This company is not yet accredited. To learn more, see reviews below or submit your own.
Keep an eye on your inbox, the lastest consumer news is on it's way!
A link has directed you to this review. Its location on this page may change next time you visit.
Advice for those in the early stages of getting Sallie Mae: I took 2 loans with them to pay college. One being 6100 with a 11% interest rate and other $6500 with a 10% interest rate. So $12,600 total.. Unlike most people in this forum, I chose to pay interest while still in school. Most people wait for it to accumulate and pay both interest and principal after graduation. They usually get a high monthly fee (I've heard 700-900+) For 4 years in school, I paid $107/month for both loans which is $5,136 total until graduation. I still owe the principal, $12,600.
I know that choosing to pay interest in school vs outside school, is still the same, but I don't have to be attacked with high monthly fees. After grace period is over, I will be paying $200 total for both loans since I have been paying interest. If you will be hard on cash after graduation, please pay interest asap. Don't wait for it to accumulate. Take a part time job, internship or whatever to pay these interests while still in school! Hell even flip items on Facebook market like I did if you have a tough major (be careful with this though). I'm 23 now and I quickly realized the hole I dug myself in, so I decided to move with my parents for 1-2 years and payoff my loans (I have federal loans too). My parents told me that I can stay with them and pay no rent or groceries... if I put most of my paycheck into paying these loans. So, before my grace period is over I pay Sallie Mae $1,600 a month.
Since I don't owe much in interest, 98% of this goes into the principal. I should be done with one loan by the time the grace period starts and will repeat for the other loan. If I did not pay interest while still in college, I would have a hard time paying these loans. I would have to pay interest first (which would still be accumulating), then principal loan. For most people having high monthly payments is impossible especially if kids are involved, rent or low income job. Save yourself from this high payments by paying interest asap. Overall this is a scum company and it deserves to be shut down. I wish I did not take a loan with them.
Simply don't sign a deal with the devil. When you sign, everything looks bright and cherry as you're working on the education of your dreams. You may pay nothing at all or something little while you're in school but it doesn't matter because all is well and you're having a great experience. Then you graduate...and receive a 6 months grace period to find yourself a decent paying job. If you're blessed, you find one but you're living paycheck to paycheck especially after those 6 month. Minimum payment may be $900 a month (like mine especially if you were a stupid high school kid like me thinking you have to go out of state and one of the "better schools". Which is a lie from hell, they're all the same).
Anyways you may be paying for a while, but it won't be easy. Then suddenly life happens and you can't pay what Sallie is asking. You call and they will tell you that your only option is their forbearance or "good faith" whatever they dress it up as. Which you can enter 3 months at a time ($50 a month) and pay that "good faith payment". I am entering my 9 more months of that because they will not do anything else. And while you are in that period, your total balance keeps going higher. I have three loans with them and each loan has a 12% interest rate. So here I am, living in a van, because I signed a deal with the wrong hand.
My son completed an application for his Junior and Senior year of college. When completing the application it was asked the amount we would be borrowing over the next 2 years and my son was approved for that amount. The University received 2 disbursements for fall and Spring Junior Semesters. When we were ready to make the next disbursement for his Fall Senior year we were told that since the University did not disburse the amount after Spring Junior year the loan was closed.
After speaking with 5 different Sallie Mae representatives, who I will add all have the same scripted response; we were told that an application would need to be completed again. After completing the application the interest rate doubled from the original application. Very interesting that they make you complete an application for the total amount you will need for undergraduate education however you basically are just completing the application for 1 year. Beware as your interest rate will be nice and low for that first year but Sallie Mae will require you after that year to complete another application with they will double that interest rate for the next disbursement. After many frustrating calls to them to find out the reason why the interest rate doubled their response was “I can understand your frustration but the interest rate has doubled for the additional loan”!!!
They rejected my $50 forbearance good faith payment (on two different cards) after a rep incorrectly entered the zip code associated with my card into their system a week before. Today, they denied my request for forbearance because the payment was rejected and told me my balance of $350 was due immediately. I reminded them that the error was on their end and insisted I wouldn’t be able to make the payment this month or next month due to some unexpected emergencies. Rep speaks to his supervisor, comes back and tells me they can give me forbearance for this month but next month my account balance will be $350. Forty minutes, two reps, and one supervisor later, my good faith payment was processed. All of that for an error one of your employees made. Amazing.
My family and I found out that we would not have enough to pay for my college tuition so we were referred to Sallie Mae. Since then, it has been the worst decision of my life. After graduation I was expected to pay $1,000 a month which has now risen to $1,700 a MONTH due to interest. I work in an entry-level position in Marketing and my monthly payments are absolutely ridiculous. I have tried to contact Sallie Mae to see if they can lower my payments, but every time I call I am greeted with a nasty Sallie Mae representative or there is nothing they can do. They do not care about anyone except for the money that they make off of people who cannot pay their student loans right away. Sallie Mae is a terrible company and the student debt crisis needs to be addressed. Colleges are more of a big business rather than an educational system and thrive off of families who cannot pay their student loans.
- 1,924,106 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 ConsumerAffairs.com please visit our FAQ.
I deposited money into this bank a couple months ago. They froze the account due to "suspicion of fraud". These criminals/fraudsters stole my money and they are the ones accusing me of being a fraudster. Ironic to say the least! To this date I have not been able to recover the money that is in my account(s). I would not recommend this bank to my worst enemy.
Hello, I was tricked into a parent plus loan with SM. After my daughter finished school the loan was immediately due. My daughter did not begin payments and rather than try to get her to pay so that she could consolidate this loan along with her others they decided to just come after me for the payments. I have been trying to let my daughter assume the debt but SM will not now let her assume the debt which is hurting my credit. This from a company that was bailed out by Obama in 2008! They should be punished for mishandling funds NOT helped, they never help me try to reconcile the loan. I would like to just settle the loan but they want the entire loan amount. They did not have to pay their entire loan amount from this government that used our money to bail them out.
All my loans are paid in full but my children are still paying. The student loan and college tuition situation is a criminal crisis. Naive students and parents are tricked into loans that will take years to pay for an “education” that is more socialist Marxist brain washing than a legitimate learning experience that will lead to a fulfilling and sustaining career. There should be more controls on the use of loan money. It shouldn’t be used for frivolous reasons. There should be counseling on the consequences of borrowing and the responsibility of borrowing. Colleges are getting wealthy and spending tons of money on frivolous research and activities while soaking students for huge tuitions for a product they promise and do not deliver.
I received a denial letter from Sallie Mae for a student loan I never applied for. The option of Parent Loans were on my college profile so I reviewed the info but I didn't apply for them. No money was exchanged but this will affect my credit score which is already low enough. Also I am clearly not the parent.
Dissatisfied would be the understatement of the century to describe my experience with these monsters! My grace period ended on April 24, so my first payments were due on that date. For now, I am working a job that only pays $10.50 an hour and the amount I am expected to pay back every month is way too high for me to afford.
I tried talking to them to no avail to see if they offer income-based repayment or could at least lower my monthly payments. I was told that the only option they have for me is the hardship forbearance which costs $150 per loan to put into place. I can't even afford that (I have 6 loans with this company)! What kind of student loan lender does not offer income-based repayments?! This is absolutely ridiculous! To anyone who needs to take out student loans for college, please do not, I repeat, do NOT use Sallie Mae. They won't work with you. They don't care about their customers at all. All they care about is money, money, and more money!
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