look it up. Sallie Mae continued to bill him. When called they insisted university said he had not registered for enough hours. However what the representative did not know is that we can see what was submitted. He did register for the required qualifying hours. He had to drop a class as a result and pay cash because he could not afford to pay Sallie Mae and the additional class. Meaning Sallie Mae is now liable for extra costs by him taking longer to complete his degree.

Sallie Mae was called multiple times. However the representatives failed to apply the fact that he was registered as a graduate student and not an undergrad so he was not applied hours correctly. The fact that a representative lied twice on the phone was really disappointing. Also, any consumer reading this beware... They will not always apply your electronic submissions and then charge interest on you. So if you submit electronically take a picture of your screen so you can show them the next billing cycle.

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Satisfaction Rating

Sallie Mae are bullies and liars and scam artists. I have been trying for two years to get the status of my student loan figured out. I show it being paid in full or really close maybe a payment or two. They say I still owe 7 more years and I have already paid for 16 years on a 8k school loan. They have threatened me numerous times. I am in a forbearance right now trying to get this figured out. I have contacted attorneys that want $250.00 just for me to walk in their door and then another $200.00 to write Sallie Mae a letter. I have paid for my education and I don't feel I should have to pay for more than that.

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/