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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!
We were directed to Sallie Mae by my Granddaughter's University when we, at the last moment, found out she was short for tuition. As we needed to fund in 3 days we agreed co-sign on the worst interest loan we had ever been offered: 11%. It was miserable from that point on. We were given the incorrect payment address twice, the posting always ended up late by the time it reached the correct department. Their explanation: they were being divided and administered by different companies. I would get calls from outside the country because we were "late" - no, we were not. Finally was able to speak with someone in Salt Lake who told us he would be our contact and then, of course, he was soon no longer there. Once we signed up for auto withdrawal, it calmed down.... until my granddaughter graduated, she paid just fine until she moved out of state, could not find a job.
After her savings were depleted, she called to let them know she needed hardship relief. She believed they gave forbearance, but we were getting up to 8 robocalls each (husband and I) per day and emails saying she did not pay. We tried to to get them to help, received poor and incorrect information and the calls continued. Sometimes they would speak with us, sometimes not. We were told she was NOT in forbearance but could do so online - not true. Finally, my daughter who works in Finance spent time helping - received incorrect information then finally getting someone to help with forbearance stated it was her SECOND forbearance. So all the while she was in forbearance, we were receiving robocalls, emails and letters saying we were behind and because she did not pay we were responsible.
I threatened them with the Consumer Finance Protection Agency and reminded them that according to the Consumer Fair Debt Collection Practices act this could be considered harassment. They finally stopped the calls, but now, even though she is in confirmed forbearance, we are receiving emails we are behind. Though their representative have been polite in the discussions, they have given incorrect information. I find them to be an unbelievably poorly run, opportunistic and unprofessional loan company, and would leave them if I could. But they have probably affected our and my granddaughter's credit, so she will likely have trouble finding a re-fi loan. They have caused great distress for us and our granddaughter. I would NEVER EVER recommend them to anyone under any circumstance.
I called Sallie Mae a few months ago after they doubled my loan payment unexpectedly. I told them they can either change it back to what it was or expect it to default. I don’t care about my credit and have no desire to own a home anytime soon so it’s no sweat off my back. Of course they were unwilling to work with me except for putting it in forbearance, so they can add the grossly accumulated interest onto the principal. So I stopped paying. I didn’t have a co-signer so the only person that hurts is myself.
Today my grandpa informed me that Sallie Mae called him in regards to my loan. Again, I have NO co-signer for this loan. The guy was asking him personal questions and for his SSN. My grandpa told him nothing. But the action on Sallie Mae's end seems pretty illegal. I wouldn’t touch Sallie Mae with a 5321 foot pole if I didn’t have to.
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I co-signed a loan for my daughter's undergraduate tuition and expenses. The interest rate continued to rise. Although we paid early and twice or three times the minimum each month, Sallie Mae would not work with us to lower or refinance the loan. Even though we were told this would be an option down the road. When calling, their customer service representatives were not helpful and sometimes rude. I would not recommend Sallie Mae.
WARNING-I worked in fraud. It seems to me from the questions I was asked today that some of their reps are trying to get information to sell. What this company asked me for today is NOT NORMAL. I tried to open a two year CD here for a small amount. First time their website crashed during the verification. Second time it went through after asking me to verify everything under the sun including my ex sister in law's name who hasn’t been married to my brother in 15 plus years. Next day I get an email asking me to verify more. I call and verify the account, get transferred to fraud. Fraud says there is a problem with my address. I verify it as well as another property we owned in the 15 years I continually owned the other. They leave me on hold forever. I tell them they can verify with the tax assessor. That’s not proof they say. Then they start asking the weirdest garbage. Who my mobile carrier is and whose name my phone account is under? My pets' names.
Then they got ludicrous. How did I hear about Sallie Mae? (A weird question from a fraud department. But I was assured it was fraud related). Why did I open an account? (Seriously. Why did I open a two year CD? To save money. Smh.) Did anyone have access to my account? (Me. “Why? Do you show someone else accessing the account.” “No. We just ask.”) This goes on a long while. Then they want to call my bank the electronic transfer is coming from and verify over the phone which would have meant a rep from their office hearing my passwords. When I tell them they’re starting to sound like scammers, they scoff and say the security of my account is important. I ask to close the account. They lie and say it’s already been funded and they can’t close it. (I checked with the bank. It had not). But I wonder...why do they want to get my bank passwords if they had already taken out the money?
I ask the speak with a supervisor. They say I can when I verify more. Then they ask me more insanely stupid questions and afterwards say a supervisor will call me back. The passive aggressive crazy rep hangs up. I call back and told they are closed at 2:30 pm MST! This place is a nightmare and I’d be very wary about some call center rep wanting to know your mobile carrier, who owns your mobile account, passwords to your bank account - they can take over your phone and steal. Don’t trust these guys. There is something not right about this “bank” and the reps working in their centers. I resolved the issue by paying for a stop payment with my bank so the account wouldn’t be funded. A truly horrible and creepy experience. Wish I had never gone down this road.
I had a horrible experience with Sallie Mae. They contacted me repeatedly to consolidate my credit card debt. After spending lots of time giving them all the information they wanted and lots of calls from them telling me that I would definitely get a loan, I logged on to check on my loan and the results said I had no application on file. They just erased everything because the "proprietary method" they used said that my income wasn't enough. When I called to ask about it, the representative said that the person with whom I had been working was in and he would connect me. He then proceeded to put me on hold 6 times while he asked this person about my loan (he clearly was too cowardly to tell me that he had turned me down after assuring me that my loan would be approved) and finally I just gave up and said I would go through my credit union. Awful, awful customer service. Just a ghastly experience.
I am so glad I'm not the only one that has had a horrible experience with Sallie Mae. I thought I was helping my two sons with alternative loans to go to college but this company has made life after college difficult for my sons to start life. My sons have bachelor degrees and pay close to $700 dollars a month to Sallie Mae. The most they owe is 40,000. The interest my husband and I paid on these loans during the four yrs of college did not help our sons' interest as it was explained to us it would. FALSE ADVERTISEMENT!!!
I was told my son's loan was a fixed rate, wrong. I remember specifically signing a fixed rate loan. My son graduated and his loan is variable. Not only were we not aware that the loan has to be paid off in ten years from the first day of college but an additional two years has been added to the loan due to the variable interest. So we are currently working very hard to refinance the student loans with another company. Maybe someday my son will be able to buy his first home. My advice to parents is if you cannot pay for your child's college education, do not let them go away to college. Community colleges are a lot cheaper, a degree is a degree.
This is one of the worst student loan program ever. I would never recommend this program to anyone. They make it so hard for students to make the payments that they wants from student that just got out of college. Not a good one. : (
Sallie Mae Company Information
- Company Name:
- Sallie Mae
- Year Founded:
- United States
- (800) 472-5543