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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 is a national student loan lender with multiple programs. While its application requires a hard credit check, it has online resources and a 95% approval rating for applicants with cosigners.
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Reviewed Sept. 26, 2019
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.
Reviewed Aug. 22, 2019
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.
Reviewed Aug. 21, 2019
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.
Reviewed July 22, 2019
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.
Reviewed July 17, 2019
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.
Reviewed July 2, 2019
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”!!!
Reviewed June 28, 2019
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.
Reviewed June 13, 2019
My family and I found out that we would not have enough to pay for my college tuition so we were referred to Sallie Mae. Since then, it has been the worst decision of my life. After graduation I was expected to pay $1,000 a month which has now risen to $1,700 a MONTH due to interest. I work in an entry-level position in Marketing and my monthly payments are absolutely ridiculous. I have tried to contact Sallie Mae to see if they can lower my payments, but every time I call I am greeted with a nasty Sallie Mae representative or there is nothing they can do. They do not care about anyone except for the money that they make off of people who cannot pay their student loans right away. Sallie Mae is a terrible company and the student debt crisis needs to be addressed. Colleges are more of a big business rather than an educational system and thrive off of families who cannot pay their student loans.
Reviewed June 2, 2019
I deposited money into this bank a couple months ago. They froze the account due to "suspicion of fraud". These criminals/fraudsters stole my money and they are the ones accusing me of being a fraudster. Ironic to say the least! To this date I have not been able to recover the money that is in my account(s). I would not recommend this bank to my worst enemy.
Reviewed May 29, 2019
Hello, I was tricked into a parent plus loan with SM. After my daughter finished school the loan was immediately due. My daughter did not begin payments and rather than try to get her to pay so that she could consolidate this loan along with her others they decided to just come after me for the payments. I have been trying to let my daughter assume the debt but SM will not now let her assume the debt which is hurting my credit. This from a company that was bailed out by Obama in 2008! They should be punished for mishandling funds NOT helped, they never help me try to reconcile the loan. I would like to just settle the loan but they want the entire loan amount. They did not have to pay their entire loan amount from this government that used our money to bail them out.
Reviewed May 21, 2019
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.
Reviewed May 21, 2019
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.
Reviewed May 12, 2019
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!
Reviewed May 12, 2019
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.
Reviewed May 11, 2019
It ONLY took 12 years to pay-off the undergrad loan. Med school was financed thru Parents and Will probably get paid off in less time. My only issue will be if Politicians pass laws to forgive debts. What about everyone who has been paying monthly debt for over a decade? There is no discussion about repaying those who have diligently paid down debt. Will any Student Loans be reimburse (probably not).
Reviewed April 27, 2019
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.
Reviewed April 25, 2019
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.
Reviewed April 8, 2019
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.
Reviewed April 6, 2019
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.
Reviewed April 4, 2019
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.
Reviewed March 28, 2019
This was quite some time ago, but I did have a loan with them and it is was simple and easy to take care of. Was transferred a few times, but nothing changed. The other lenders were just as pleasant. Glad when it was paid off!!
Reviewed March 22, 2019
I had a savings account with Sallie Mae. Three weeks ago I was informed, with no advanced warning, that my account had been closed due to (what they said was) "suspicious activity." They refuse to tell me what this suspicious activity was supposed to be, they refuse to tell me when I will get my money back or how much of it I will get back -- they won't tell me anything. Again, this was three weeks ago.
To be clear, I am a college professor, excellent credit, good financial habits. I have not had so much as a speeding ticket in my entire adult life. There was no "suspicious activity," unless my account was hacked. The only thing I EVER did with this account was put money in it. So if you think Sallie Me would never do this to you, think again. DO NOT TRUST THIS COMPANY.
Reviewed March 20, 2019
I have multiple accounts with passwords and never have issues. With Sallie Mae, however, after being locked out of my account continuously, even when using saved passwords, written-down-so-I-don’t-forget passwords, etc, I STILL get locked out. When you call, don’t expect any help either. You will get hung up on before you navigate the automated system. Literally the worst bank ever. I have emailed to request someone please call me instead, hoping I can talk to someone long enough to close my account.
Reviewed March 18, 2019
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. : (
Reviewed March 15, 2019
High Yield Savings Account/Unacceptable Business Practices. While I have not lost any money there are several reasons to not choose Sallie Mae's savings accounts based on my experience: 1) If you transfer $5K or more, they will hold ALL of the deposit for more than 10 days for no apparent reason other than I presume to play the float against us. 2) You cannot change or delete a transfer of funds once it is submitted unless you call in. 3) Calling in is a joke, they automatically hang up on you after telling you they are very busy at the time.
I have accounts with other firms, like Marcus, and they have none of these issues and higher interest rates. So, if you are looking for a solid high yield savings account, I would go there or choose someone other than Sallie Mae. Separately, Capital One also is questionable on their deposits as they play you on the float too. Marcus plays no such game no matter how much I send over there.
Reviewed March 1, 2019
I signed up for two fixed rate graduate student loans, and one is just fine. The other, and larger, loan magically turned itself into a variable rate loan. Despite presentation of origination documents showing 'fixed rate', Sallie Mae keeps coming back with a processing sheet saying they processed it as a variable rate loan. Obviously, that is not what I signed up for. One would think this would be an easy fix, but Sallie Mae refuses to fix the problem. They have since raised the interest rate by a factor of 8 from the changes in the 'liber rate' they site as the need for the increases. These guys are straight up crooks. They learned absolutely nothing from the financial crisis or from Wells Fargo.
Reviewed Feb. 7, 2019
I took out two student loans to finish nursing school in 2014 and 2015. My brother was kind enough to co-sign those loans. Since graduating they have raised the interest rates with zero notification and pulled my co-signer's credit report 4 times for some unknown reason. I have not ever been more than 5 days late on a payment and had automatic debit as well. This month for some reason my automatic payment wasn't taken and I didn't know it until they started calling and harassing my father who is not my co-signer, my co-signer, and then pulled mine and my co-signers credit report.
My payment should have been taken but somehow it magically didn't get charged. Now they will try to raise my interest rate and I realized that this is the game they play so they can increase interest rates. "Forget" to withdrawal payments on automatic debits and then raise rates without notification. What kind of company is this??!! Morgan and Morgan need to start a class action lawsuit and I hope all my documentation and records will help start the process.
Reviewed Feb. 5, 2019
Well, Sallie Mae is at it again. I’m on SSDI. Full disabiltiy. I quit school because of the disabilities. I told Sallie Mae this. After almost 2 years, they have now sent a collection agency after me. I’m not afraid of them. I’ve had sound advice from an attorney and they cannot touch or garnish my SSDI or my husband’s retirement. In Tennessee, you can exempt up to $10,000 in personal property from being seized. We own no real property. They better leave us alone.
Reviewed Jan. 31, 2019
I unfortunately needed to take out loans in order to complete my college schooling. The aftermath of this has entirely made me regret going to college and has essentially ruined my adult life. Sallie Mae no longer consolidates their loans, which they don't tell you beforehand, and they are completely unwilling to help -- despite the fact that someone who just graduated college may not be in a place to pay their insane monthly payments. Each month, they currently take over half of my monthly paycheck.
I've tried to contact them and request assistance and was essentially told to suck it up or that I could put my loans on hold for one month to a year, but that would cause my interest rates to skyrocket. These payments have completely depleted any savings that I had, because whether they believe it or not you do need some of your paycheck left to live off of. I'm stuck in a horrible dead-end, with no escape. Whatever you do, do not take out loans with Sallie Mae.
Reviewed Jan. 30, 2019
This loan is the worst. They do not care about your problems when you're going through it. I wouldn't recommend this loan to anyone at all. This loan is the death of everyone, interest is high and when you thought you're half way done you're back from step one. PLEASE DO YOUR RESEARCH AHEAD OF TIME. DO NOT SIGN UP WITH THEM. I missed two months of payment and they send it to the credit report department, lowered my credit score down 100 points. Insane is not the word.
Reviewed Jan. 23, 2019
Sallie Mae is THE most fraudulent and misleading financial institution I have ever encountered! I took out a FIXED rate loan for my MBA 5 years ago and after inquiring over 20 times over past few years I ONLY learned today that they have been secretly adding "daily accrued interest" to my loan. The rep made clear I already signed off on this and it is a fait accompli however I have been trying to figure out why I kept paying my $35k loan each month and yet the outstanding balance was barely reducing!
They hide this in their accounting ledger online which DOES NOT show how payments correspond to monthly balance! Customer Service is useless and just try to drive you to use their apps but details are NOT clear and they obviously do this for a reason! So you don't realize how much you are paying! I only noticed yesterday when I paid $500 and realized upon looking at the NEW balance today that there was a $30 discrepancy between what I had paid and the new amount. I only found out because I TOOK A SCREENSHOT of the OLD BALANCE AND COMPARED IT TO THE NEW ONE!
Sallie Mae sold me a FIXED INTEREST LOAN which was already high and after loads of calls and signing I thought indeed that interest was only 7.5% on my loan and that this was the fixed and there were no other hidden fees, costs or whatever semantics/words you want to through in here. I haven't calculated how much I have paid over past years but will do now - I believe it amounts to over 5-10% on top my fixed loan. So instead of paying $35k loan off it's closer to $50k! They obfuscate and lie! Don't bother trying to decipher the fine print! TAKE A LOAN WITH SOMEONE ELSE!
Reviewed Jan. 19, 2019
I came to this page in frustration, first of all 10 minutes before 9 pm and you guys close shop early? Coming up on MLK day, payments will be delayed, also one cannot select auto enroll with credit card, anytime you want to pay with credit to build your credit, you have to call in. The reps are Chinese bum socks, talk you in circles and can’t answer basic question, explain things unpropitiously, careless people. In all honesty I blame my father for not doing more research on this company, ** you dad! Sallie Mae destroyed my credit and sent me into collection, college was not worth the frustration... Do not sign with this lender! This is only the beginning, by the way hard as crap to refi too, they’ll get you for everything you got!
Reviewed Jan. 9, 2019
Because of my university revoking my financial aid my second year of school, I had to take out around 40k from Sallie Mae. Fast forward to 6 months after graduation, they are requesting around 500 dollars a month in repayments. Despite working two jobs, one being seasonal, and barely getting by, there is absolutely no chance they will lower the payments. Based off of my cosigner's (Household, not individual) income, they see no reason the payments shouldn't be made. However; I make around 27k a year, pay rent, a car loan, utilities, etc. and there is no option for me to lower the burden.
Banks will not even touch the loans to refinance because my debt to income ratio is so high, but I can't lower it because I can't make any payments. My credit score has already dropped 50 points and any hopes of buying a house one day are becoming dismal. The system is so broken, they prey on ignorant 18 year olds by making it so simple to obtain thousands of dollars, but make it near impossible to pay them back. Perhaps I will have to get a third job just to pay a fraction of the monthly payment. Disgusting what our higher education system has come to. It's criminal.
Reviewed Dec. 23, 2018
I opened a money market account with Sallie Mae Bank. I had a large amount in the way of checks to deposit and therefore used a prepaid debit card to make a test deposit first (good thing I did!). The nationally known debit card company backs and coordinates deposits via an underlying checking account. Again with a nationally known financial institution. For some reason the test deposit was returned - apparently somewhere along the way the card was treated as a credit vs a debit card and many banks don't allow you to use credit to fund a savings account. No problem. At least the account was active and I was going to follow up with endorsing checks over and depositing them to my Sallie Mae account.
In the interim I received an email from Sallie Mae asking me to call them, which I did. A man answered the call and asked the typical security questions. Great, they're doing their job properly. However, the questions seemed to be endless, and he even wanted to know where was I when I opened the account? This seemed to be getting out of line. He alluded to an issue of fraud, mentioning the test deposit being returned, apparently my location, and other issues he refused to identify. His communication style became more curt, even to the point of arrogance, and took on the tone of a police interrogation. I certainly didn't feel like I was talking to my banker. The end result? He closed my account. Thank God I hadn't endorsed the back of my checks with my Sallie Mae account number, nor made any deposits! My final comment? AVOID LIKE THE PLAGUE!!!
Reviewed Dec. 21, 2018
There's a reason their reputation is so low. I've called multiple times trying to get help, usually the call lasts 45 mins-1 hour every single time and nothing good comes out of it. You get transferred constantly and no one knows how to do anything. We even got hung up on one time when we were told everything would be okay. They act clueless. They provide zero help but are quick to harass and call you, your family, and anyone that may have relation to you and try and get info out of them.
They try to force you to call in and say it's urgent when they're not allowed to. I was told I would be given forbearance and never went through and they ruined my credit. Now they're even threatening us after they are the ones that cause all these problems. My advice if you have loans out with Sallie Mae, don't get pulled into any of their programs they offer you, they'll mess everything up so more. Try to refinance through your own bank or other companies. Awful service and a joke of a company.
Reviewed Nov. 29, 2018
My bank sent out a check to pay off 3 loans totally over 30k. They applied the check to a 4k loan and never called me. I had a 29,000 balance on a 4k loan and they applied the money to the WRONG loan and let alone a loan that who would put a 30 plus payment on a 4k loan? I think they did me a disservice and never contacted me but continued to accrue interest on my account and post late payments. Once again this just proves that Sallie Mae is in for the money.
Reviewed Nov. 27, 2018
I opted for a loan to cover additional graduate school loans. Normally, not a big deal. On my last payment, I submitted the payment and discovered that the payment, a draft from my bank account, could not be processed due to a 'holiday'. It was taken ONE DAY LATE as a result. Sallie Mae responded by jacking up my interest rate over a full percentage point and had put me, apparently, into a permanent delinquent status... My next payment is due two weeks from now but is still apparently delinquent in advance? No one seems to be able to explain much of anything. Fortunately, I can refinance this loan at 3 percent less. Why anyone would expose themselves to this kind of exploitation is silly.
Reviewed Nov. 20, 2018
When I took loans out through Sallie Mae, I was under the impression I could consolidate them so I would just be paying on one bill with one interest rate. NOPE. Found out they do not do that which I think it will but whatever. So I refinanced through another company. The company sent the money out 20 days ago. Sallie Mae still claims they never received it. I called a couple different times and they keep telling me not to worry about the payment. That I have a grace period after the due date and the money would process by then. Well. Weeks are going by and nothing processed. And I am being penalized when they told me I would not be. They supposedly made notes about my situation yet it seems nothing is being done. What happened to the money that was supposed to pay it off? Did they lose it? Are they sitting on it? Thinking I should get an attorney involved so guess it’s a good thing I have relatives who are attorneys.
Reviewed Nov. 15, 2018
Sallie Mae has put me in a terrible situation today, I am in between jobs and start next week. So I am low on money until my first paycheck. When I paid 153 dollars for my student loan on November 2nd, and additional 153 was taken out as an automatic deposit on November 3rd even though I had already paid. This put me negative in my bank account and cost me a 30 dollar overdraft fee. I called a representative immediately to sort out the issue and was insured the money would be returned to me within 3 to 5 business days.
After waiting 8 days and 6 business days I stopped by the bank to get money for gas only to find that Sallie Mae still had not put the money back into my account. So I contacted another agent to discuss this issue again. The agent apologized and said that the reimbursement wasn't filed until 4 business days after I had initially called. She informed me that I would be receiving my reimbursement on November 19th, which is a full 8 business days after I originally called, and that there was nothing more that she could do.
Now I am stuck with no money and no gas 20 miles from home and I've lost 30 dollars because of a mistake made by this company. It may not seem like a lot but to a struggling college student trying to pay off loans it is extremely important especially in this economy. I know there will be nothing done to right this wrong, but I just wanted somebody in your company to know the multiple mistakes that have been made and how it can negatively impact people.
Reviewed Nov. 9, 2018
My experience with Sallie Mae began when I needed a loan for school. Back in the day Sallie Mae and Navient had a partnership unlike now being two separate companies. I applied for multiple loans, and when the two companies split I ended up having more loans with Navient thankfully. I was responsible for 2 loans with Sallie Mae where my mother was a co-signer on one with me. Our payments were over $600 monthly and I found out that they had adversely impacted my credit when I noticed my credit went down 50-60 points! I looked into the matter further. Was told that Sallie Mae reported my credit and this happened multiple times.
When I finally talked to someone it was some young guy who put me on hold about 10 times every time I asked a question and was on the phone with him for over 1 hr & 15 mins until I told him to escalate me to a manager. He didn’t even want to do that, could not provide answers on why my credit was reported yet sat there like a broken record saying I had to pay and kept asking me for payment methods. I had also explained multiple times that I was still currently in school at this time as well which means I should have still been in my grace period.
When I finally was able to speak with a manager, she told me I was over 160 days late and I told her I don’t understand because I have not graduated and agreed to make payments after graduation. This information was reported Dec of 2017 yet she told me they reported me in 2015 which makes absolute no sense. They adjusted the interest and after graduation I had to get on a payment plan instead of paying 1400$ monthly. They incorrectly reported my information and I later called back for them to correct my credit score and they refused to correct that as well saying they had nothing to do with that. I ended up making a credit dispute and got one lifted because Sallie Mae didn’t respond to my inquiry.
My loans with Navient have been great, the representatives are very pleasant unlike Sallie Mae and Navient has me on an income driven plan. I urge anyone who is thinking about taking out student loans to do it elsewhere and do not do it with Sallie Mae due to their unfair and abusive customer service and credit reporting tactics.
About a month ago I was able to refinance elsewhere and consolidate my Sallie Mae loans on my own because they continually raised my interest rates; I had to find another alternative. I went from paying 600$ monthly to paying 128$ with the new company. The icing on top of the cake was when I got a statement a month before the consolidation showing that I paid -34% of my loans off even though I’ve been paying it for a number of years. Now that I am completely rid of them I am convinced they love screwing people’s credit and making sure that you are not able to pay off your loans with them. Stay away from this company!!
Reviewed Nov. 2, 2018
I don't know anything about getting a student loan and stupidly did not do my homework. As a consequence, I wrongly chose Sallie Mae. They have VERY high interest rates and will absolutely NOT work with you to lower your payment, refinance the loan, lengthen the term, ANYTHING! I got three loans with a payment of $575 a month. Forbearance is a joke, why wouldn't they want you to take a forbearance? They keep getting their interest, don't they? They call multiple time a day if you are late. Many time the reps are rude and in any case not authorized to do SQUAT for you! DO NOT TAKE OUT A LOAN WITH THIS COMPANY! You will regret it every day!
Reviewed Oct. 26, 2018
Sallie Mae preys on families. They are greedy, don’t offer ANY sort of repayment options. At 18 my parents told me to sign the papers that if I didn’t I couldn’t go to college. So I signed them not knowing exactly what I was getting in to. Fast forward after two years of college I dropped out. Some of my loans were coming in and I was paying them. After 3 months I get a call from Sallie Mae telling me that I owed over $900 for past due payments and there will be another payments coming in 7 days totaling over $1200.
I asked how that happened and here to find out they were sending emails to my parents because they were my co signers! They never sent anything to me and I had no idea! I could only pay off the months that were past due and asked Sallie Mae what my options were since they literally took everything from me. They said I could defer the loan for 3 months so I could “get back on my feet.” I had no other option so I decided to defer it. Had to pay them a $100 “in good faith” charge. At that time my payments were a little over $300. Then when those three months were up my payments went up to $450! At that time I was working 40+ hours a week just to scrape by. I kept paying it and now I have 2.5 years left to pay on a 6 year loan and 102 months to pay on a 12 year loan and my payments are over $500.
I have never missed another payment and when I call to see if something can be done since I’m drowning they say I could defer the loan (HA FAT CHANCE) or I could let the payment go to collections and “maybe” they can work something out. Every few months my payment also goes up. Apparently when we signed up for the loan and my parents not knowing anything since I was the first child to go to college they decided to pick the variable interest rate instead of fixed. After talking to the representatives I asked how I can get a fixed rate? They say “Well you would have to refinance the loan and we don’t do that here.” OF COURSE YOU DON’T! They are unhelpful and THE WORSE COMPANY EVER! I cannot stress that enough. Beware of this company, once you sign those papers they literally own your soul and you signed your life over to the devil.
Reviewed Oct. 25, 2018
Whatever you do don’t click the option for pay while in school. The minute you miss a payment they’re on you like flies on poop. I opted to do the automatic payment which honestly does nothing. They say it lowers your interest rate by a small percent but I haven’t seen it, if anything my interest rate went up. I pay the minimum amount and I somehow owe more. I can’t even pay off the interest at this rate. You’re better off selling a kidney. At least the pain would be quick. I wouldn’t wish this upon my worst enemy. Please do yourself and others a favor and choose to conduct business elsewhere. Unfortunately, it’s too late for me, but you can save yourselves from this heartless, greedy corporation.
Reviewed Oct. 25, 2018
Whatever you do, don’t click the option for pay while in school. The second you miss a payment they are on you like flies on **. I opted to do automatic payment which does absolutely nothing. I pay the minimum and I somehow owe more. I can’t even pay off the interest at this rate. You’re honestly better off selling a kidney. At least that pain is quick. I wouldn’t wish this on my worst enemy. Please do the yourself and others a favor and not choose to do business with this company. Maybe someday, someone will listen and there will be a change with this company. Unfortunately, it’s too late me, but you can save yourselves from the horror of owning money to a greedy, heartless mess of a corporation.
Reviewed Oct. 24, 2018
My daughter took out a loan which my 80 year old mother cosigned for. While applying for the loan my daughter accidentally chose the wrong option, she chose the one to pay the interest on the loan while in school. She should have chosen the one not to pay until you graduate. My mother and daughter are getting harassed by this company 20 plus calls a day. I called Sallie Mae and told them what happened. They said they could not change the option. I explained that my daughter is not working, my 80 year old mother is living on a very fixed income and I am working two jobs just to keep a roof over our heads since my daughters father passed away in 2014. They said they could not change the option and we had to pay. I don't know what to do because none of us can afford to pay it right now. Now they are threatening my daughter saying they are going to take the money back. I'm so worried I don't know what to do!!!
Reviewed Oct. 10, 2018
This experience has been the worst I ever had to deal with and I have a terminal illness, mind you. This company is extremely incompetent and each month for almost 4 years, I have NEVER gotten an answer that matched what was said the prior month EVERRR! I'm on a scheduled payment plan and they can't take money properly! I have to still call every month because my payment “declined.” Of course, it will decline if your incompetent ** type in the cc info wrong then blame the bank. Instead of fixing it, they call to tell me I’m 120 days late and being reported to the credit bureau. I called each month to rectify each matter! Yet, they tell me, “Oh we never went back to get the money out after you called us back to take it." Sooo my credit is shot to hell because SALLIE MAE IS THE MOST INCOMPETENT COMPANY I HAVE EVVVEEERRR DEALT WITH!
It took for me to not be able to make my $500 a month payment on 20k a year, for them to take off $200. I have the money in the account on the 22nd of each month because I agreed to that. Well, I also recently found out that’s not my date, my date is actually on the 4th (but I receive a “decline” email on the 22nd of each month). But they can’t change it to the 22nd because I'm “behind.” I never agreed to the 4th with anyone, only the 22nd. Apparently, it’s supposed to come out on the 22nd because that’s the date I get the email, because they have my cc info wrong so it declines, but claim they can't change until I'm caught up on the payments even though I called them to take it out months ago. I GUESS THEY COULDN’T TAKE IT BECAUSE THEY HAVE THE WRONG CC INFO, THAT THEY CAN'T CHANGE!! Worse piece of ** company I've ever had the horror of encountering!
Reviewed Sept. 4, 2018
Only giving it one star because you have to choose one. I took out 3 different loans with Sallie Mae, not knowing the consequences of dealing with this company. They were charging me $650 a month when I made 30k a year, refusing to work with me until my 96 y.o. cosigner, who made even less, died. Recently, they have taken out my payments 4 days before they're actually due, when I haven't gotten paid yet. I have called several times, and it was after the third time that they finally changed the due date that I requested. However, I was charged over $270 in 3 months of overdraft fees.
My bank simply requested a letter be faxed to them stating it was Sallie Mae's fault that I was charged overdraft fees, and they would refund me my money. Sallie Mae REFUSED to send any sort of letter or make any sort of call. They basically said you're SOL. That $270 is almost an entire payment that I could have made. Sallie Mae is the worst company I have ever dealt with and they refuse to work with you on anything. The only reason I haven't left them yet is that I can't get refinanced through another company due to the amount of debt I have from this stupid company. If it wasn't so unprofessional, I would use every swear word that ever existed to explain how awful they are. STAY FAR AWAY.
Reviewed July 16, 2018
SM requested security documents to verify opening the savings account. Two weeks later I had to call to ensure my personal security documents had been received. I called to inquire status. No calls or emails from SM about account. From day one cannot get transfers from external accounts to my accounts after linking them to SM account. I called and logged a complaint. Nothing further happened obviously. Calling wait times are extremely long and sometimes no one picks up so I hung up. So my call list extremely important? Joke. Horrible experience. Would not recommend SM.
Reviewed July 10, 2018
I wish I never went back to school. These people call 2-3 times a day, (even when you pay them), and have been for the past year. Yesterday, they called my husband at his government job, and left a detailed message with a random person who answered the phone. Again... they left my personal information with a random person who answered the phone. I am done with these people. I have taken a step forward for an attorney, especially since they confirmed breach of my private information.
Reviewed May 21, 2018
Cosigners BEWARE! Once you're locked in with someone's acct, You're screwed. It's not right for a cosigner to be imprisoned with the primary acct holder, even when the primary user has proof of employment and ability to pay.
Reviewed May 6, 2018
This servicer is plain out thieving my money any chance they get. In 2008, I borrowed $8,000 for college and this has been by far the ABSOLUTE worst mistake of my college career. Not only did they add $3,500 on unpaid interest by the time I graduated college in 2012 but their interest rate is absurd. So far since 2012, I’ve made a total payment of $8,029.10 and my account is still at 7,942.54.
I’ve previously enrolled in their “autopay” service to “reduce” my interest from 9.75% to 9.25% That only lasted two months until I noticed my interest rate had gone up to 9.85% last month in April 2018! I removed myself from autopay and today I checked and my interest rate is at a grand high of 10.00%!!! Who do they think they are?!?! I’ve tried talking to them multiple times to reduce my rate to no avail. Here we are in 2018, 10yrs after borrowing $8,000 and my head hurts every time I think of these idiots. To ANYONE considering Navient and/or Sallie Mae, save yourself the headache and go elsewhere! THEY ARE THIEVES!
Reviewed April 12, 2018
Do NOT ever get involved with them. When you try to pay off the account, they hold the checks forever and tell you they don't have the checks. So, they are just trying to get more interest out of you by doing that. I had to stop payment on a check to them because they kept telling me they didn't have it. The day I stopped payment on it, they suddenly said they had it. So then I send them another check and they still have not credited it to the account and they have had the check for three weeks!!! You have to be kidding me. Won't even let you talk to anybody in "processing" to see if they have the check. They say they're no telephones in that department. What a joke this company is.
Reviewed April 11, 2018
I have 5 loans through this company totaling over $32,000. I began repayment in Feb. 2017 with a minimum payment of $520/month. I spoke to customer service about how to get my payments lowered because I couldn't afford that high of a payment per month and they told me my only option was to not pay my loans, go into forbearance, get contacted by collections and then they would work with me on payments. Are you kidding??? I have excellent credit, and this is the best they could do for me? Not to mention that every time I was able to put just a few extra dollars to one of my loans, my interest rates would go up. This is a money hungry company who has no interest in working with account holders. I now have a job that can support the $500/month payment and am putting extra money towards them every month to try and get rid of them so they don't get more money from me than needed. Don't ever get loans through this company!!!
Reviewed March 27, 2018
Non responsive institution. Their systems do not work with Quicken or Mint. They will not provide paper statements by US mail unless you request said once a month. They clearly don't want customer so please help them achieve their objective.
Reviewed March 7, 2018
I co-signed for my daughter on some loans. Now that she is graduated, they stalk us on the regular if she is late. Which she is due to the amount she is expected to pay back. How is she ever to get a good start with so much in debt. With the high interest the debt seems to never move. It really is sad to know this after the fact. Now it seems we're stuck. This company is the most pushy / harassing company, I've ever seen. DO NOT FINANCE / LOAN FROM SALLIE MAE.
Reviewed Feb. 21, 2018
PRIVATE SALLIE MAE STUDENT LOAN. This letter is in regards to a Private Student Loan with a Cosigner. Loan Amount - $30,000. Paid $500/month for over 6 months and the loan went up to $33,000. In the past 3 months has gone from 33,000 - 35,000. An absolute burden that was wrongfully forced on us. These statements have been clearly and verbally stated several times to each loan servicer. Major Immediate Grievance: Severe and total harassment of cosigner to the point where cosigner suffered a stroke on Jan 26th due to the stress from Sallie Mae's harassment and FIDM's fraud in signing and taking this loan. (Document included) She is suffering from major illness from this loan and the Loan Servicers continue to harass and call at work, and have called repeatedly and continuously. They have called at times when they knew they should not call (late hours or during a doctor’s appointment).
They have repeatedly called work even though she has explicitly stated that her employer does NOT approve of these calls. They also harassed a 3rd party (Co-worker) about this alleged debt and used abusive language when talking to her. She has also expressed distress about the harassment and wishes to seek action. Due to this severe harassment and incessant nagging, I am concerned for health and well being! All the calls were recorded on Sallie Mae's part and show how she is completely distraught, light headed, and having a panic attack on the phone. The doctors have stated that her stroke is due to the stress from the burden of this loan and the harassment that she has been enduring. The financial information Sallie Mae claims to have is not correct.
She has not been able to receive the imperative medical care she needs to survive because Sallie Mae has stated that the money on her credit card needs to be used to pay this student loan. And now after the stroke the doctors are insisting she seek the help she needs ASAP. NATURE OF THE LOAN: (FRAUD) FIDM - Borrows Defense Against Repayment - Fraudulent School. This loan is under a great deal of scrutiny due to the school this loan was for, FIDM in Los Angeles. A demand letter has been sent to the school in regards to the Borrower’s Defense Against Repayment. FIDM is a for profit school that lied, deceived and outright illegally pushed us into taking this loan. I was supposed to receive a scholarship and was repeatedly reassured by the advisor, Susan **, that I had a very high chance of receiving the scholarship; preying on my naiveness and financial need.
I exhausted all options to get help interviewing for 2 RA positions with great qualifications to do it and they ignored me, denying me any help to pay for my tuition. I was then told about 2 weeks before classes were to begin that the results for that year's scholarship were delayed for some unknown reason and that she would hate for “such a fabulous” student to miss out on being enrolled. Sending me to get approved for a private loan through “Sallie Mae”. Susan ** called every day to "check in" and make sure I was working on getting my loan. (Phone records can be retrieved if needed; emails are available). It seems the for profit school is working with private loan lenders to secure a win win situation for the two leaving students with an overpriced education and no jobs available in that field.
FIDM and Sallie Mae are clearly taking advantage of students who come from lower income families by enticing them with false promises of a unique education and job opportunities upon graduation. The discrimination continued during my schooling with the most notable time being when my intellectual property and business design specs were stolen by a fashion line known to FIDM during a showing of my work. I was one of the top fashion design students with a 4.0 and they lied about the jobs available upon graduation and the salaries available. This university is an abusive college that does not prepare you for a career in your field and completely and utterly works with private loan institutions.
Financial and Medical situation of Student: 1. Unemployed for 2 years. 2. Credit Card Debt. 3. Homeless/on assistance. 4. Psychologically affected by school's fraud and discrimination. Financial and Medical Situation of Cosigner: 1. Suffered a stroke Jan 26th due to harassment about this loan and delayed proper medical care due to payment of this loan. 2. Credit card Debt. 3. $35,000 Medical Bills left from terrible divorce, family member... We have asked repeatedly for a copy of the original contract signed. Nothing has been received yet... This loan should not have been given to this student and the school should not have pushed the student into taking out such a high interest private loan with no prospect of a job that could help pay this back with the degree.
The amount Sallie Mae claims they want to settle this loan is not possible and they know that. It seems Sallie Mae is refusing to help make an affordable settlement so that the account compounds since it is an unlawfully high interest rate. By not working with us, by harassing us when we are picking up and talking to you created an unhealthy and permanently disabling situation.
Reviewed Feb. 9, 2018
This school loan was only 9862.00 over a year ago. I have paid on this loan more than they ask for a month $9112.00. Horrible Company to deal with. They are pocketing money somewhere! Don't get them!!! They also raised the interest on me last month because it was not paid off.
Reviewed Feb. 5, 2018
Sallie Mae is a horrible company. They are in it for the money. Do not waste your time getting a loan here. Since they are a private loan company, they can do whatever they want. They only offer 2 loan repayment options which are forbearance, and automatic debit. None of these are options to me. Save your time and your money and go with a different loan company. The woman in customer service basically just told me if I miss a payment it will go to collections and they will have different repayment options for me. Who tells a valued customer to let their account go into collections to find a better repayment plan? HORRIBLE COMPANY.
Reviewed Feb. 2, 2018
My original loan was for $10000. Last year I paid over $3000 towards my private student loan with Sallie Mae. I still owe more than $9,800. I can't even imagine what it must be like to owe this terrible company more than that. I'm drowning with this loan. They are also unwilling to do more than offer a forbearance that you cannot agree to unless you pay a fee. How are they legally allowed to operate this way in this country? They prey on the lower class, and there is a special place in hell for anyone that even thinks about working here. They even have "noncompete" agreements set up with certain lenders so you cannot consolidate or refinance a loan with them if you're trying to refinance a loan from Sallie Mae. Never under any circumstances take out a loan with them. You'll regret it for the entire life of the loan. If Satan exists, he's running Sallie Mae.
Reviewed Jan. 27, 2018
I had absolutely no problem setting up my loans and getting my money to my school. I even paid off a major portion while in school and that transition went very well. As soon as I graduated the level of service disappeared. Let's go in chronological order. I graduated in June of 2017. September: After my 6 month grace period ended I called and talked to the agents about the reduced payments so that I could take over from my parents. They told me my loans would be deferred one more month and the agreed upon amount was about half of what was initially expected. $300 was taken out of my parents account despite being under the impression that all my loans were being deferred for one more month.
October: I reached out to inform Sallie Mae that I would be taking over payments that my parents had been graciously helping with. I was informed that it was too late to make that apply before the first month of payments due and my parents would have to fully remove their bank account before I could add my own. A bit odd but I called my parents to make arrangements to make it work for that month.
October: My mother and cosigner called the next day to remove her account, it was removed. I called afterwards and was told that I was set up with an automated payments and all funds would now be debited from my account. November: I was then harassed by multiple phone calls outside of their business hours and told that my account was overdue because they could not collect that payment from my parents (surprise) because their account was removed. I called back and provided my account again and was told it would take 3 business days to process payment. December: My account was not debited, so after 2 weeks of waiting I called back 3 separate times and was told each time that my payment had been processed, it just took time to debit my account. I was also provided confirmation numbers at these times.
January: After STILL no money was debited from my account, I followed up and turns out they were trying to pull money from an account that was neither mine, nor my parents. That time I managed to get ahold of someone helpful and she handled the payment right then and there. I saw the debit to my account in literal minutes. I also found out they could not do automated payments while I was on the reduced payment plan (which seems counterintuitive personally) but would have been nice to know. Good to know so that I could pay my bills on time, no one had thought to tell me my application for auto-debiting was declined.
After being under the impression that the hassle was finally over and my next bill was not due until February 10th, I get several calls during my work day, every day for two weeks until my schedule worked out so that I can call them back today January 26th. I asked to speak with a manager who tells me I owe double my monthly payment after I had been told my next bill for ½ that was due was in February.
Today I spoke with this manager, he said he'll email me a statement and the best he can do is delay my account by 10 days because the money is still due. I understand if the amount owed is correct and I'm happy to pay it, but I am living paycheck to paycheck post college (honestly who isn't) and have had to pay other bills while they get their act together, imagine that! No email was sent and I have received 3 phone calls outside of their business hours tonight and am quite frankly livid. I have been trying to GIVE this company my money since October and now I am being harassed as if I am avoiding paying my bills.
The worst part is, if I had to apply to college again Sallie Mae was still the best option for my family financially. College is an investment in my future and I am so disappointed that Sallie Mae can't provide any sympathy or forethought to how they work with people paying an accumulative billions of dollars. Loans are a legal scam and a necessary evil, but please just make it a least an easy payment process.
Reviewed Dec. 27, 2017
My son applied for a loan, using my wife as the cosigner. We tried to adjust the loan amount, but when we got to the acceptance documents, the loan amount was incorrect. Furthermore, the interest rate was listed differently between what my wife was looking at and what my son was looking at. We called two times to get this changed; each time we were promised that it would be correct. When I finally called to ask THEM to change THEIR SYSTEM RECORDS, they said that they couldn't do it unless I got my wife and son on the phone to verify their identity. Unbelievable. I would highly recommend going anywhere else for your student loan needs.
Reviewed Dec. 21, 2017
A few years ago, I cosigned for my daughter on a Sallie Mae loan. Now, they call me (robo and live) several times a day (seventy two times in the last thirty two days!) asking for payment, when I've told them repeatedly that my daughter would take care of it as soon as she could. They've also advised me that the calls would continue thirty days after payment is made.
Reviewed Dec. 18, 2017
My son ended up having to choose a loan quickly, this was because the University that he wanted to attend waited until the last minute to finalize his acceptance letter. He and my Mom (who has the best credit score of anyone that I know) applied for the loan together. My son did receive the loan, and because of time constraints he accepted it. When we received the finalized paperwork my mom and I were shocked at the horrendous interest amount, the payments and the fact that he would end up paying 3X. Yes, that's right, three times the amount of the original loan amount back.
I have a power of attorney, because he is attending college abroad, so I called Sallie Mae and asked them to lower the interest amount, in consideration of my mother's excellent credit score. They wouldn't even consider it. They are a vile, opportunistic, and greedy company. While my son is still overseas, my mom and I will be trying to find a decent company to get a new student loan from. My advice to anyone reading this would be to NEVER deal with Sallie Mae, they are an uncaring and greedy company with shoddy business practices.
Reviewed Dec. 9, 2017
They constantly spam my phone with robo calls every 20 minutes, but put me on hold for hours at a time when I try to call them. They are harassing my relatives because they say they “can’t get ahold of me.” They do not offer income based repayment and use scare tactics to get what they want. They will sell your loans to other companies without telling you first and do not offer loan consolidation.
Reviewed Nov. 18, 2017
I have been diligent in paying on time for loans to educate two of my children, for ten years! I have asked to please not require me to make my monthly payments on the same or very close dates each month. I have also asked for interest rate help, these rates are 6.75% and 8.75%. I was told by Sallie Mae ten years ago the rates need to be high to compensate for rising interest rates. The Prime rate has only gone down! On just one loan I have paid 55,000 in interest while only 12,000 in principal. Sallie Mae refuses to even discuss interest rate moderation. This is difficult as I have not had a w2 for ten years and the amount taken by Sallie Mae is almost the entire amount of my Social Security ck of 1600.00$$. Sallie Mae makes this withdraw against my bank account wi ttg his days of receiving it each month! These are just some of the justifications I have for being dissatisfied with Sallie Mae.
Reviewed Oct. 28, 2017
I am a lot of student loans with this company and have had nothing but problems since the beginning. My most recent problem is not having access to my account for almost 2 weeks now and every time I call (which has been every 2 days) they said they will pass the information along. Today I was finally told that each time I call it resets the "3-5 business day" rule for fixing a problem. What kind of crap is that? And their interest policy is messed up. If you make any additional payments they will add on the interested from your last paying till this one onto the extra payment and then at the end of the month they add more interest from previous payment. It is all very sketchy and I would not recommend them to anyone. STAY AWAY!
Reviewed Oct. 27, 2017
After I graduated my student loans were paid off in full. Seven years after my loans had been paid I got 2 late payments on my credit report. When I called Sallie Mae they told me I had made a seven year payment and now I owed interest. I never received one statement in the mail in seven years or had been told about any interest so my credit score dropped. Sallie Mae said they do not remove credit remarks for any loans.
Reviewed Sept. 9, 2017
Not for nothing but Sallie Mae was doing the same thing to its borrowers long before the split. I am a past borrower and was never told about other options until I consolidated in 2012 with a different company, right around the same time the government put pressure on providers to offer an array payment options. These options were already in place prior to 2012 but services were reluctant to mention due to the fact they made millions. And the DEPARTMENT of ED STOOD BY and DID NOTHING!!! Hasn't anyone asked if NAVIENT WASN'T CREATED just to fail??? Afterall its relinquishes Sallie Mae of any guilt. If Navient fails, they absorb all of Sallie Mae's mistakes.
Sallie Mae reports my old accounts erroneously. Navient is reporting the same accounts. I have raised a dispute with the CPFB. Sallie Mae is quick to respond that the issue isn't theirs. Then why are they reporting? How did Navient obtain my personal data and credit history? The accounts were PAID and CLOSED in 2012!!! Yet Navient website says I do not have any accounts with them??? Then why are THEY reporting?
I think there's a bigger picture here. One hand washes the other. It's the government running the government. They continue to fatten their bank account at the consumers' loss regardless if it is Sallie Mae or Navient. Both companies are fraudulent. By suppressing people's credit ratings and adding to their debt to income ratios aren't they essentially stepping on their own toes? People could possibly be afforded better opportunities that have potential to enable them to repay the debt if these companies wouldn't hinder those possibilities with their high payments, erroneous reporting, unfair reporting practices and poor customer care. Now with the department of education warning the cpfb to back down- it just really makes one wonder about the real agenda and who really benefits. I just want to bring this to the attention of the people.
Reviewed Sept. 6, 2017
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Reviewed Aug. 20, 2017
I have been misguided and given false information about my accounts for 2 years now. The first time I had a problem it was when I tried to get in a repayment program, they reassured me that all of my loans were fine and they started automatically taking money out of my account. 2 months later, I get a letter in the mail saying that a loan of mine was delinquent. They had reported it to my credit and my score dropped 200 points within that year. I called to see what I could do to fix the problem and they said I had to put a down payment of 2,000 which I didn't have.
Fast forward to this summer, I had lost my job and called Sallie Mae to sign up and postpone my payments for the summer. I paid $150 and the lady said everything was set and that I would need to start making payments at the end of three months. A month later, Sallie Mae charges my account even though I had been approved for a forbearance.
They reported to my credit that I hadn't been paying and my credit score is consistently going down and they said they would fix the problem because they acknowledged it was their mistake. They have done nothing and when I call them they put me on hold for 45 mins and transfer me to 8 different people who don't know what's going on. Sallie Mae had been the reason I cannot get approved for an apartment. They won't work with me and it's very frustrating.
Reviewed Aug. 7, 2017
I recently applied for a loan to cover the rest of my tuition. My school sent me the link to the loan, and informed me that this would be a loan I wouldn't have to pay back until after I graduated. The person I talked to over the phone informed me that I had to choose this option when filling out the application, so I'm not sure if I overlooked where I had to choose this, or I just wasn't paying attention because I thought that I was just automatically filling out the application for that certain loan. However, because of this one detail the woman that I was speaking with was accusing me of lying about not knowing I had to start paying the loan back before I finished college. She was very rude and continually accused me of lying.
Which brings me to the next thing, when I continually told her that my payments were not showing up on my bank account. Even though I repeatedly told her that my payments were not being credited to my bank, she would continue to say that they were. This is affecting my credit score in an extremely bad way. I'm trying to resolve this issue, and Sallie Mae doesn't care at all about the effects that this has on you. I have tried and tried, and I really don't know what to do at this point because I am trying to pay for my loans, however, Sallie Mae doesn't seem to be willing to accept my money, and it's destroying my credit. I will never use Sallie Mae and I highly advise anyone who is looking into using them to turn away and NEVER use them.
Reviewed Aug. 5, 2017
My daughter has a student loan with Sallie Mae and has to pay $900.00 a month, which she cannot afford, and just like everyone else is complaining about, they will not work with her. She has not gotten her degree yet and is applying to schools to go back, Unfortunately, my other daughter was kind enough to co-sign for her, so not paying is not an option that she has right now. Because if my daughter did not co-sign for her sister, I would tell Sallie Mae to go ** themselves and tell her not to even pay them. Even though it would ruin her credit right now, once she is done with her degree, she could start paying them back. She is still young and could clear up her credit in time. She does have a full-time job, but does not make enough money to pay this ridiculous amount each month. They could care less if she has nothing left out of her paycheck to live on or pay any other bills.
This company has many students and their families held hostage because of their unwillingness to work within people's means. I have read so many reviews with the same complaints, and actually some of the stories are heartbreaking how it has ruined people lives, literally. It is ridiculous that they are getting away with this!!! In my daughter's case, if they cut the payment each month to around $600.00 for now, that would help her so much, and she could start paying more once she gets her full degree and a better paying job. There has to be something/someway to get this company to work with these student loans so that people can afford them. If anyone has any ideas, like trying to go through our government reps. in each of our areas and /or possibly through the attorney general in our areas, or even through the courts, I would certainly be willing to fight in any way possible.
It is sickening that this company is allowed to have this hold over so many people's lives and is allowed to be so unreasonable and unworkable! Nobody is saying that they don't want to pay. They just need an amount they can live with to survive. If anybody has any suggestions, please let us all know. I am going to try to get a hold of my representatives in my area to see what they suggest. I can be reached by e-mail at **. PLEASE lets try to do something, because this will never stop if we don't!!! I also hope that people who are even thinking of getting a loan through these people really listen to what people are saying in these reviews.
If you think you will walk out of college with a degree and get a good paying job right away, it does not always work that way, and you will for sure be in the same predicament that all of us are in!! Because I am sure we all thought the same thing, that once you or your family member gets a good paying job, it would be no problem paying these loans back. NOT WITH THIS COMPANY!!!
Reviewed Aug. 2, 2017
Sallie Mae is the greediest, most inhuman and unfair company ever. For years they literary have tortured my son with threats, letters and unfounded accusations. They ask from him to be responsible as a co-signer of a student loan without any evidence and proof. He never signed or agreed to be a co-signer, his information was used without his consent. They continue torturing mentally a disabled person – he is ill and this pressure could be fatal for him. If something happen to my son, I will personally, hold Sallie Mae responsible for deliberately deteriorating his health and bring him to fatal despair. I will not stop using all legal means until I see all of them in prison – where they belong. Sallie May doesn’t care how many lives will destroy – they are interested in money only no matter what it would cost. Shame on all of the people working there!
Reviewed Aug. 1, 2017
I will NEVER use or recommend Sallie Mae to anyone. Customer service is horrible, supervisors lie and say they will call you back but then they don't... I have been waiting 3 WEEKS for them to change my enrollment date... I have spoke with so many representatives from so many locations. Always have to repeat your story every time multiple times. The representatives accused me of pulling the certification time line out of thin air... When I found the information on their FAQ page... Representatives not knowledgeable at all. The supervisor is just as bad... Every time I asked about the enrollment change they said they said I have to wait 3 to 5 day for the student assist to respond. Like I said I am still waiting and have been waiting 3 weeks... I will not take the loan anymore cuz I don't have much time left to keep waiting. Can NEVER find an available manager or supervisor. Absolute worse experience. Please I really hope you consider another lender... DO NOT USE SALLIE MAE!!! THEY SUCK AND CUSTOMER SERVICE IS HORRIBLE!!!
Reviewed July 11, 2017
This company is the worst loan company I have ever seen. Here are a few of the things I HATE about them: 1- High variable interest rates only. I have excellent credit and co-signed on this loan for kid. They treat you like you're stupid when you challenge how you could be paying 11% when the rest of the world is paying 6% - there is no negotiation. You can POUND sand if you don't like it. The interest calculations changes with the wind (I think they just make it up) and every day you watch yourself go further in debt. 2- If you overpay for the month to try and tackle principal, they just deduct it from next month's payment. This way it get's applied to interest only instead of principal. Totally nasty trick and they claim there are no prepayment penalties. They just keep your debt as high as possible.
3- You can't pay early if you using automatic deduction- this way if there's any problem you can EAT it on your credit report- and with this company there will ALWAYS be a problem. This automatic payment primary account shell game they play between the borrower and co-signer just creates family drama... I could go on and on--- DON'T USE THIS COMPANY. When you call them with complaints they have super polite person on the phone to say screw YOU as nice as possible---but you still get the message.
Reviewed July 7, 2017
Sallie Mae has the worst loan department that I have ever seen in my life. The supervisors are very disrespectful and have no concern about your personal situation - they just want you to pay what they assume you owe. I actually had to hang up on a manager yesterday (7/7/2017) after trying for months to resolve an issue that he did not want to hear about. I had a forbearance that was not processed properly but he tried to say it was my fault and why did I want to get a forbearance in the first place. He tried to say that the forbearance was not even started by me. I tried to get him to go back and listen to the recordings and take the time to review my file since Nov 2016 but he tried to tell me that it was all my fault that we are at this point and my payment is at the credit collections department. Please don't use this loan company. Stay far away. :(
Reviewed June 30, 2017
Do not do business with Sallie Mae. They offer no reasonable payment options. My daughter got student loans from Sallie Mae and the payments are way too high for her to afford on her own and they are not willing to offer any payment options at all. Horrible customer service terrible experience.
Reviewed June 24, 2017
I had to take out a private loan my last year of law school due to some administrative errors; the school wouldn't let me attend classes until it was resolved. As I was stretched pretty thin by then my then spouse co-signed the loan. I began making the $279/month payments immediately, never missing a payment nor making a payment late. Unfortunately, shortly after graduating and before I could even pass the bar exam, I was stricken with an incurable disease that rendered me unable to even sit upright more than an hour or two a day. I was immediately fired from my job and of course, lost my health insurance too. My husband bailed, leaving all the bills and the house he'd refinanced in MY name using a forged power of attorney without my knowledge.
I struggled to pay everything as long as possible, but during the 2 year wait for disability I went through my 401(k) just to live on until I was finally forced into bankruptcy & foreclosure when that ran out. Then I owed the IRS taxes on that as it counted as income, and when disability finally came through I was destitute with no credit, no home, and only $1739 a month to live on. Sallie Mae had reduced my payments to interest only for 3 years during that time, but when that temporary reprieve ended the payments increased to over $350 a month. Between the grossly inflated rent in our state, mega payments to the IRS, utilities, phone, Medicare payments & medical bills for the many things it didn't cover I just couldn't manage that much.
I contacted Sallie Mae (Navient by then) again to explain that I couldn't hope to make that payment. I pleaded with them to stay with something as close as possible to something i could pay. They were actually pretty sympathetic; I got a forbearance (yes, there was a fee of $100 as it was 2 separate loans) while I applied for a hardship consideration. Somehow though my application got lost but I wasn't made aware till the full megapayment became due again after the forbearance ended. They gave me another, for which I paid another $100 fee while I applied again.
Finally I got an answer, which was really quite decent. I have a payment I can afford, and few people I spoke to were impolite. So my experience, while stressful, was in no way the horror story like many I've seen here. I can understand exactly why people would hate such a company, but my experience just wasn't like that. Everyone I dealt with, by phone or in writing, was understanding and helped me as best they could. I'm appreciative of the help I received from them when I had problems.
Reviewed June 19, 2017
The day my son got loan I was not contacted single time. The loan was funded to him. He is out of job. As parents we tried to make payment. Was just tossed around making excuses of privacy issues. Finally couldn't get any way to make that payment. Provided son with credit card. He can't make payment. Card is not under his name. Parents tried to make payment. Can't do that. Loan is not under their name. Even though they put my wife as cosigner never called her once. Playing the nasty game kid against parents and parents against kid.
Finally payment is late. They reported against my credit and my sons credit. I called today to complain. They have no problem taking same payment with husbands card but they won't the recall the credit report back as it was company's mistake not taking the payment even though me and son tried our best to make payment. I will request all students and parents please stay away from this unethical unprofessional company. They are taking advantage of students as they starting life have no idea of companies like Sallie Mae. They want you rate them with star. You guys are Vultures. Please make sure tell your kids to stay away from them.
Reviewed June 16, 2017
I've been paying on time for 2 years and yet the rates go up every few months because I'm on a variable rate. At 1 point, it went up 6-10 dollars in a month or two. I had bounced a bill one time because it had pulled the amount twice (and for the amount of 652, that's 1300 bucks). They did by accident and of course, months have passed before anything was ever done. When confronted as to when I will receive my refund, the answer I get was that I can put in the request for a refund but it doesn't mean that it will get approved. Now that I'm jumping into a debt relief program, they called my mom, my sister and the people close to me to demand payments. They are like vultures, calling in under different pseudo names and private numbers to hunt for their money. Don't ever get Sallie Mae's as loans, they're one of the worst servicers. You pay on time, your rates still go up. Whatever happened to savings for loans that are on autopay?!
Reviewed June 14, 2017
My wife and I both cosigned on different loans for our daughter to finance her education through Sallie Mae. After making several payments we were able to acquire the funds to pay off the loans. My wife contacted Sallie Mae and made arrangements for the payment for the loans in full. The full payment was for both of the loans that my wife and I cosigned for. The check for payment on both of the loans was mailed to Sallie Mae. A couple months after the payment was made we receive notification that the loan I cosigned for was in arrears. My wife made several phone calls speaking with several different representatives and was unable to resolve the issue. One of the representatives transferred my wife's call to a supervisor. After explaining the issue to the supervisor that the loan payment was for both loans we were still unable to resolve the issue. The supervisor became very condescending during the phone call and my wife hung up the phone.
I then made the phone calls to the Sallie Mae to try and resolve the issue and was unsuccessful. By this time three months have gone by and Sallie Mae sent a letter and advised that they were going to turn our account over to a collection agency. We checked our credit report and found that Sallie Mae had already contacted the credit bureau's and our credit report showed three months of non-payments. My wife then called Sally Mae again, I was present during this call. When my wife explained to the representative that I was present the representative asked to speak with me. The representative asked me at this time if I gave permission for part of the payment that my wife had sent be credited towards the loan that I cosigned.
After telling the representative that I indeed give permission to pay off my loan she advised me that our account would be paid in full. This representative was the first one that my wife spoke to in the initial call to resolve this issue. I then asked that she contact the credit bureaus and remove the late payments noted on our credit report. The representative advised me that she would not be able to do that but that she would make note of it on our account. Our credit report will now show the delinquent payments for the next seven years.
Reviewed June 6, 2017
I needed a Private loan to finish the last two terms of my BS Degree. What should feel like a huge accomplishment is now causing me extreme financial heartache. Sallie Mae is not willing to work with folks to pay back their loans, they say they are and they advertise they will, but buyer beware. They are not. They ask a lot of personal questions about finances to give you options. One of the options is Forbearance, but you cannot get one unless you can prove you can make the payments after the Forbearance is completed. (Which, by the way is $50.00 every three months and a limit of a year.)
The other options provided do not take off enough per month to make it worthwhile. If you are one day past due on your bill forget any assistance at all until you pay the bill. If you just can't pay at all you are pretty much forced to default. Other sources have stated then all you receive from Sallie Mae is collection calls and no offer to help you pay your loan even if you are willing to. The options they give are not possibilities. If you can stick to your Federal Student Loans, just stay there. They are willing to work with you and I have had no problems making payments to them.
Reviewed May 11, 2017
I filled out my money order sending in with my name thinking with my name it would be added to my account for that month's payment. Who writes their Social Security Number on their money order but because I did not write my Social Security number on the money order I lost the account number. Then I realized I was being charged for a late fee. So I called and said, "I have been sending thru payments". They said it was not posted to my account because of not having social on it. Then guess what before I got that information I had already mailed in my other payment. Same way with my name with a money order I got the answer too late. They agreed to credit my for the first one but I never got credit for the second one that was sent in mail.
Reviewed May 4, 2017
My story is long and involved and utterly frustrating. My identical twin boys have several Sallie Mae loans, unfortunately. They are the only game in town that makes it easy to become their hostage. Bottom line, they need the money or they will not be able to finish their college educations. We recently applied for their last semester, which will be this summer, 2017. Both boys have NO credit history. They have NO credit cards or payments of any type. Their only debt is for school (and that's extraordinary). Both are in debt for the same amount of money. On paper, they are exactly alike, even their majors are the same. After they applied for their loans they were each granted an offer of an interest rate. One boy was offered 6%. The other boy was offered 9%. That's a difference of 3% which equates to hundreds of dollars over the life of the loan.
We've made many phone calls to try to educate ourselves as to how this is possible. Never have we been given an answer...except that the "computer" figures out the rate based on an "algorithm". That's it. In the meantime Sallie Mae told me to contact TransUnion as their credit scores are different from each other. TransUnion replied that the score for the boy that is being offered 9% was different than what they reported to Sallie Mae... They indicated that Sallie Mae must have changed it. How is this legal? It is terribly sad what we are doing to our youth today with this kind of underhanded business practices. It's appalling.
Reviewed April 17, 2017
Sallie Mae preys on those with poor credit! My interest rate has increased 3 times in less than a year. They try to say it's because they belong to LIBOR. They're liars and pathetic! Get your money anywhere except from this company. They're a total RIPOFF!!!
Reviewed April 9, 2017
America's future, saddled with debt, that seems eternity that will follow them. Great reward for trying to better yourself via College educations. The "scam"? Sallie Mae's predator like tactics, by helping "defer" payments until after graduation, with the guise that "We make it easy for you by allowing payments later." However, when you graduate, it may take you years to pay off the "accumulated interest" with your principal never going down. They laugh to the bank, and with interest rates that are never really favorable. Try dealing with them, do they care? Not really. Offer you any real solutions? Not really. The "shame"? That Sallie Mae's name is tied to the US Gov't, and that the US Gov't allows these predator like tactics to occur. Sinking America's future = shame on you!
Reviewed March 20, 2017
I thought I would go back to school but I didn't have time so I decided to do it online. So I got a loan through Sallie Mae. I started making my payments back and they started getting higher and interest started going up and I only have social security. I made as much as I could and with my other bills I just couldn't afford it anymore. Now they call and send me letters saying they are going to take our taxes. I just wish someone would make them go through what I am going through!
Updated review: April 17, 2017
As of today, I got mail from Sallie Mae stating my loans have been charged off! This takes a huge load off me! Thanks for your help!
Original Review: March 15, 2017
I had to drop out of college for health reasons. I have been on Social Security disability for years and thought a degree might help me get a job I could do even with my health. It didn't happen. Worst mistake I ever made was taking a private loan with these crooks. I am 59 years old and cannot work at all. My husband is nearly 66 and retires this year. My little SSDI check doesn't even cover our rent and his paychecks barely cover our other bills and food. Sallie Mae has done nothing to help even though my doctor has certified me as fully and permanently disabled. Well, my loans are private, so they can't touch my ssdi and after my husband fully retires, they cannot take his SS checks. I just wish they'd stop the harassment. I've told them to cease and desist. They must be made to understand they are actually violating law by acting the way they do. They do not care.
Reviewed March 10, 2017
Sallie Mae offered me help when I was pushed up against a rock and a hard place. I needed $12,400.00 fast or I would not be able to finish my last year of college. I exhausted my financial aid and my parents would not take out another loan or cosign one. Sallie Mae was the only option at the time due to my credit and being in college I had little income coming in. They were quick to help me but failed to explain exactly what I was getting into.
When I got out of college I had a 6 month window until repayment started, then I got the first bill. I owed somewhere around $290.00 a month (Oct. 2014). I was floored... I paid and I paid and I paid... I NEVER missed a payment and was NEVER late, ALWAYS EARLY. I was getting NOWHERE. My interest rate had increased a couple times from what it started at currently it is 9.750%... Outrageous for any loan. I called several times pleading for help and got the same answers time and time again. I could enter into a forbearance for up to 12 months at a time and every 3 months pay $50.00 for each loan which I had two loans so $100.00... interest would continue to accrue and be tacked onto my loan and at a 9.750% interest rate (I called recently) it would amount to about $62.00 in interest per month equaling $186.00 every 3 months. This would cause my total amount owed to increase exponentially over a year.
I had recently called several times in the past month asking for documentation from the time I agreed to the loan to now and I asked for all payment information. The first time I asked I told them to fax it to me. It would take 48 hours to get that information. It never came. I asked a second time for that information to be mailed to me (now over two weeks ago) it was NEVER mailed to me. Because I did everything over the phone and online I have never held a hard copy of any documentation on what I actually signed up for (bad on my part definitely but shame on them for taking advantage of a broke college student desperate to finish schooling like a good little citizen). I asked several times to speak with supervisors and was told a written request from the manager has to be submitted. I never received any call (I may have but I was unable to answer at the time and NO messages were ever left).
Over the past 3 years this company has received not 1, not 2, but almost $3000.00 in interest!!! In 3 years I paid on time, always paying an extra $50.00 here $100.00 there. I barely made a dent in the loan. From $12,400--->$7,200.00 (current amount). That's $5,200+$3000=$8200. THEY HAVE RECEIVED $8200.00 in blood, sweat and tears. But it didn't dent that loan at all. All I wanted was some help, put me in a better interest rate, that's all I wanted. I know I took the money out and I wanted to pay it back at a fair rate but to no avail. They did not help me. It's not like I couldn't pay it. It was just leaving my pockets empty and me living paycheck to paycheck.
The last representative I spoke with gave me probably the most asinine response to my situation. I quote "Miss your payment and collections will call you. They may be able to work something out with you but it's not guaranteed." I was floored. I never miss a payment for ANYTHING and I was not about to risk my almost PERFECT credit score over it. Needless to say they SUCK. A greedy, dishonest business not willing to work with those who truly want to pay back their loans. I never minded paying them back at a lower rate. They would have continued to profit from the interest and eventually made the money of the loan back. JOKE'S ON THEM NOW... I was lucky enough to have a relative willing to pay the loan off for me and pay them back interest free. So SALLIE MAE if you read this I WILL MAKE IT MY MISSION TO MAKE SURE NO ONE BORROWS FROM YOU CROOKS.
Reviewed Feb. 7, 2017
I cosigned for my daughter's loan in 2011 and 2012. This was before the separation of Sallie Mae and Navient. They claim to be separate companies but can tell you exactly how much you owe each one. I filed a complaint with the CFPB, and suddenly, they could get someone to phone me that supposedly could resolve the problem. Before that, I'd been bounced around from one person to the next with different answers from every one. Basically, they have set the payments for the loans way beyond my daughter's ability to pay. So, they have come after me. I had harassing phone calls multiple times every day. I told them to stop phoning my cell but they continued to do so.
Today, I spoke with John who tried to use "used car salesman" techniques with me. I kept the upper hand and he became more hedging. For example, he said he'd send me all the details. Then he said he'd file the paperwork with the CFPB, as if I would trust them to not doctor the paperwork. I have the originals, which I never told him, and I will be comparing them. He tried to pressure me into naming an amount that my daughter can pay, which I refused to do. I suggested that he should consider that if they are a "private" bank then they have the power to extend the payments out so that she can afford to make them. Of course, then they are not free to do that??? One evasion after the other.
You can't claim to be a new bank since 2014, and then when challenge about the fact that we signed our documents before that date then they were new in 2009. These people are loan sharks with aggressive debt collection tactics. Predators doesn't even begin to cover these guys. Contact your state Atty General, file complaints against both Sallie Mae and Navient. Contact your state and federal representatives. Keep the pressure on, find an atty to take the case. They are arrogant enough to imagine that they can't be touched. They are monsters.
Reviewed Jan. 28, 2017
I use to not believe the people that have had all the problems with SM but it caught up to me. Ridiculous interest rate. (And I have really good credit mind you.) Increased payments without notice. (Which is interesting since they have no problem sending a stupid amount and mail and emails.) Getting ahold of a real person to talk to is impossible, and when you do they have no idea about anything. DO YOUR RESEARCH. Sallie Mae is awful.
Reviewed Jan. 17, 2017
This is the absolute worst company to ever get a private student loan with. They don't even deserve one star. I have been receiving multiple calls every day and two months later they still have not handled the issue. They say a form has not been received when I confirmed twice with the account manager that the deferment letter was received. They are only after money and have no concern for students or graduates. I'm literally in tears of frustration. Please don't choose Sallie Mae.
Reviewed Jan. 3, 2017
I had student loan with CitiBank. I moved to new location and reported my new address to Citibank. At the same time my student loan was purchase by Sallie Mae. I did not receive any mails from Sallie Mae. Few months had passed and I called Sallie Mae after finding out that Sallie Mae purchase my loan. I had late payments. I tried to explain my situation but they did not care. I paid my loan fully. Then when I was trying to purchase a house the late payments were on my record. I called Sallie Mae and explained my situation and told them to take out late payments from my record. They refused and I couldn't purchase a house. Don't get loan from Sallie Mae. They DO NOT CARE ABOUT THEIR CUSTOMERS.
Reviewed Dec. 12, 2016
I've had quite a few less than impressive encounters with Sallie Mae student loans. However, once I started the automatic payment plan everything was fine for a few months... Then I switched banks. I changed my bank information on the site, paid my loan manually for that month, and signed up for automatic payments through the new bank. There have been multiple issues. Including starting the automatic payments and then suddenly not making them. Causing late fees and my credit to go bad. So I paid manually and then they randomly would withdraw automatically certain months. I've had to call my bank and put a hold on them twice. They've attempted to withdraw from my closed bank account even though I've deleted it from the site, and it just reappears. Now I'm attempting to make payments and it won't go through at all. I've called my bank and ensured it's not on their end. It's beyond the point of ridiculous.
Reviewed Nov. 8, 2016
I signed (and aunt cosigned) for a $10,000 loan with Sallie Mae in 2013. They informed me that I wouldn't owe them a penny until 6 months after I graduated. However, 1month (this was October, I started school in September) into school they started harassing me telling me that I owed them money. I asked them how when I just started school!? I told the agent that I had been promised by multiple Sallie Mae agents that I wouldn't owe until 6 months after I graduated (before and after I signed).
The person I spoke with said they didn't know but I owed them and if I didn't pay they would take action against me and my cosigner. So of course, as a scared 18 year old I payed up. I had just gotten a minimum wage paying, part time job to pay my phone bill, etc, so I fortunately had the $75 they were asking for. However, it didn't stop there. I continued to keep calling (and getting transferred hundreds of times) asking how my account could already be in default as I had literally just gotten the loan, still no answer. I literally spent hours on the phone trying to speak to these people, someone, anyone who could tell me about my account and where my money was going! It is my right to know what is going on with my account, but all the agents were acting like it was a big secret or something, which it indeed turned out to be.
My cosigner started calling me asking why it was in default and that it was affecting her credit so she would sue me if I didn't pay. I literally didn't have anything except a part time job, a cell phone, and a car that was given to me from a family member. Finally, months after calling numerous times and speaking with countless people, I got an answer from a sallie mae agent and she informed me that what I was actually paying this whole time (from the 1month (October) after starting school in Sept, 2013) was the interest on the loan, not the actual loan, and that I owed them over $5000 in interest.
Shocked, I asked if there was anything I could do because I was a struggling student and barely even surviving as it is, and I was told no the only option I had was to pay it. I even told her that I had been scammed by them and she didn't have any answer so I kept getting transferred, still with no answers. I struggled for months until eventually I had to drop out of school to look for work full time just to pay the loan because they were harassing me daily! Almost immediately (1 month after quitting school) they started calling again saying now I owed nearly $400, instead of the $75 I had been paying, I was floored.
Again I asked how is this possible and no one would give me an answer, everyone I spoke to said I have to pay or they would take action against me!! Still to this day, three years later and being in contact with them constantly, no one from Sallie mae has contacted me or tried to resolve this issue with me. The only calls I ever get from them is a recording saying I owe them money! I still tried to pay them despite them lying to me plus my hardships and they wouldn't work with me at all! All they have ever offered is to give me a deferment for $50 (claiming that it goes towards interest), which I have done.
I don't know what to do, but I have filed a complaint with the BBB, and now here. Still no call from Sallie Mae or offer to help from any agents thus far. THIS COMPANY IS COMMITTING HUGE FRAUD AND SCAMS ON CLIENTS WHO HAVE TAKEN LOANS WITH THEM! I have seen online they had been sued in 2014 for fraud against clients and they agreed upon a settlement. However, what about the rest of us who have been scammed by Sallie Mae and have gotten no settlement check, let alone any answers!? What are we supposed to do next? So far, I have just been paying them but I feel this is so wrong and I definitely have been scammed and treated unfairly! Seems like this is extremely common amongst the people who have, unfortunately, taken out loans with sallie mae, in one form or another. Thanks in advance.
Reviewed Oct. 30, 2016
I have a student loan in Sallie Mae, and as soon as 6 months hit after I graduate from school my payment became from $45 to $495. I have not taken the nursing exam yet so I have no money to pay for that very high amount and my parents couldn't help me because they are struggling with financial too. So I called them to do a deferment at least 3 months till I pass my exam and get the job I went to school for, and so the struggle started.
First, every time I call them they keep transferring me back to automated machine or transfer me to a person, and hangs up once I addressed the reason why I called. I have called them a hundred times and they kept doing it. 2nd, when I finally get to talk to a person that didn't hung up on me, so I told her that I needed to defer my loan for at least 3 months, and she told me that she wouldn't help me unless I pay the amount due on that month. So I paid them $495 (I had to borrow money from a friend because I don't have that much amount). And again, when I tried to call them for a deferment, they did it again.
Every time I call them they keep transferring me to answering machine or they hang up on me. After more than 20 calls, I finally talked to someone and she were to help me. Before we went over to processing the deferment, I asked the lady to do cancel my automatic payment that I had made for September 2016 and October 2016, and she told me that she was able to cancel that. While we were processing my deferment, I have to pay $150 for a deferment fee so they can process it, the lady said that it would take 3-5 business days for the result and they will be sending a mail and an email for the result, BUT THEY DIDN'T.
I only found out that my loan were finally on deferment on my account online. It says "On deferment till Jan. 6, 2017." So a month passed. When I checked my account summary on my bank I saw that it was negative $400. When I went over to my statement it showed that Sallie Mae had charged me $485 on October 28, 2017 while I am on deferment. I thought the lady on Customer Service had cancel my automatic payment, it turned out she didn't!!! I almost fell out of my chair after I saw may bank account with NEGATIVE $400!!! This is so irresponsible of them!!! That is why I did a deferment for 3 months because I don't have money to pay for it until I pass my exam and get a job. Plus I paid Sallie Mae $150 for the deferment!!! This is so frustrating!!!
Reviewed Oct. 29, 2016
I haven't really had too much of a problem with Sallie Mae since taking loans out with them in 2013. The one thing I can't stand about them is the annoying amount of phone calls when your payments are due. My loan has been in deferment since I started my master's degree, so I have not been making payments. My mom was co-signer and my statements go to my parents address so I don't always get them on time. Apparently I missed two months of payments, and within a week (Oct 25-Oct 28) they have called me 19 times!!
I ignored the first two calls because it was from a number I did not recognize, and I figured if it was important whoever was calling would leave a voicemail. Well Sallie Mae does not leave voicemails apparently, and on the fourth call I picked up the phone to a recording telling me to call them back for information about my account. It wasn't even an actual person and there was no information about what was going on with my account. I understand giving someone a reminder call to let them know that payments are due, but 19 calls in the span of four days is harassment, especially since I was making payments on time before my loans went into deferment.
Reviewed Oct. 25, 2016
So I took a loan out from Sallie Mae to cover a year for college. Worst mistake of my life. I got my grandfather to co-sign the loan for me and they immediately accepted us. Well I first signed up for auto bill pay and that was mistake number one. They input all of my information wrong. Got my first late letter in the mail but that was after they bombarded my family with phone calls and letters. Manually paid the first month. I call them up again to try and resolve the issue so they can just take it out of my paycheck every month. Wrong again. They did not accept that payment method either.
So I finally manually set up all of my information online hoping that this will work. Everything seemed to be on the up and up until one day a rep called my father saying my information was deleted and they needed to "update" my information. Fast forward to my senior year of college, I get a text from my father saying Sallie Mae tried calling my aunt to get in touch with me. Well I was immediately confused as to why they wouldn't have called me. I get on the phone with my rep and am immediately transferred back and forth to different departments. Turns out MY PAYMENTS WEREN'T ACCEPTED FOR OVER 120 DAYS!!! They told me there was a problem on their end that they didn't catch! That if I didn't make a minimum payment my loans were going to have to be paid in full!!
I immediately said if my loan payments were not being accepted then why wasn't I told? The rep immediately transferred me to a supervisor after being on hold for 45 minutes! I am several days away from accepting my degree early and in the process of finding a job! These people are scam artists and completely unhelpful!!!
Reviewed Oct. 20, 2016
I currently have student loans with Sallie Mae. I graduated in 2015 and have started paying off my large amount of loans (PS: Private schools are expensive) I have. As a recent graduate I have had difficulty finding a full time job that pays me enough to make my payments. Luckily I have wonderful parents who help me out. My complaint is the obsessive amount of phone calls I receive from Sallie Mae regarding my account and payment that is due. Over this past week, Oct. 17-20, I have been called 17 times!! Some as early as 8 a.m. and other as late at 10 p.m.! I understand I have a payment due, but calling me every other hour is not going to make me pay it any faster. I am aware of my payment when I get an email about it a week or two in advance. You DO NOT need to call me everyday, multiple times a day to remind me.
It is the most annoying thing and I can honestly say that if you call me once and LEAVE A VOICEMAIL instead of not leaving one and calling me every hour on the hour, I will be more likely to call back or make my payment. I have learned to ignore the calls and go about my day, but at some point it is a little out of control. I know this won't stop the calls but I hope they understand this is outrageous. I will make my payment for goodness sake! Stop badgering me!
Reviewed Sept. 23, 2016
I went to Westwood College online, a few years ago, Paying on a 14,000 dollar loan, thru Sallie Mae, and the Dept. of Education. 7000 for each loan. Am I crazy or no. The thing is I only went for 5 and a half months and dropped out. Can't believe I owe 14,000 for 5 and a half months, and I have been paying for years, maybe 3. Now Sallie Mae is saying I missed a payment, which I haven't. Now the harassing phone goes day and night, and stupid me they asked where I work. Now I'm sure I will get harass now at my work. Can you help, or guide me in the right direction.
Reviewed Sept. 8, 2016
My experience with Sallie Mae has been horrible. My daughter had a loan with them for school in which I am a cosigner on the loan. I got sick and my daughter had to put school on hold for awhile to help me out. Before I could completely recover, the harassment started and has not let up. They call us constantly and even at my work place in which I explained that I'm not allowed to get personal calls and asked them to stop before they get me terminated. They do not care. If I get terminated I explained they won't get anything. My daughter cannot afford to pay them a lump sum of money and the payment they are trying to bully out of us neither of us can pay due to my still trying to recover from being sick, yet they do not care. They harassed her to tears and commenced to tell her what she should do to get the money.
These people act as if they do not understand the plight that everyone is not rich and if they were they wouldn't apply for their loan. Please do not make the mistake of acquiring a loan from them because it will be the worst thing you've ever done. You'll never get any peace. I hate my daughter ever got a loan with them because they do not care about the consumer at all and it's obvious they do care if you go through personal issues and cannot make the full payment they want. They don't even try and work with you. Just tell you what you can do. I plan on going to school myself soon in the future, but I assure you if I need a loan I will sooner pull out my own teeth than deal with this company ever again! Again, this company is a nightmare.
Reviewed Aug. 30, 2016
Where to begin with this company, they've been a nightmare from the beginning and they never seem to get better! I fell for the low monthly payment of $25 and then got slammed with a much higher payment right around Christmas. When I called to see if they could help I was rudely told I could either default on the loan or go back to school and defer it... Yeah, not helpful. That was several years ago and I'm still paying on that loan, which they told me I'd have paid off in October, but somehow my payments don't seem to add up and my interest rate got raised and I've been paying more than they ask each month on time.
Then there was a matter of the loan that was under my mom's name, my sister's social security number, my school, and some random loan amount neither of us had chosen. When we called to ask about it and see whose it really was, if it was anyone's at all since it was so messed up, we of course didn't get any help and were pretty much told that we would just have to pay it.
Then there was the mystery loan that popped up 3 years after I had graduated. We have been paying on multiple loans and one day we get a letter from the department of education about a loan that was in default for 3 YEARS! Once again we called Sallie Mae and they had the nerve to say they tried contacting us about it but we never made payments... because yeah, we wanted to pay every loan except that one! Not to mention the fact that they had our house phone, my cell phone and email address, and our physical address. Pretty sure if they tried to get a hold of us like they said they would have done it. They had multiple opportunities to contact us.
I absolutely DO NOT recommend this company to anyone for any reason. They've been nothing but horrible and useless for about 8 years and I can't wait to be done with them (whenever that day is going to be). I don't feel comfortable giving them one star, they deserve 0, and even that wouldn't reflect how awful they are. Avoid this company like the plague they are.
Reviewed Aug. 29, 2016
Sallie Mae is doing so horribly they had to change their name to NAVIENT. They're still horrible. I've had multiple issues with them and their customer service is so rude. Here's some examples of their rudeness: I'd taken care of a bill the day before. The day after, Sallie Mae calls. I say "Oh I've already gotten that taken care of." He says "Well obviously it hasn't been taken care of otherwise we wouldn't be calling now would we?" Guy calls and tries to keep me on the phone. I tell him I'm out and would like to wait until I'm home to look at the computer and my accounts.
He keeps me on, saying "Oh well we can just do a post-dated check or a card" and I say "I'd much rather do it when I'm at the computer so I can make sure everything's straight" and he tries his best to keep me on the phone. Finally he says "Yeah what's the REAL reason you can't pay today?" I didn't say I COULDN'T PAY! I just said I wanted to make sure my accounts were in order before I start doing post dated checks!
He just called again today and I said I had to call him back. He said "Well you said you'd call back Friday and you never did!" Actually I did and it went straight to a machine. So he kept saying "So I'm gonna call back and you better answer! You're gonna answer right? You better answer!" They just make everything so uncomfortable and aren't nice at all!
Reviewed Aug. 26, 2016
My son took student loans to finish his college. He graduated in 2014. He has met EVERY requirement of the "remove co-signer application" available on their website. His credit score is north of 775. No loans other than the student loans...and the denied it, saying loan to debt ratio was too high??? I contacted my state representative, and NBC Responds, the television station seeks to help people with problems that they can't seem to resolve. Neither got far. The BIG BANK is boss, and with 43% of people in default on student loans, they will do anything to hold onto co-signors...it is wrong. Just be frickin honest, and put on your website, you will not be able to remove co-signer unless they die or loan is paid off. YOU SUCK SALLIE MAE!!!
Reviewed Aug. 18, 2016
My son borrowed money and I was the co-signer. I can not even make up how bad the customer service is. Once he graduated and started to work his student loans went up from 25.00 a month to 540.00 a month. We called and got them dropped to 205 a month. The process was set up with Sallie Mae and by Sallie Mae. It took 6 one-hour long or more phone calls to get it straight. Phone calls so bad that I do not understand how a organization ran like this could be in business. One call I was transferred 8 times, the record is 10. There is so many hidden items in the loan contract and the way they conduct business is worst. Please parents and students, find other funding.
Reviewed Aug. 8, 2016
So my parents co-signed on a $10,000 loan for me. My parents live in a different state than I do. Now, if I am like three days late with my payment here's what happens: My dad texts me, "Sallie Mae is calling multiple times per day on your loan." I start getting automated calls from them a couple hours later (outside business hours so I can't call back right away).
I call them the next day, make a payment and ask them to stop calling my parents when this happens. The calls continue for two more days, and it starts over the next time I'm a couple days late. I concede they have the legal right to call my parents, but I thought that would be if there were indications that I would default; not that I was a couple days late. And why they would call my parents before they call me is beyond comprehension.
Reviewed Aug. 2, 2016
In 2002 I went to college and graduated early in 2004. One of my loans was with Sallie Mae and I borrowed $14,000 for school. Today is 2016. Yes 12 years later guess what my loan balance is - a whopping $17400.00 and we make monthly payments. Now I took math in school and for some reason our payments do not touch the principal. It just adds up. And we have paid $275.00 monthly. You figure it out... and more to pay... not sure how this is possible. But it is. We continue to pay due to credit, we would be ruined if we did not pay this... a life time of sorrow.
Reviewed July 25, 2016
I co-signed for a loan for my son who is out of school but has no job. The deferment period is over and Sallie Mae whets their money. I am a single parent, have school loans of my own. A few payments missed, they called me, I paid at least half and asked if any information was sent that can have a negative effect on my credit report. I was told no. Today I found out that they lied to me. My score is down 80 POINTS!!! EVERYONE KNOWS HOW DIFFICULT IT IS TO BUILD A GOOD CREDIT SCORE!! I have heard horror stories about Sallie Mae but I am now having my own experience!!! It sucks to be between the realm of 'rich' and 'poor'. You do not qualify for assistance and you do not make enough to pay your own way so you have to resort to the likes of Sallie Mae!!!
Reviewed July 20, 2016
I wish with all of my heart that I had never heard of Sallie Mae and never helped my child apply for a loan and co-signed these stupid loans. We could not get any loans anywhere else even with good credit. We are out of deferments with Sallie Mae. My child don't have a job right now. She is trying to find something. I don't understand what is going to happen. She has tried to make some kind of payment each month, but can't make their high payments. We have called and talked to Sallie Mae almost every month and never get straight answers. I couldn't make payments all the time when she was in school, and I am unable to help much now with my husband unable to work due to being injured at work. Am I going to lose everything I own over this? I am worried sick but don't know what to do and can't find anyone to help me. I found this site this time. Is there anyone out there that can at least direct me where to go for help?
Reviewed July 17, 2016
I wish I had read these reviews prior to falling prey to this Legal Loan Shark of a company. I, like the rest of us that want to further the education of our children, had to pay for everything - no grants, no nothing. However, I been paying all four loans while my son was in school from the start, 4 years of it, that was over $1,000 a month every month for 4 years. Then he graduated, Whoopie. Can't find a job. I send each payment (2) separate accounts, two separate bill pay checks sent. I send extra. I get told that I am behind. I asked, "How could that be, I send more than the minimum required amounts each month." Ready for this explanation.
After my 7th call to these ignorant turds, hung up on, or "I'm sorry, sir, I can't hear you."
This Sallie Mae corporation is nothing more than a legal Loan shark that sucks the life out of every person that falls for their "Loans". Once they get you to sign on the dotted line, they got you and if I worked at this Pyramid Ponzi scam ** hole and spoke to the customers the way they do, I would have been fired. No wonder education is not within the reach of any American here. I hope Trump plucks your feathers and expose you for what you really are. Out for yourselves.
Reviewed July 5, 2016
Sallie Mae is the worst loan company I have worked with, and I will regret my decision until the day I die. Sallie Mae promises new loan buyers the world, but once you sign the papers, their well-wishes become fangs filled with venom. When I first applied for a Sallie Mae loan, I was hooked by their low-interest rate (which, compared to the other loan providers, 6% was great). After signing the dotted line, that 6% became 9%. When I argued it, the customer service reps would either sit there in silence, laugh or just hang up on me.
Another issue is that they are not willing to work with you, at all / no matter what (especially post the forbearance stage). They want me to pay 797.13 a month on top of another loan that is from a different company... I can afford 1/2 of that, easily. BUT, rather than getting something instead of nothing, they declined every solution I had and just hung up on me. I begged and pleaded, but they would rather have my co-signer and I go into default than to work with me.
The customer service portion is a joke. One rep called me a liar when I told him I am borrowing money to pay my loans (really??). Another rep laughed at me when I told her of my issues, and she told me "Sucks to be you, kid." and hung up on me. Another rep said "I have better things to do than work with people like you." and hung up on me. These are three of the MANY calls I had with them, most of them either equal to worst than what I just said. They really make Comcast customer service look like angels.
Finally, I am in a situation where the money I make doesn't compare to the payments required. One rep, laughing while he said it, told me to find another place to buy-out my loans. I may just do that because I'm working myself to death for nothing. I wish the absolute worst to Sallie Mae, and I truly believe in karma. Companies like Sallie Mae are the reason why people are struggling to this day. I made the choice to go to college, I graduated top of my major, I work harder now than I ever did to survive. What goes around, comes around, Sallie Mae.
UPDATED ON 07/23/2016:After writing my previous review, I was contacted by Sallie Mae's Office of the Customer Advocate. In their message, they left me a phone number to call. I suddenly felt like my prayers were going to be answered, and that my payments would become more manageable. NOPE. Instead, when I called the number and I was immediately sent to a representative (whom I want to publicly name, because she was a class piece-of-work, BUT if I do, I feel that Sallie Mae will find another way to punish me). The representative introduced herself to me, apologized for my experience, and stated that she was going to listen to all my calls in hopes to fixing the issues that I had. She never once said "We will try to find a way to help you pay what you can", instead... just "fix the issues that I had".
She told me to wait two days, and she would call me back. After waiting those two day, she contacted me. She immediately reminded me that I was being recorded and I must understand this (immediately igniting shivers of rage within me). She promptly followed that she found no proof to the experiences I had, and professionally called me a liar. She stated she only went back to "2015", to which I have been having these issues with Sallie Mae reps since 2014 (when I graduated). After telling her what I stated was still the truth, she just replied "Yup" and I began to hear an onslaught of "taptaptap" in the background (now documenting her behind).
Long story short, after going back and forth with her (and hearing an unending onslaught of "taptaptap" in the background), I bluntly asked her "Did Sallie Mae reach out to me to help me out OR did they seriously contact me JUST to clear their customer service's name?" She evaded the question and told me, instead, that ONCE AGAIN Sallie Mae will not help me lower my current payments. Sallie Mae's reasoning is as follows: Since I am "paying" my loans, I am therefore not considered "in financial difficulty", even though I frequently call them, begging to lower the monthly payments.
Sallie Mae's wants me is purposely not pay my loans (and call them before 15 day past-due date), then have Sallie Mae NOW take both my co-signer's and my financial information, run a financial report, and make a new payment pooling our incomes. When I disagreed with this, saying it was stupid, and said that I didn't want my brother now getting pulled down with me, her actual response was "Well, he shoulda knew what he was getting into once he signed the papers. That's what a co-signer is for, right? You can't make your payments, then he can. If you didn't want to put him at risk, you should never have used him." Really? REALLY??
What we knew when we agreed to signing up with Sallie Mae is that I was promised that I would end up paying the loans back at LOW INTEREST/PAYMENT (hence why we were brought to Sallie Mae in the first place... their LOW REPAYMENT PRICES), not the factor that I signed a blood document, seeded with lies, so that they would cripple my brother and I should I experience any struggles at a price tag THEY personally decided.
In the end, classic horrid customer service being horrid again, combined with ruthless business tactics. If I hit a miracle and I am actually able to pay off this upcoming month's loans, I will immediately start searching for someone to buy out my loans and save me from the hell Sallie Mae has put me through. Everything about this company is a corrupt from the ground up, and do not trust Navient, either. They are run by the same people and same principles of Sallie Mae (this stated from the ACS, StudentLoans.Gov, and NSLDS representatives I talked to on the phone, post that Sallie Mae phone call). To any/all potential Sallie Mae repliers, DON'T BOTHER MESSAGING ME. You will not get a response from me anymore, no matter what you say. I am completely done dealing with you/interacting with you. May this PLEASE be the last experience I ever have to have with them again.
Reviewed July 3, 2016
First of all I never used the Sallie Mae loan because my ex-husband between 2009 and 2014 was in the military and I had went to University of Phoenix and Pikes Peak Community College. Sallie Mae charged me for schools that I didn't even go to. I gave them proof that my identity was stolen and they keep sending me more and more bill statements after stating that I never gone to these horrible schools that wasn't even accredited like Remington College or Everest. Don't ever apply there because some students don't even get jobs after they were promised that they would. They have no accreditation and have the highest rate of college dropouts. They pool your information and tell you you owe them even when you did not go. So Sallie Mae is a piece of useless loan that makes you pay when you didn't go and puts it on your credit. However they can go fly a kite because I am NOT PAYING FOR A SCHOOL I NEVER WENT TO and neither should you.
Reviewed July 1, 2016
While my son was in school, he was paying $200 a month toward his loan. Suddenly, they started sending him back a check for $200 a month. We called the phone number provided on the check to find out why. They were to return our call with an answer within 10 days. Nope. Meanwhile, this went on for five months. After speaking to numerous people at numerous numbers that they kept transferring us around to, NOT ONE person could explain why they were sending him $200 every month.
Meanwhile, his loan is NOT being paid and interest is accruing yet he is TRYING to pay down his loan. WE assumed it was because since he was in school full-time, he was in "forbearance" and they WOULDN'T take his payments! He was paying them from his bank, not through the automatic withdrawal because they wouldn't let him pay the $200 a month that way because he was in school! Since my son has attempted to pay ahead on this loan, they have more than once stopped taking payments and returned payments without any notification to him. I therefore can specifically say that Sallie Mae intentionally causes students to accumulate interest.
Reviewed June 26, 2016
Sallie Mae is the worst loans for students you say look I have no job. I can't get a job. I have no money. Well you have to pay X amount of dollars for you to get a forbearance and it's 50 per loan. Well if I had that 50 per loan then I wouldn't need this... They don't care what kind of situation you have they want that money... and since you can't file bankruptcy on them they have you... But guess what if you get disabled or draw social security you don't have to pay it is forgiven so what the hell get disab... Then it's all forgiven and then go back to work lol... And the personal loans, signature loans those can be dismissed on bankruptcy so what the hell file easier to start your credit over then get them off your back.
Reviewed June 4, 2016
I was told, by my financial adviser, that Sallie Mae was the way to go when getting a student loan. It was not. First off, they divided it into 3 separate loans which one was for a ridiculously low amount... that I could've, literally, paid out of pocket... and each had a different interest rate. When it came time to pay, I wasn't allowed to pay more towards one, they divided it up for me and less than half of what I was paying went to the principle balance. A total joke. Customer service was absolutely horrendous and no help at all. I'd get transferred time and time again. Then when I left school, they demanded I pay the remaining amount in full. There was no way I could pay 10 grand out of pocket. They automatically put my loan into default. It took me 6 months to get them to agree to a payment plan. I could go on and on about how awful this company is. If anyone recommends that you go through them, just don't!
Reviewed June 1, 2016
I applied to Sallie Mae based off of my college advisor (whom I wish I never listened to) when I was applying for College. I had to open a loan and my advisor kept "selling" Sallie Mae to me because ALL her students used it. Since I had less than a week to get my application thru so that I could get approved after I was accepted, I thought, what the heck, why not, seems like a well trusted company.
I contacted Sallie Mae and the representative persuaded me to choose a FIXED rate instead of a Variable for my loan. His reasoning was that since I have never opened a loan before, I should choose having a fixed rate. Fine, I did that. Well, my "fixed" rate ended up being a wonderful 11.75% rate! There was no going back. I was also convinced by him that this was a GREAT RATE!
I graduated 3 years ago. I've been paying on time, every month, well above my minimum monthly payment just to keep my head above water and keep this rate under control. It's been eating me up and I've seriously gone crazy and feel like I'm on the verge of becoming homeless! If I had chosen a variable rate, my interest rate would have been as low as 3 to 6%, not too bad comparing to what I'm stuck with now. And if it was a variable rate, I would have been able to make decent payments instead of these huge chunks that rip right through my bank account.
I contacted Sallie Mae to try to negotiate a better rate and they told me that I could either open their credit card and pay off the loan through that (with a rate that will only be 11.50 % instead), or I can have my account go to COLLECTIONS and ruin my credit so that they can work with providing me LOWER rate. Terrible service. I'm almost done paying this nightmare of a loan off.
But my advice to anyone thinking of using Sallie Mae is: Do your RESEARCH before opening up any loans with SM. Do not let any representative persuade you into accepting a high interest rate because of the simple reason that you are a student and do not have any loan experience therefore this is why you were approved with a higher rate. Remember: YOU are a STUDENT, you should not have any experiences with opening other loans, hence the reason for why you are opening a student loan. If you do decide to go with SM, make sure you make larger payments to keep your head above water and do not miss any payments!!