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How is this company allowed to lend out money then have the loans accrue interest at such insanely high rates? How do these people sleep at night? It's no wonder they sent 100+ employees to Hawaii to celebrate "record earnings"! They have so much money, they don't know what to do with it! I borrowed $26K, paid $2400 back over a year and now owe MORE than $26K. This is SHYLOCKING!! I called and the person was very nice and explained that all of the terms are sent in writing before the loan is taken. They are really putting the screws to innocent people that are just trying to go to college. My advice is stay FAR AWAY from Sallie Mae. Anything but this! What a joke!
Transferred by customer service three times just to get an answer. We started the loan co-signer process. The intention was to only find out what a rate would be to compare with other lenders. NOT TO APPLY FOR A LOAN. Sallie Mae is KEEPING OUR PRIVATE INFO (SS#, phone numbers, creditors, address, etc). They said they will keep our info 5-7 years, even though we have no dealings with them (didnt finish the loan app). Scam! They keep your info to possible sell or give to other companies? Please be forewarned. They should let people know this when they are trying to access their APR.
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I have been paying this loan on time every single month for the last six years that I've had it. In that time frame, for no reason and no warning, my interest has increased over 2.5 percent. WHY. When I asked them about it, they said they don't do interest negotiations and couldn't tell me why my interest has been gradually increasing.
I took out a SM loan to go abroad for a Master's Degree in 2017-2018. Due to severe medical reasons, I was unable to work for 12 months after graduating. My loan is now (understandably) in default, however, my frustration stems from the fact that SM is completely unwilling to work with me. I cannot afford their "lump sum" payment option to lower my monthly payments to zero percent interest. I don't comprehend how these lower payments is an option after paying a HUGE amount, yet I cannot get them to agree to me paying more per month without the thousands required in the lump sum. They are acting as though their hands are tied and that there is no other possibility for me. Therefore, despite trying to get something worked out now that I have a job, they are refusing to help me at all.
I am incredibly worried about debt collection, litigation and wage garnishments from paychecks that aren't at all big to begin with. After reading the reviews included here, I don't see how a company can completely ruin peoples' lives like this. I truly don't know what I am going to do and it really has me sick to my stomach at this point.
Auto debit will stop paying after a few months without notice to you and incur late fees. If you don't get a fixed interest loan, expect your interest to skyrocket. I went from 6% to 11.75% in 4 years. If you make a payment, expect harassing phone calls to yourself, your employer and your cosigner within 2-3 days. A Sallie Mae rep processed a payment of mine incorrectly resulting in a late fee and literally dozens of harassing phone calls before I could figure out what the issue was and resolve it with the incompetent customer service. They do not offer income-based repayment. They only offer forbearance which compounds interest and makes you pay out more in the end. This is what I get for blindly following my parents' advice with loans and not knowing what I was doing as an 18 year old fresh out of college. Don't make the same mistakes as me.
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This company is awful. Good luck getting answers from their customer service reps. They give you the runaround and then rudely ask if they can help you with anything else... You didn’t even help me yet! They charge ridiculous interest rates and make it impossible to refinance. They will kill your livelihood.
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.
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
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