Sallie Mae

Sallie Mae Reviews

Sallie Mae Reviews

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About Sallie Mae

Sallie Mae is a private student loan company that lends to full-time, part-time and less than half-time students. It approves 95% of loans when the student signs up with a cosigner. Its loans can be used for all school-related purchases, including classes, books and housing. Sallie Mae offers the Multi-Year Advantage program, in which students can reapply for a loan easily year after year.

Pros & Cons

  • High rate of approved loans
  • $0 origination
  • Multi-Year Advantage offering
  • Unclear credit requirements
  • Hard credit check

Sallie Mae Reviews

Stars Rating

  • 24%
  • 33%
  • 12%
  • 4%
  • 27%

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    How do I know I can trust these reviews about Sallie Mae?
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    • We use intelligent software that helps us maintain the integrity of reviews.
    • Our moderators read all reviews to verify quality and helpfulness.
    Page 2 Reviews 10 - 40

    Reviewed June 26, 2021

    They really helped me in my time need. Their offers were great for my needs at the time and repayment was easy. I would definitely recommend them to any student who is in need and can’t find the funds.

    Customer Service

    Reviewed June 25, 2021

    I have been with Sallie Mae for many years, I started to pay off my loans but went back to college and had several forbearance. Because I started out late, I also went on disability until retirement and now I am in a program thru President Obama that I don't have to repay for 25 yrs then the loan will cancel. Sallie Mae was always a good company to deal with, great customer service.

    Customer ServiceStaff

    Reviewed Feb. 5, 2021

    In June of 2020 I enrolled in the Reduced Rate Program at Sallie Mae because the hours I was carrying at my university did not meet the minimum required by Sallie Mae to remain in deferment, but since I have not finished my degree yet, I don't have the benefit of the pay raise that would allow me to repay the loan in full terms. I received the paperwork verifying my enrollment, and the three months of "pre-enrollment" payments of $264.59 were made to qualify. In September I was advised I would have no payment as my enrollment was finalized and payments would begin again in October in the amount of $264.59 as auto-debit against my account as is required by the program. Instead, in October 2020, I was charged $624.15, causing my account to overdraft, for which I incurred $174 in fees from my bank and countless hours of headache trying to sort through the mess.

    After 16 separate phone calls to Sallie Mae during the month of October, I was advised that I would have to re-enroll in the program due to an error on their end, and that by once again making the payments for three months, I would be correctly enrolled. This time the amount was $311.15, which was more than the agreed upon amount, but for which I agreed to have the mess resolved. I made the qualifying payments in October, November and December and called at the end of January to confirm that I was correctly enrolled and could expect to see the next payment of $311.15 on Feb 3, 2021 and was assured that it would be done correctly.

    Today, Feb 5, 2021 the amount finally debited from my account, and instead it was $473.88. I once again called Sallie Mae, and after being sent to three different departments was assured someone would call me either Monday or Tuesday to sort it out, but if I hadn't heard from anyone by Wednesday to call again. I am at my wit's end. My husband and I are both teachers. I have very little free time to make these calls over and over. Sallie Mae does not value me as a customer, and I am certain I will have to call on Wednesday to be bumped from department to department again while they "research" and do nothing. It's a stress because you also never know if the person you get is going to be even be polite. That's hit or miss. Feeling helpless!

    Customer ServiceRates

    Reviewed Jan. 8, 2021

    There is no courtesy from this predator. They have arbitrary 'policy' in place, which change depending on who you talk to. They don't send email correspondence to inform you that a forbearance is ending. They charge exorbitant interest (>9.9%).

    Customer ServiceStaffLoan Process

    Reviewed Jan. 7, 2021

    I hate to see so many people like myself have fallen victim to this loan company as I have. From the beginning, I have had negative experiences trying to do anything over the phone with an agent. I am transferred several times, placed on hold, and told different things about my loan depending who I speak to. Additionally, I was lucky enough to get a new job during the pandemic, but if I was one of many others whom I know were laid off, struggling to find work etc. you'd have an awful time making these payments because they do not lift a single finger to assist. However, they still manage to push every advance to get you to sign another loan with them. I was just alerted on my dash in a "Coronavirus update" that anyone who is behind payment by more than 15 days will no longer be able to use credit or debit payments starting Feb. 1, '21. On top of everything this just seems damning to hell.

    The user interface itself is difficult to use and confusing. You are encouraged and inclined to use auto debit, but when I made my first payment, the auto debit did not takeout my payment on the due date, and my account reflected a payment was due still, so I went ahead to make a manual payment to avoid late fees. Nope, the auto debit took out the payment 3 days later and overdrew my account. I called again this month to be sure that I was not going to be penalized if the auto debit is late to take my money, and he assured me everything would be fine but I still get very nervous.

    There is 0 reflection on the site that tells you when auto debit will take, which I tried expressing to the agent. He just persisted with "the auto debit will withdraw soon ma'am". Very nerve wracking knowing these companies can come for your credit over anything. If I knew four years ago what I knew now, I wouldn't have ever committed to this. Greed and lack of compassion for thorough customer care rules this company. PLEASE don't sign a loan with Sallie Mae.

    Customer Service

    Reviewed Jan. 1, 2021

    Consumers LOVE to blame companies for their bad decisions and Sallie Mae is a perfect example. I have worked with them paying student loans for 9 years and it's been an ideal relationship. I am responsible for my loans so I READ AND UNDERSTOOD terms before signing. It's really that simple. Sallie Mae doesn't hide anything, people don't bother to read any details then complain and blame. Sallie Mae has been 100% efficient, easy to reach by phone, extremely clear, simple and transparent loan details online. Don't let the dimwitted consumers convince you otherwise, Sallie Mae is same as all lenders.

    Loan Process

    Reviewed Dec. 28, 2020

    I am happy that the Sallie Mae student loan is open for non US Citizens and also allows access for students doing online learning. This comes in handy for me as I fit both classifications and going through my online degree would be far fetched if I didn't have the option of Sallie Mae.


    Reviewed Dec. 27, 2020

    Masquerading as a quasi-government institution they solicit your loans when you need them most -- as you and your kids realize their college education is going to cost more than they expected! They have exorbitant rates, no loan forgiveness or rate reduction paths for hardship, and generally use aggressive tactics to force uncomfortable payments. They claim to "work with you" on modifications or relief, but in reality, they do nothing. This behavior is very similar to the mortgage market during the 2008-2010 great recession.

    Profile pic of the author.

    Reviewed Dec. 26, 2020

    Sallie Mae was very helpful during my time of need and they were very helpful at all times on all my needs and helped with all I wanted and thanks to them I finished all my schooling.

    Reviewed Dec. 25, 2020

    Never co-signed for a student loan before so can’t really compare. Guess it’s okay. Not been hounded. But my son pays on time every month so shouldn’t have any problems.

    Reviewed Dec. 24, 2020

    Sallie Mae has been good. They send plenty of reminders when your bill is coming due or something has changed with your account. I am a co signer and I like being kept in the loop. I would apply with Sallie Mae for school loans in the future.

    Customer ServiceRates

    Reviewed Dec. 12, 2020

    I continue to be amazed why Sallie Mae's executives are not in jail. They are perpetrating the ultimate scam and worse, they are doing this to young adults. Their rates are insanely high leading to guess what, struggles to make payments. It's near impossible to discharge the debt while every other creditor doesn't get the same favor. Their customer service is a joke. Their website won't even let you get a statement and their hours of operation is typical government. And in the end, a degree isn't just what is was worth in the past. Please consider carefully before getting loans with Sallie Mae. It's NOT worth the pain!

    Reviewed Nov. 30, 2020

    I had to take some extra graduate courses and took out a loan with Sallie Mae. I did not know that because it was a private loan, I could not consolidate the loan. During the pandemic, Sallie Mae continued to charge me 10% ($100 a month) while other student loan companies waived it. I tried to ask them to help me with the issue given financial hardship during the pandemic and they said they couldn't help. Avoid using them at all costs!

    Loan ProcessRates

    Reviewed Nov. 18, 2020

    Never never ever! You should never take out a loan through Sallie Mae. It has been a completer nightmare. I co-signed for my daughter and it has been a nightmare since day one. With COVID and other REAL LIFE issues I am not sure how they sleep at night as a company. They are ruthless in their practices and just don't care at all. It locked families into interest driven loans from HELL. It will also destroy your credit if you miss a payment or misunderstand the deferment process. Just terrible.

    Loan Process

    Reviewed Nov. 12, 2020

    This company is liking dealing with loan sharks. They are one of my life's worst experiences. I co-signed a student loan for my granddaughter and it became a massive fight each and every month dealing with them. Even after I paid off the loan it did NOT stop.


    Reviewed Nov. 9, 2020

    Sallie Mae will not release me off co-signer of loan. I told them I no longer work. I am a co-signer. They do not care. They said it’s only student can be released with disability. I am the co-signer. I thought it would apply to me as well. Stay away from this company. They do not try to help you. It’s obvious that I do not work over 3 years now. Do not use this company. Use Nelnet. If you become disable they will honor your disability and dismiss the loan which they have for me. I do not recommend getting a loan from this company. Only use Nelnet. They work with you if you ever in a position like me.

    StaffLoan ProcessRates

    Reviewed Nov. 4, 2020

    I really hate Sallie Mae. I’m never borrowing from y’all again and I’m going to convince all my family and friends never to either. Student's loans are a toxic plague in our country and they prey on innocent people and chain them up for life. You Guys aren’t helping people. You’re enslaving them. My parents were young and co-signed for my loan and now that interest piles up faster than I can pay. It’s hurting the both of us. I will never go back into debt once I am free from y’all. And I will fight until my dying breath to put student loan lenders out of business in America. My parents are now debt free and helping my husband and I be debt free. I will never go back to fake money after this. I hope you guys go out of business.

    Customer ServiceStaffRates

    Reviewed Oct. 30, 2020

    Sallie Mae is the worst company to deal with when it comes to student loans. Honestly, every time I see their email about my statement I know they are going to ruin my day again. It gives me the most terrible headache. The interest is sky-high. Customer service is like speaking to a robot, perhaps, robots may have something in the heart area, Sallie Mae's SCR's have nothing, heartless people. They won't even bother to listen to you. Just saying what they are reading on their computer screens, and that's all. If I knew better about this company, I would've searched more and thoroughly to find a better, more human-like company to borrow loans. Praying for the day, when I won't see their emails in my inbox ever again. Please think twice before you go to this awful company.

    StaffLoan ProcessRates

    Reviewed Sept. 22, 2020

    My son applied for loans through Sallie Mae, all of which I cosigned for. He ended up taking out 4 loans (one each year). He chose the option to pay the interest while in school, in order to only owe the principle when he was finished with college. Each of his loans was on a variable rate (anywhere from 10 - 12.75) and the interest was calculated on each loan separately!! I took on the payment for him, and for his final year, it was up to 400 dollars a month just in interest!! It gradually climbed from 80 dollars to 400.

    After he graduated and his loans came due, the payment was almost $800 a month for a 50,000 total loan amount (and that's after I had paid all of the interest while he was in school). The worst part of it all: THEY DON'T EVEN CONSOLIDATE THE LOANS YOU HAVE WITH THEM. They are all separate payments. This company is the biggest disgrace I have ever seen. The way in which they take advantage of students who are attempting to get an education is sickening. You should be ashamed of yourself, Sallie Mae.

    StaffLoan Process

    Reviewed Aug. 17, 2020

    I am writing this so anyone who is considering Sallie Mae as a loan source for a student loan will think twice before taking a loan from them. These are not good people so if you decide to do business with them be careful. They are NOT looking out for your best interests. I am the father of a student who was was 18 years old and just starting college when Sallie Mae made an outrageous loan to her and her mom, neither who knew much about finance or borrowing money. Sallie Mae heavily solicited her loan and then gave her a 12.125 interest rate. I do know something about finance and know that at the time the cost of capital to Sallie Mae would have been somewhere in the vicinity of 1 percent. This is an estimate but that means Sallie Mae was making somewhere in the range of 10 to 11% on an 18 year old girl with no warning on what she was getting into.

    I have now gotten involved in trying to pay off the loan and called Sallie Mae to see if there was any relief available for what is very close to a usury loan loan rate. Sallie Mae will do nothing and was not the least bit sympathetic or caring about the financial crisis they are an integral part of creating. The question in my mind is why would anyone, especially an entity like Sallie Mae even offer a loan like that???? I can't find anything about this that I could say was helpful but I can say there is a lot of stuff about it that was egregiously harmful to a child just starting out.

    I am stunned that they would do that and not bat an eye. There was NO offer of information to my wife and child to guide them away from locking into a damaging situation and in fact enticed them in. There was no amortization schedule of other information provided. Even if there was it would have been given to someone who would not have understood it. It is like luring young children into smoking cigarettes which is my best analogy. It is an awful example of corporate greed. Thank you Sallie Mae. I hope you and the people that work there sleep well at night.

    Customer Service

    Reviewed Aug. 11, 2020

    I have been with this company since 2017. I make overpayments on the account, yes over payments to keep my accounts up to date to avoid bank charges. I am an overseas student and need to make a large lump sum to avoid additional $ 20.00 or $ 30.00 just in bank payments. Currently, I have $ 1800.00 of overpayments. Sallie Mae not only sends me a bill showing that I am late on two months of payments but they have called the credit bureau. When I called, please read this carefully, when I called to speak with a "trained" customer service, they told me that they do not know what a credit or payment on account means. I spoke with a supervisor, and please read this carefully, she told me I had to call Sallie Mae to tell someone in the accounting department to move a credit amount of $50.00 from an overpayment to satisfy a payment?

    Listen up people, not only do they double charge you but the fat cats are trying their best to cause you to be delinquent to make extra money. This is a scam. PLEASE PLEASE CALL the CONSUMER OF FINANCIAL PROTECTION BUREAU. ALSO, PLEASE PLEASE CALL YOUR DISTRICT ATTORNEY. This is ongoing for me. I have always made payments on time, overpayments, always, never late. This is a flawed and corrupted system. I WILL BE CONTACTING AN AUDITOR and THE DISTRICT ATTORNEY WHO REPRESENTS MY LOCATION. PLEASE PLEASE BE CAREFUL.

    Customer ServiceStaffRates

    Reviewed 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.

    Customer ServiceLoan ProcessRates

    Reviewed 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.

    Customer ServiceStaffRates

    Reviewed 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.

    Loan Process

    Reviewed 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.

    Customer ServiceStaffLoan ProcessRates

    Reviewed 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.

    Customer Service

    Reviewed 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.

    Reviewed 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!

    Customer ServiceStaffLoan ProcessRates

    Reviewed 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!!!

    StaffLoan ProcessRates

    Reviewed 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!

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    Sallie Mae Company Information

    Company Name:
    Sallie Mae
    Year Founded:
    United States