Sallie Mae Reviews

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%).

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.

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.

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.

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.

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.

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.

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.

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!

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!

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.

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.

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.

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.

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.

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.

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 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?

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.

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.

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.

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.

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.

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.

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!

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?

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.

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.

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.