1.5
44 reviews
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Sallie Mae Student Loans

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Sallie Mae Student Loans
 
1.5

(based on 44 reviews)

Ratings Distribution

  • 5 Stars

     

    (2)

  • 4 Stars

     

    (1)

  • 3 Stars

     

    (4)

  • 2 Stars

     

    (2)

  • 1 Stars

     

    (35)

11%

of respondents would recommend this to a friend.

Pros

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Cons

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Best Uses

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    • Affiliation:
    • I received a sample (3)

Most Liked Positive Review

 

No problems

I've been a customer of sallie mae for years. With all of the rules on student loans and credit I'm pleased with the service I have been provided by sallie mae. I've got my...Read complete review

I've been a customer of sallie mae for years. With all of the rules on student loans and credit I'm pleased with the service I have been provided by sallie mae. I've got my brother getting sallie mae loans for college as well. I like the online access and have my payment automatically withdrawn from my bank account monthly so its pretty much not anything I have to do because I'm gonna be paying on my student loans for many years to come with five college degrees between my husband and I. Years ago we were able to consolidate our loans which helped out with the payments tremendously; I was able to get an extremely low interest rate so I can bet I'll not be paying these loans off early unless I just have too much money and dont know what else to do with it. Federal rules have prohibited Salle Mae from offering consolidation of loans in recent years; but that is beyond their control. Overall when you owe someone money its one of the best companies to owe.

VS

Most Liked Negative Review

 

Sallie Mae: Easy Loan Approval, but Questionable in Other Areas

 

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...Read complete 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.

Reviewed by 44 customers

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(1 of 2 customers found this review helpful)

 
1.0

Sallie Mae suck and should pay back money for high interest rate

By 

from USA

Comments about Sallie Mae Student Loans:

they lie about their interest rates. been paying on a $25,000 loan for 4 years now, and my new balance is $24,252 This sucks. 30 year loan. They should not be able to have private loans only federal. I think our government needs to step in and not let them go higher than 5% on a private loan. Change all private loans, and pay back all the extra interest already paid out, or add it to the principle. I am going to have this loan until I die.

(6 of 7 customers found this review helpful)

 
1.0

Sallie Mae is garbage; get your loans through the Credit Union

By 

from USA

Comments about Sallie Mae Student Loans:

I got four student loans through Sallie Mae and the interest rates were horrendous for no apparent reason. I had a solid credit score (over 700) and I had a cosigner with strong credit and high income. Still, my APR was 8.25, 8.50, 8.75, and 10.625...

By the time I was beyond my grace period, I noticed that I had acquired over $8,000 in interest WHILE I WAS IN STILL IN COLLEGE. I began paying off my loans 6 months after I graduated and was paying well above my minimum payments. Then, suddenly, additional amounts of money were disappearing from my bank accounts. I looked into it and discovered that Sallie Mae had pulled out an extra $921, which sent my bank account into the red and charged a $31 overdraft fee for going negative. After sending copies of banking statements and hours on the phone with (barely comprehendable) Sallie Mae customer service, they promised to refund me the money that was mistakenly pulled from my account but not the overdraft fee. I waited for 3 weeks with my account below zero before receiving my refund.

I refinanced my loans through a different company for more reasonable rates and they paid out my loans and I thought I was done with Sallie Mae for good. Then it happened again. Another $921 was pulled out of my account by Sallie Mae TWO DAYS before the refinancing was finalized. I was once again promised a refund, this time including the overdraft fee. That was 5 weeks ago and I still have not seen the money returned.

In summary, 5 months ago I began repaying my loans. Sallie Mae has pulled almost $2000 in extra funds from my accounts 'by mistake'. I have been on the phone with customer service for Sallie Mae over 20 times in those 5 months. Sallie Mae is a criminal-level company and should NEVER by utilized for student loans EVER.

Go through your local credit union for student loans.

  • Affiliation:
  • I received a sample

(0 of 1 customers found this review helpful)

 
1.0

Use Sallie Mae only if you want to be in debt forever.

By 

from USA

Comments about Sallie Mae Student Loans:

The majority of undergraduate students don't read the fine print when they're applying for a student loan. This was definitely me! I've been out of school almost 3 years and Sallie Mae has RAPED me of money. I took out a loan for 7,000 dollars and am nearly paying back 11,000. what a crock of SH**!! I don't recommend EVER using them.

(0 of 1 customers found this review helpful)

 
1.0

Sallie Mae is very fraudulent as schools they give the money to

By 

from USA

Comments about Sallie Mae Student Loans:

I was lured by Abco Technology and way overcharged with their course, which they did not fulfilled. Sallie Mae , the lender, were very well aware of this practice because I TOLD THEM, but they did not and do not care about students just like the school itself. School kept the money, but Sallie Mae continues to charge the money from me knowing that they gave the money directly to the school and the student, me, never got the intended education due to school's fraudulent actions. So Sallie Mae by allowing this and providing more loans to such school and other similar ones is just as guilty. Never get a private student loan, higher interests, no protection whatsoever for students, all they care for is profit, they don't bother to check schools ethics and even knowing they continue to provide loans so that they can charge lots of interests. Stay away from Sallie Mae

(1 of 1 customers found this review helpful)

 
1.0

Don't get loan through sallie Mae

By 

from USA

Comments about Sallie Mae Student Loans:

I would tell any hardworking college student in need of money to stay away from sallie Mae I have had nothing but hard times with them. From getting the loan to trying to get them to send me a bill in mail to pay the loan and after that I get charged late fees because I never got my bill and no one will talk to me when u try to get answers save if possible get loan anywhere else

(1 of 1 customers found this review helpful)

 
5.0

Manageable

By 

from USA

Comments about Sallie Mae Student Loans:

I am currently repaying my student loans and thankfully they have the IBR(Income Based repayment) plan where you are able to get lower payments. With this plan I am able to get a lower payment where it is easier to make the payments. I am hoping after 10 years of payments I am able to stop making payments.

(1 of 1 customers found this review helpful)

 
2.0

Too much to pay of!!!

By 

from USA

Comments about Sallie Mae Student Loans:

Salliemae is easy to get but really hard to pay off! They are expecting me top pay over $12,000 dollars not including the other years I have been paying. Its taking me 7 years to pay this loan off and the interest is STILL going up! I do not like this ONE bit! I wouldn't recommend this company to anyone at all!!

(3 of 3 customers found this review helpful)

 
1.0

Worst company

By 

from USA

Comments about Sallie Mae Student Loans:

They messed up my record and as a result, my credit score was dropped dramatically. They fixed the problem eventually, but when I asked them to help file a disbute w/ the credit company, they refused to do so. I made 10+ phone calls with them and they are just terrible!

(2 of 2 customers found this review helpful)

 
1.0

They are dishonest, slow moving, and uncooperative

By 

from USA

Comments about Sallie Mae Student Loans:

I am not going to comment on their high interest rates because I agreed to them. They didn't put a gun to my head to make me take them. What I will say is that they have the worst customer service and their business practices are a bit unethical. I use direct deposit and pay higher than my minimum. I want to get the loan paid off as fast as possible. Every 6 months or so they lower my direct deposit amount without my approval. I'm guessing they think I won't notice and they will gain the extra interest revenue. I notice every time and when I ask them to raise my direct deposit amount every time. So I have to keep on top of every payment when it should be a simple direct deposit transaction.

Lately, when I ask them to raise my direct deposit they comply, but the day before my payment is due they lower my direct deposit again. I cant do anything about it and they end up getting more revenue. This is the most underhanded thing I've seen from a loan company. Viciously lowering my payments when I have no control to stop them.

When I try to send them an email to complain, I get no response. I've sent 2 emails so far and no response. Even though every other time I've sent an email I get a response within 2 days. They are a fine company when everything is going right, but when you have a problem they are no where to be found.

(4 of 4 customers found this review helpful)

 
1.0

Summarize this product in one sentence.

By 

from USA

Comments about Sallie Mae Student Loans:

Sallie Mae is horribly organized. I am a doctor with high student loans and high payments. Their website is terrible, so you have to call in anytime you want to ask a question or make a payment, and your wait time will always be between 10-20 minutes. When you do manage to make a payment, you have to watch to be sure they actually applied your payment, they have often simply "forgot" to apply my payment, wasting both time and money. Totally unprofessional, WOULD NOT RECOMMEND THIS COMPANY TO ANYONE!!! Stay away.

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