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This experience has been the worst I ever had to deal with and I have a terminal illness, mind you. This company is extremely incompetent and each month for almost 4 years, I have NEVER gotten an answer that matched what was said the prior month EVERRR! I'm on a scheduled payment plan and they can't take money properly! I have to still call every month because my payment “declined.” Of course, it will decline if your incompetent ** type in the cc info wrong then blame the bank. Instead of fixing it, they call to tell me I’m 120 days late and being reported to the credit bureau. I called each month to rectify each matter! Yet, they tell me, “Oh we never went back to get the money out after you called us back to take it." Sooo my credit is shot to hell because SALLIE MAE IS THE MOST INCOMPETENT COMPANY I HAVE EVVVEEERRR DEALT WITH!
It took for me to not be able to make my $500 a month payment on 20k a year, for them to take off $200. I have the money in the account on the 22nd of each month because I agreed to that. Well, I also recently found out that’s not my date, my date is actually on the 4th (but I receive a “decline” email on the 22nd of each month). But they can’t change it to the 22nd because I'm “behind.” I never agreed to the 4th with anyone, only the 22nd. Apparently, it’s supposed to come out on the 22nd because that’s the date I get the email, because they have my cc info wrong so it declines, but claim they can't change until I'm caught up on the payments even though I called them to take it out months ago. I GUESS THEY COULDN’T TAKE IT BECAUSE THEY HAVE THE WRONG CC INFO, THAT THEY CAN'T CHANGE!! Worse piece of ** company I've ever had the horror of encountering!
Only giving it one star because you have to choose one. I took out 3 different loans with Sallie Mae, not knowing the consequences of dealing with this company. They were charging me $650 a month when I made 30k a year, refusing to work with me until my 96 y.o. cosigner, who made even less, died. Recently, they have taken out my payments 4 days before they're actually due, when I haven't gotten paid yet. I have called several times, and it was after the third time that they finally changed the due date that I requested. However, I was charged over $270 in 3 months of overdraft fees.
My bank simply requested a letter be faxed to them stating it was Sallie Mae's fault that I was charged overdraft fees, and they would refund me my money. Sallie Mae REFUSED to send any sort of letter or make any sort of call. They basically said you're SOL. That $270 is almost an entire payment that I could have made. Sallie Mae is the worst company I have ever dealt with and they refuse to work with you on anything. The only reason I haven't left them yet is that I can't get refinanced through another company due to the amount of debt I have from this stupid company. If it wasn't so unprofessional, I would use every swear word that ever existed to explain how awful they are. STAY FAR AWAY.
SM requested security documents to verify opening the savings account. Two weeks later I had to call to ensure my personal security documents had been received. I called to inquire status. No calls or emails from SM about account. From day one cannot get transfers from external accounts to my accounts after linking them to SM account. I called and logged a complaint. Nothing further happened obviously. Calling wait times are extremely long and sometimes no one picks up so I hung up. So my call list extremely important? Joke. Horrible experience. Would not recommend SM.
I wish I never went back to school. These people call 2-3 times a day, (even when you pay them), and have been for the past year. Yesterday, they called my husband at his government job, and left a detailed message with a random person who answered the phone. Again... they left my personal information with a random person who answered the phone. I am done with these people. I have taken a step forward for an attorney, especially since they confirmed breach of my private information.
Cosigners BEWARE! Once you're locked in with someone's acct, You're screwed. It's not right for a cosigner to be imprisoned with the primary acct holder, even when the primary user has proof of employment and ability to pay.
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This servicer is plain out thieving my money any chance they get. In 2008, I borrowed $8,000 for college and this has been by far the ABSOLUTE worst mistake of my college career. Not only did they add $3,500 on unpaid interest by the time I graduated college in 2012 but their interest rate is absurd. So far since 2012, I’ve made a total payment of $8,029.10 and my account is still at 7,942.54.
I’ve previously enrolled in their “autopay” service to “reduce” my interest from 9.75% to 9.25% That only lasted two months until I noticed my interest rate had gone up to 9.85% last month in April 2018! I removed myself from autopay and today I checked and my interest rate is at a grand high of 10.00%!!! Who do they think they are?!?! I’ve tried talking to them multiple times to reduce my rate to no avail. Here we are in 2018, 10yrs after borrowing $8,000 and my head hurts every time I think of these idiots. To ANYONE considering Navient and/or Sallie Mae, save yourself the headache and go elsewhere! THEY ARE THIEVES!
Do NOT ever get involved with them. When you try to pay off the account, they hold the checks forever and tell you they don't have the checks. So, they are just trying to get more interest out of you by doing that. I had to stop payment on a check to them because they kept telling me they didn't have it. The day I stopped payment on it, they suddenly said they had it. So then I send them another check and they still have not credited it to the account and they have had the check for three weeks!!! You have to be kidding me. Won't even let you talk to anybody in "processing" to see if they have the check. They say they're no telephones in that department. What a joke this company is.
I have 5 loans through this company totaling over $32,000. I began repayment in Feb. 2017 with a minimum payment of $520/month. I spoke to customer service about how to get my payments lowered because I couldn't afford that high of a payment per month and they told me my only option was to not pay my loans, go into forbearance, get contacted by collections and then they would work with me on payments. Are you kidding??? I have excellent credit, and this is the best they could do for me? Not to mention that every time I was able to put just a few extra dollars to one of my loans, my interest rates would go up. This is a money hungry company who has no interest in working with account holders. I now have a job that can support the $500/month payment and am putting extra money towards them every month to try and get rid of them so they don't get more money from me than needed. Don't ever get loans through this company!!!
Non responsive institution. Their systems do not work with Quicken or Mint. They will not provide paper statements by US mail unless you request said once a month. They clearly don't want customer so please help them achieve their objective.
I co-signed for my daughter on some loans. Now that she is graduated, they stalk us on the regular if she is late. Which she is due to the amount she is expected to pay back. How is she ever to get a good start with so much in debt. With the high interest the debt seems to never move. It really is sad to know this after the fact. Now it seems we're stuck. This company is the most pushy / harassing company, I've ever seen. DO NOT FINANCE / LOAN FROM SALLIE MAE.
PRIVATE SALLIE MAE STUDENT LOAN. This letter is in regards to a Private Student Loan with a Cosigner. Loan Amount - $30,000. Paid $500/month for over 6 months and the loan went up to $33,000. In the past 3 months has gone from 33,000 - 35,000. An absolute burden that was wrongfully forced on us. These statements have been clearly and verbally stated several times to each loan servicer. Major Immediate Grievance: Severe and total harassment of cosigner to the point where cosigner suffered a stroke on Jan 26th due to the stress from Sallie Mae's harassment and FIDM's fraud in signing and taking this loan. (Document included) She is suffering from major illness from this loan and the Loan Servicers continue to harass and call at work, and have called repeatedly and continuously. They have called at times when they knew they should not call (late hours or during a doctor’s appointment).
They have repeatedly called work even though she has explicitly stated that her employer does NOT approve of these calls. They also harassed a 3rd party (Co-worker) about this alleged debt and used abusive language when talking to her. She has also expressed distress about the harassment and wishes to seek action. Due to this severe harassment and incessant nagging, I am concerned for health and well being! All the calls were recorded on Sallie Mae's part and show how she is completely distraught, light headed, and having a panic attack on the phone. The doctors have stated that her stroke is due to the stress from the burden of this loan and the harassment that she has been enduring. The financial information Sallie Mae claims to have is not correct.
She has not been able to receive the imperative medical care she needs to survive because Sallie Mae has stated that the money on her credit card needs to be used to pay this student loan. And now after the stroke the doctors are insisting she seek the help she needs ASAP. NATURE OF THE LOAN: (FRAUD) FIDM - Borrows Defense Against Repayment - Fraudulent School. This loan is under a great deal of scrutiny due to the school this loan was for, FIDM in Los Angeles. A demand letter has been sent to the school in regards to the Borrower’s Defense Against Repayment. FIDM is a for profit school that lied, deceived and outright illegally pushed us into taking this loan. I was supposed to receive a scholarship and was repeatedly reassured by the advisor, Susan **, that I had a very high chance of receiving the scholarship; preying on my naiveness and financial need.
I exhausted all options to get help interviewing for 2 RA positions with great qualifications to do it and they ignored me, denying me any help to pay for my tuition. I was then told about 2 weeks before classes were to begin that the results for that year's scholarship were delayed for some unknown reason and that she would hate for “such a fabulous” student to miss out on being enrolled. Sending me to get approved for a private loan through “Sallie Mae”. Susan ** called every day to "check in" and make sure I was working on getting my loan. (Phone records can be retrieved if needed; emails are available). It seems the for profit school is working with private loan lenders to secure a win win situation for the two leaving students with an overpriced education and no jobs available in that field.
FIDM and Sallie Mae are clearly taking advantage of students who come from lower income families by enticing them with false promises of a unique education and job opportunities upon graduation. The discrimination continued during my schooling with the most notable time being when my intellectual property and business design specs were stolen by a fashion line known to FIDM during a showing of my work. I was one of the top fashion design students with a 4.0 and they lied about the jobs available upon graduation and the salaries available. This university is an abusive college that does not prepare you for a career in your field and completely and utterly works with private loan institutions.
Financial and Medical situation of Student: 1. Unemployed for 2 years. 2. Credit Card Debt. 3. Homeless/on assistance. 4. Psychologically affected by school's fraud and discrimination. Financial and Medical Situation of Cosigner: 1. Suffered a stroke Jan 26th due to harassment about this loan and delayed proper medical care due to payment of this loan. 2. Credit card Debt. 3. $35,000 Medical Bills left from terrible divorce, family member... We have asked repeatedly for a copy of the original contract signed. Nothing has been received yet... This loan should not have been given to this student and the school should not have pushed the student into taking out such a high interest private loan with no prospect of a job that could help pay this back with the degree.
The amount Sallie Mae claims they want to settle this loan is not possible and they know that. It seems Sallie Mae is refusing to help make an affordable settlement so that the account compounds since it is an unlawfully high interest rate. By not working with us, by harassing us when we are picking up and talking to you created an unhealthy and permanently disabling situation.
This school loan was only 9862.00 over a year ago. I have paid on this loan more than they ask for a month $9112.00. Horrible Company to deal with. They are pocketing money somewhere! Don't get them!!! They also raised the interest on me last month because it was not paid off.
Sallie Mae is a horrible company. They are in it for the money. Do not waste your time getting a loan here. Since they are a private loan company, they can do whatever they want. They only offer 2 loan repayment options which are forbearance, and automatic debit. None of these are options to me. Save your time and your money and go with a different loan company. The woman in customer service basically just told me if I miss a payment it will go to collections and they will have different repayment options for me. Who tells a valued customer to let their account go into collections to find a better repayment plan? HORRIBLE COMPANY.
My original loan was for $10000. Last year I paid over $3000 towards my private student loan with Sallie Mae. I still owe more than $9,800. I can't even imagine what it must be like to owe this terrible company more than that. I'm drowning with this loan. They are also unwilling to do more than offer a forbearance that you cannot agree to unless you pay a fee. How are they legally allowed to operate this way in this country? They prey on the lower class, and there is a special place in hell for anyone that even thinks about working here. They even have "noncompete" agreements set up with certain lenders so you cannot consolidate or refinance a loan with them if you're trying to refinance a loan from Sallie Mae. Never under any circumstances take out a loan with them. You'll regret it for the entire life of the loan. If Satan exists, he's running Sallie Mae.
I had absolutely no problem setting up my loans and getting my money to my school. I even paid off a major portion while in school and that transition went very well. As soon as I graduated the level of service disappeared. Let's go in chronological order. I graduated in June of 2017. September: After my 6 month grace period ended I called and talked to the agents about the reduced payments so that I could take over from my parents. They told me my loans would be deferred one more month and the agreed upon amount was about half of what was initially expected. $300 was taken out of my parents account despite being under the impression that all my loans were being deferred for one more month.
October: I reached out to inform Sallie Mae that I would be taking over payments that my parents had been graciously helping with. I was informed that it was too late to make that apply before the first month of payments due and my parents would have to fully remove their bank account before I could add my own. A bit odd but I called my parents to make arrangements to make it work for that month.
October: My mother and cosigner called the next day to remove her account, it was removed. I called afterwards and was told that I was set up with an automated payments and all funds would now be debited from my account. November: I was then harassed by multiple phone calls outside of their business hours and told that my account was overdue because they could not collect that payment from my parents (surprise) because their account was removed. I called back and provided my account again and was told it would take 3 business days to process payment. December: My account was not debited, so after 2 weeks of waiting I called back 3 separate times and was told each time that my payment had been processed, it just took time to debit my account. I was also provided confirmation numbers at these times.
January: After STILL no money was debited from my account, I followed up and turns out they were trying to pull money from an account that was neither mine, nor my parents. That time I managed to get ahold of someone helpful and she handled the payment right then and there. I saw the debit to my account in literal minutes. I also found out they could not do automated payments while I was on the reduced payment plan (which seems counterintuitive personally) but would have been nice to know. Good to know so that I could pay my bills on time, no one had thought to tell me my application for auto-debiting was declined.
After being under the impression that the hassle was finally over and my next bill was not due until February 10th, I get several calls during my work day, every day for two weeks until my schedule worked out so that I can call them back today January 26th. I asked to speak with a manager who tells me I owe double my monthly payment after I had been told my next bill for ½ that was due was in February.
Today I spoke with this manager, he said he'll email me a statement and the best he can do is delay my account by 10 days because the money is still due. I understand if the amount owed is correct and I'm happy to pay it, but I am living paycheck to paycheck post college (honestly who isn't) and have had to pay other bills while they get their act together, imagine that! No email was sent and I have received 3 phone calls outside of their business hours tonight and am quite frankly livid. I have been trying to GIVE this company my money since October and now I am being harassed as if I am avoiding paying my bills.
The worst part is, if I had to apply to college again Sallie Mae was still the best option for my family financially. College is an investment in my future and I am so disappointed that Sallie Mae can't provide any sympathy or forethought to how they work with people paying an accumulative billions of dollars. Loans are a legal scam and a necessary evil, but please just make it a least an easy payment process.
My son applied for a loan, using my wife as the cosigner. We tried to adjust the loan amount, but when we got to the acceptance documents, the loan amount was incorrect. Furthermore, the interest rate was listed differently between what my wife was looking at and what my son was looking at. We called two times to get this changed; each time we were promised that it would be correct. When I finally called to ask THEM to change THEIR SYSTEM RECORDS, they said that they couldn't do it unless I got my wife and son on the phone to verify their identity. Unbelievable. I would highly recommend going anywhere else for your student loan needs.
A few years ago, I cosigned for my daughter on a Sallie Mae loan. Now, they call me (robo and live) several times a day (seventy two times in the last thirty two days!) asking for payment, when I've told them repeatedly that my daughter would take care of it as soon as she could. They've also advised me that the calls would continue thirty days after payment is made.
My son ended up having to choose a loan quickly, this was because the University that he wanted to attend waited until the last minute to finalize his acceptance letter. He and my Mom (who has the best credit score of anyone that I know) applied for the loan together. My son did receive the loan, and because of time constraints he accepted it. When we received the finalized paperwork my mom and I were shocked at the horrendous interest amount, the payments and the fact that he would end up paying 3X. Yes, that's right, three times the amount of the original loan amount back.
I have a power of attorney, because he is attending college abroad, so I called Sallie Mae and asked them to lower the interest amount, in consideration of my mother's excellent credit score. They wouldn't even consider it. They are a vile, opportunistic, and greedy company. While my son is still overseas, my mom and I will be trying to find a decent company to get a new student loan from. My advice to anyone reading this would be to NEVER deal with Sallie Mae, they are an uncaring and greedy company with shoddy business practices.
They constantly spam my phone with robo calls every 20 minutes, but put me on hold for hours at a time when I try to call them. They are harassing my relatives because they say they “can’t get ahold of me.” They do not offer income based repayment and use scare tactics to get what they want. They will sell your loans to other companies without telling you first and do not offer loan consolidation.
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.
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!
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.
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.
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: **.
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.
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.
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!!!
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!
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!!!
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.
Sallie Mae expert review by Barbara Friedberg
Sallie Mae is one of the largest and most reputable student loan companies offering both undergraduate and graduate student loans. They have been in business for over 40 years and have helped more than 30 million students and their families save, plan and pay for college.
Services: Private education loans for undergraduates, graduate students and children in private K-12 schools. Banking products include money market accounts, high yield savings accounts and CDs. The Upromise by Sallie Mae earns members cash back on everyday purchases.
Smart Option Student Loan: This unique program offers an undergraduate school student loan solution with competitive interest rates, a choice of repayment options and rewards for on-time loan payments while in school. There are 3 repayment options and variable or fixed interest rate loans.
Three repayment options: Sallie Mae offers 3 different repayment options: a Deferred Repayment Option where the student makes no payments during school or pays as much as he or she prefers, a Fixed Repayment Option or an Interest Repayment Option where students make interest payments while in school so it doesn't accrue over time.
Payment rewards: The interest repayment option rewards the borrower for paying interest while in school. This benefit may save over 20 percent on total loan costs when compared with the deferred repayment option. On-time payments earn a 2 percent benefit paid into the student’s Upromise account.
Loan education and information: The Sallie Mae portal has useful budgeting, money management and loan resources to help student and their families with their finances.
Best for: Students who don't qualify for scholarships, families of students needing help with private school K through 12 tuition payments, undergraduates and graduate students.
Sallie Mae Company Information
- Company Name:
- Sallie Mae
- Year Founded:
- United States
- (800) 472-5543