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Sallie Mae

Sallie Mae
Overall Satisfaction Rating 1.12/5
  • 5 stars
    4
  • 4 stars
    5
  • 3 stars
    13
  • 2 stars
    37
  • 1 stars
    700
Based on 759 ratings

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    Sallie Mae Reviews

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    Page 1 Reviews 0 - 10
    Rated with 2 stars
    Verified Reviewer
    Original review: July 28, 2020

    I graduated in December of 2019, a few months before cocos. I enrolled in their forbearance program, which is no payments for 3 months but still accruing interest. A week before it was supposed to end I had a death in the family and had to pour my savings into going to the funeral out of state. I contacted them and asked if at all possible to get my forbearance extended and they allowed me to extend it until October. (My balance remained at 0$) Two weeks later me and my co-signers started receiving emails and phone calls daily about how my forbearance has ended.

    I logged into my account online and saw that my account was past due 450$. I reached out to them and nobody could figure out what was going on because my account was supposed to be frozen. I was transferred to 5 different people in the span of an hour only to be told something vague like it was a “rolling past due amount” and it’s frozen so I don’t have to pay it? I don’t see how I could have a past due amount from March that just showed on my account in August. My co-signers are now getting harassed every day by phone and email. Not a good way to conduct business.

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: July 22, 2020

    The most exploitative company I've ever dealt with. I took out a loan for my Bachelor's degree in desperate times of need and ended up with a 12.875% interest rate. I opted to pay $100 a month while I was still attending school- that was 'supposed' to go towards my interest on the loan. However, the monthly payment didn't shift my overall balance by a penny. It actually went up. Fast forward to post-graduation, I have a $900 monthly payment. Okay great, I'll pay $900 a month, and sometimes even $1000. "This will get paid off in no time." HAHA. My overall balance is still increasing. I'm basically throwing $900 a month into a black hole. The customer service can't even explain this concept to me. They can't even tell me where my money is being applied to- because it's definitely not my $30,000 loan. I've been paying $900 a month since January 2020. When I first started paying, my overall balance was $30,762; now it's $36,240. GOOD LUCK.

    6 people found this review helpful

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      Rated with 1 star
      Verified Reviewer
      Original review: June 6, 2020

      Sallie Mae is a predatory lender. First, they do not give an Amortization Schedule so you never understand how much goes to principal and how much goes to interest. Also, I have a 12.375% interest rate and my daughter is still in school. After 2 years, I owe over $2,700 in interest which is charged at $5.11 EVERY DAY!!! 100% of all of my payments will only be applied to the interest so even if I make payments, I will still have to pay all interest which NEVER stops accruing at a daily rate of ($5.11/per day). Customer Service was rude. I told them I will refinance this loan with another company and I will never do business with them. The Service Reps let you know how very much they could care less about your business. Agreeing to pay additional payments while in school doesn't help AT ALL because $0 of your payment will go to the principal.

      I have a 725 credit score. I have had several personal loans and have paid them off. I have credit cards. I am very familiar with lending and credit. I have never had such a horrible deal. I am so embarrassed that I let this company take advantage of me. All of my statements are electronic so I never looked at them but I paid $25 and my loan went up. I paid $50 and the loan went up. I paid $100 and the loan amount went up. How surprised to learn, interest is $158 per month that has been accruing for 2 years. I feel so stupid. I feel like I've been raped, used and abused by Sallie Mae and I feel sick. I will messed up. Please stay away from this lender.

      11 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: April 14, 2020

      If your choice is a Sallie Mae loan or not going to school- DON'T GO TO SCHOOL! They are the absolute worst company to deal with. While every other creditor is waiving or suspending payment during this virus time Sallie Mae is ignoring my medical discharge paperwork and reporting me to the credit agencies. They will hound you until the day you die and if they could dig you up and get a payment from your teeth they would do it. Bottom line- wait a year and save your money so you do NOT have to use them. If you do it anyway you only have yourself to blame.

      25 people found this review helpful
      Rated with 1 star
      profile pic of the author
      Verified Reviewer
      Original review: April 1, 2020

      I needed to update from my Customer Identification Number to SSN so I called agent. I had to fax them my SSN and they say it would take 3, 4 business days. After another 3 calls, today marks 48 days. Terrible Company!!!! Interest rate will jump to 11% no matter what and they are not doing anything in this stressful times of Coronavirus to help poor people and students that took loan. Do not make this mistake in your life, no matter how desperate you are, do not take loan at Sallie Mae. Wouldn't recommend to my worst enemy.

      22 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: March 28, 2020

      I got a loan from Sallie Mae for school. I couldn’t do what I was going to school for. I call and ask for loan forgiveness. Because I dropped out of the school and I’m unemployed. I give them a call for loan forgiveness and they told me they can’t do a loan forgiveness. Sallie Mae expect you to pay even if you are jobless. All Sallie Mae cares about is making your payment no matter what you going through, they don’t care. Period. Stay away from getting a loan from Sallie Mae.

      18 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: March 23, 2020

      I called up to speak with someone about working out arrangement with monthly interest payment because I just got laid off this morning because of Coronavirus. Message said no one in office because of virus but go online to chat with someone. There is no place to log on to a chat, just more BS from the government on everything, in the meantime I cannot discuss with anyone about the problem which I know I'm not the only one that has it. I am going to refinance my loan ASAP and will never ever use this BS operation again and I suggest others do the same!

      24 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: March 11, 2020

      Original review: March 11, 2020. I co-signed a loan for my son in 2016. He indicated that he would make a $25 payment a month, thinking that it would be applied to the interest. NOPE!! When I noticed that the balance was increasing, I called in 2018 and was told that it would accrue interest so he wouldn't need to worry about the payments until 2020 when he graduates. Imagine my surprise when they kept calling saying that he owes. Apparently the money that I paid for him ($100 month) beginning in 2016 through 2017 was used to "pay ahead" but not used to reduce the interest rate. Ok..but what is PAY AHEAD if it doesn't apply to P or I?

      The loan has about $1500 in interest (BALANCE DUE IS $8500 as of today's date) from a $7000 loan but I've paid more that $1100!! We thought that we would be a little ahead but turns out that we are just as far behind with the interest. The customer service reps "apologized for me being given inaccurate information," which I still have a recording of the conversation for. His regular P and I payments don't even begin until November but no one can explain where that money that I've paid towards the loan has been applied. Like I had $1100 to just throw away. But because we signed for the "pay ahead", we seem to be stuck.

      Sallie Mae is a PREDATORY lending company that preys on the people who are seeking financial assistance. My suggestion to anyone who has another resource to help fund college is to definitely use it instead of SM. There are too many confusing loopholes for people who just want assistance to help pay for school. So glad I didn't need to use them for the past 3 years. If someone has anything positive to say about them, I surely would love to hear it. They are the plague!!!

      17 people found this review helpful
      Rated with 1 star
      profile pic of the author
      Verified Reviewer
      Original review: March 2, 2020

      I took out a loan to partially pay for my MBA degree. Sallie Mae not only obscured many hidden fees despite asking repeatedly what other fees, expenses, costs, etc I needed to be aware of... I had no choice as this was only company who could help me finance my MBA overseas... Throughout the 5 year pay off period service staff were unhelpful and never were able to give me a clear indication of how payments I made matched to what was outstanding. Even with my 8 years in investment banking + MBA from a top program etc etc I couldnt crack their nutty ledger system. I felt completely powerless and had to simply ride it out until my loan was paid off.

      The most frustrating thing about this experience was that I had opted for a FIXED INTEREST RATE in order to avoid these surprises in the first place! So how could it be there were so much variation month over month? And while they denied hidden fees, I calculated that on the agreed 7.5% fixed interest rate, I paid an additional 6%!!!! At the very end of my pay back, one customer care rep finally clarified that there was some kind of interest on interest, which was never in my original agreement! She wasnt able to explain well how it worked but it would indeed explain the monthly variation of interest owed on top of monthly minimum.

      I am glad this nightmare is over and find it shocking some companies promote Sallie Mae (and clearly earn commissions for referral traffic) and there is really no place for actual customers to provide their feedback! The simple truth is that Sallie Mae were not transparent with their fees, playing with semantics around what is a "fee" vs cost, vs expense, etc and I would not recommend this to anyone!

      11 people found this review helpful
      Rated with 1 star
      profile pic of the author
      Verified Reviewer
      Original review: Jan. 14, 2020

      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!

      26 people found this review helpful
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      Sallie Mae author 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.

      by Barbara Friedberg Personal Finance Contributing Editor

      Barbara Friedberg, MBA, MS is a former investment portfolio manager with decades of financial experience. Friedberg taught Finance and Investments at several universities. Her work has been featured in U.S. News & World Report, Investopedia, Yahoo!Finance and many more publications.

      Sallie Mae Company Information

      Company Name:
      Sallie Mae
      Year Founded:
      1972
      City:
      Newark
      State/Province:
      DE
      Country:
      United States
      Phone:
      (800) 472-5543
      Website:
      www.salliemae.com