Sallie Mae Student Loans review

One thing about college is true more than any other: College costs a good deal of money and the majority of students are constantly in need of extra cash. More often than not, loans are part of the financial aid equation and among all the loan providers, one service stands out in the crowd. That service is Sallie Mae Servicing, the popular education loan company.

Student Loan Service Commentary:

 Sallie Mae is the best- known name in student loans and it is the first place many students turn when they need to borrow money to complete their schooling. Sallie Mae actually began operation as a government- run company, but today it is completely independent with no remaining government ties and is now a publicly traded stock. Sallie Mae is first and foremost a student loan operation and I became very familiar with this company when I was a struggling university student trying to cover my student balance each semester so that I wouldn't get dropped from classes. Back when I was a Sallie Mae customer, the internet didn't exist and the only correspondence with Sallie Mae was through the mail or over the telephone. But today, Sallie Mae Servicing provides 24/7 access to your student loans, as well as access to other Sallie Mae products and services. Not only can present or former students quickly establish a logon account and find basic loan information online, students can also change their loan repayment option and lower monthly payments in the process, right from the comfort of home. One other change with Sallie Mae Servicing that has taken place over the years is its expansion into other services besides loans. Today, Sallie Mae Servicing assists students with school selection, financial aid, college preparation, and different means to finance education. Sallie Mae Servicing even offers a 529 College Savings Plan to help future students plan for their expenses today. Not only does Sallie Mae actively manage these plans, it also has extensive information about other 529 College Savings Plans, including comparisons with other plans and savings advice for students and parents.

Sallie Mae offers easy loan approval and the entire application process can be completed in a very short time, right from your desk. But in spite of these positive points, Sallie Mae does have a few strikes against it. One is the web site itself. It isn't as intuitive as it should be and I have found myself getting stuck in the site and having to open another window. When I say "stuck", I am referring to the tendency to get to a specific part of the site and not be able to return to the home page by clicking a link. A good example of this is the account management section. Pressing back on your browser will take you back to the page where you originally logged on, and you can then click a link to go back to home. However, you will now be logged off and have to log back in once again to view your loan information.  Sallie Mae Servicing offers competitive interest rates that can easily match those of most other student loan providers. But as far as the company being good, ethical, etc., my experience (direct and indirect) has been mixed. I have had not had any issues with Sallie Mae myself, but I have heard some horror stories from others who thought their loans were in forbearance, received no notice from Sallie Mae stating otherwise, and suddenly received a phone call from a collector. And for customer service, again, my feelings are mixed. Sallie Mae generally gets its message through and is fairly easy to contact, but they are a little too quick to use e-mail correspondence and they are a little pushy in convincing loan holders to sign up for automatic electronic payments because it lowers Sallie Mae's risk. Each time you logon to your account, they will continue to push this and other services.

Bottom Line Viewpoint:

Sallie Mae Servicing is a good loan serving operation and it offers student loans with few requirements. The web site is semi- intuitive, web pages often fail to load completely due to high traffic at the site, customer service is average, and communications could be enhanced. However, there is no denying that Sallie Mae is a good place to turn when you need a student loan. Acceptance is easy and the site is loaded with useful information on loans, grants, savings plans, and more.