Sallie Mae
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Category: Business & Finances
Contact Information Illinois, United States
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Sallie Mae Reviews
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BSNICKS
March 1, 2011
Usery
My wife and I both have student loans. My original loan was $10, 000 which I paid on for several years only to find out that the interest on these loans is compounded qtrly which increases the loan. I’m now in default because I’m unemployed and we lost our home and Sallie Mae defaulted my loan because I could not come up with $1700 to bring it current and $460 per month for payments. My loan has not been sent to Texas Guaranteed who advised that I just need to pay $200 per month and my balance is now $18, 000, if no payment arrangements are made within 30 days they will add 15% to the balance for collection fees and the interest keeps accumulating. My wife had a loan for $7500 which the same issues are going on and the balance is now $33, 000. As far as I’m concerned student loans are legalized loan sharks because they are backed by the government. We wrote our congressman, John McCain, but that did not do any good. When your broke you are broke. They advised my wife that they will start wage garnishment. Go figure so they can take more of what you don’t have. If they are sued, please count me in
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Supermacho
February 13, 2011
They don't care about you as the borrower
Sallie Mae is a total rip off. If you're even one day late they charge you for the late fee. I have about 50, 000 in loans with them that I know regret ever taking out with them. They refuse to understand my situation as I am not employed right now but they still don't care about that. They only care about getting your money and refuse to help you out. Every time I call customer service I get someone who I can barely understand. Then I'm told 3 different stories by 3 different reps as to what forms I need to fill out for unemployment. This company is the WORST lending company that I've ever dealt with. They make it impossible to never pay back your loan with them.
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today987
February 11, 2011
No opt out option
Sallie Mae has put this statement about the customer's telephone number at the update account information page when logged into their website:
"By providing my telephone number, I authorize Sallie Mae, Inc., its affiliates and agents to contact me at such number using any means of communication, including, but not limited to, calls placed to my cellular phone using an automated dialing device, calls using prerecorded messages and/or SMS text messages, regarding any current or future loans owned or serviced by Sallie Mae, Inc. its affiliates and agents, even if I will be charged by my service provider(s) for receiving such communications. By providing my email address, I authorize Sallie Mae and any affiliates to which it shares this email address to send me commercial messages at such email address."
Yet...there is no way to disagree or opt-out. You have to provide a telephone number. Sallie Mae is out of control in my opinion.
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Stan Q
February 7, 2011
Finance fraud and abuse
Sallie Mae promised in writing, 4% interest, actual interest is 8.5% with no reduction available. No help available from any source with this issue.
Private loans for both students are paying interest with increasing balance for Sallie Mae's interest bearing accounts. The graduates are drowning deeper in debt while Sallie Mae pulls in the money for their employee and manager bonuses each year.
Sallie Mae refused to send the proper deferment form, only good for a total of three years maximum, instead sending me the economic hardship form twice, rejecting the form because I do not have documents required. Hello, I do NOT have two recent pay stubs because I am long-term unemployed.
I finally got the correct form, sent it back, received a payment due for one of the loans, and a letter stating their payment policy.
I have requested a formal congressional inquiry into Sallie Mae's fraudulent use of funds for personal gain. The students and parents who are forced to use Sallie Mae's funding for "higher" education lose in this plan.
I am thoroughly disgusted with the way Sallie Mae has ruined the low interest payment plan especially since all the loans go through them now as Department of Education wants.
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beach citizen
January 28, 2011
finance fraud
Sallie Mae has pushed "private loans" onto a lot of students and given higher interest rates to parent plus loans with no reduction rates option. In writing, promised 4 %, actual payment came at 8.5%, and asked for unemployment form, not "economic hardship" form as I am long-term unemployed, only to be sent economic hardship form twice, and have it rejected due to the fact that I do not have two recent pay stubs. Hello, I have already written long-term unemployed in a separate statement on each of my handwritten requests. Add to this fiasco, I am already paying 4% interest on an extended payment plan for an earlier Sallie Mae loan, both children have "private loans" where they are paying interest and the bill keeps going up, interest bearing accounts for Sallie Mae, just like the mortgage funding fraud. Have requested a congressional inquiry into Sallie Mae financial strategy due to all the loans being given over to them.
Help, someone!
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Scott Bojda
January 24, 2011
Gouging and Fees!
I went to make my Sept 2010 payment online, which confirmed and went through. Later they sent me a letter stating I had insufficient funds, which was not true. I sent them bank statments showing I had more than enough in my account. Sallie Mae insists I pay a late fee and a processing fee. I will not pay my account until they drop these extra charges on their error. Now they put it on my credit report. Anyone having the same problems? I am trying to start a class action lawsuit. Contact me at [email protected]. They will not drop the extra charges on their error.
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leighacha
January 21, 2011
Lying during collection conversation
While on the phone with a Sallie Mae Representative about lowering payments on defaulted student loan (which I requested deferment paper on several occasions) he told me that Sallie Mae was the government. That seemed incorrect so I went directly to the Sallie Mae website and found this statement below. They used this tatic to attempt to bully me into paying more than I could afford.
"While Sallie Mae was originally created in 1972 as a government-sponsored entity, the company began privatizing its operations in 1997, a process it completed at the end of 2004 when the company terminated its ties to the federal government. Today, the company is a publicly held, private sector company, governed by a board elected by shareholders. SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America."
https://www1.salliemae.com/about/
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tcalvitti
January 18, 2011
reps lying about federal guidelines
Actual phone call to make January 2011 student loan payment on 12 January 2011. Ilene rep # C41368 gave me an amount due which included the not yet due February payment. The rep Ilene #C41368 informed me that federal guidelines allowed her to demand payment for not yet due months and collect funds for the February 2011 payment which again is not yet due. When I questioned her further she insisted that federal guidelines allowed her to demand payment. I asked her for a copy of the federal guidelines she was referring to. She said she'd be more than happy to supply me with these guidelines. To date I have not received any copy of these "federal guidelines" which allows Sallie Mae to demand payments for months not yet due. This was not a misunderstanding. This rep knew that she was making a demand (not a request) for a payment of a month that was not yet due and further, this rep was aware that she was lying about this demand being acceptable under "federal guidelines". Now let me be clear so there is no misunderstanding, this rep did not ask if I'd like to pay February's payment while on the phone which would have been an acceptable request. This rep demanded payment for February to be included in my January payment. Sallie Mae this is an completely unacceptable way to do business. Your representatives should not dare to lie then use Federal Guidelines as an excuse to cover her lie with regard to making payments or even hint that Federal Guidelines allow you to demand pre-payment of months not yet due. The unethical practice of this rep is a direct reflection on your business practices.
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no iam not
January 15, 2011
un fair bussiness practices
I was used without permission as a co-signer by my grandson the loan has become my responiblity. My grandson is nineteen and did his applacation on the internet.
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Derek Becker
December 31, 2010
Horrible, uneducated staff
This is one of the worst companies for customer service since Dell. If you try to get online, their site is ALWAYS screwed up. It is VERY insecure and a lot of the information is leaked. If you call, half of the people do not speak English and almost all are a nightmare to work with. This is one of the outsourced companies that basis their future projections by the difference in complaints to income. The are making plenty of money with their uneducated crew so we are the ones who pay.
Do what ever you can to get a loan with someone else, or you will be BURNED.
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