Sallie Mae Student Loans Reviews

No problems

Overall

Rated 4 out of 5

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 I like the online access and have my payment automatically withdrawn from my bank account monthly so its pretty much not anything I have to do because I'm gonna be paying on my student loans for many years to come with five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.

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

Overall

Rated 3 out of 5

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 g...

Sallie Mae is the spawn of Satan!

Overall

Rated 1 out of 5

I used Sallie Mae for some private students loans during graduate school when my federal student loans were not able to cover all of my expenses. Biggest mistake I ever made! I juggled the loans for several years while I worked my way towards a better job. I was allowed to put the loans into forbearance a few times for a "fee" of $150 (which did not go towards the loans), but eventually I was left with no options and Sallie Mae wanted me to pay $1,100 a month. I made about $2,400 a month as a teacher and support my child as a single parent, so that payment was simply not manageable. My best advice for student borrows is to NEVER EVER get a "private student loan" - especially one from Sallie Mae. These private loans are lumped in and "advertised" as the same thing as a federal loan, but the borrower has fewer deferment/forbearance/repayment options. Only use federal stafford loans to finance your education!

Completely satisfied with my SallieMae experience

Overall

Rated 5 out of 5

I have been with SallieMae for longer than I care to admit. I probably should have paid my loans off a while ago, but that is MY fault and not the loan servicing company's. I originally took out my student loans at a local bank, and they were bought by SallieMae. I have not been bounced around and had my loans bought and sold by various companies, and I consider myself lucky in that respect. I have heard more than one horror story from other students about that.

When I graduated from college, I had the full payment (principle and interest)automatically debited from my bank account. It was that way for years. I fell on hard times, overcame them, and now I am unable to work. I have not ...

Sallie Mae is HORRIBLE!

Overall

Rated 1 out of 5

Please stay far away from using this company. I wish I had taken the advice of so many others and NOT used them for my student loans. The biggest issue with Sallie Mae is their complete LACK OF COMMUNICATION! If you are like me and have graduated or are about to graduate from school then you know you have to pay your student loans. However, if your still in school or are beginning your Master's then you are entitled to a deferment by law. Well, Sallie Mae is GREAT at sending you notification that you are deferred from your current student loans. They wrap you up in dates and make you believe you are deferred till 2020, or something of that nature. Giving you a false sense of security. What t...

Don't get a loan through them you'll be sorry

Overall

Rated 1 out of 5

PLEASE research the student loans you take before you sign up for them. Sallie Mae has completely screwed myself and my brother on our loans. 1) Very high interest rate. 2) Terrible customer service. 3) Terrible automated phone system that is nothing but frustrating. I now work in finance and investments and knowing what I know now as well as paying what I currently pay for this loan, if I could go back I would never dream of doing business with Sallie Mae! The name gives the impression that they exist to help students. Truth is they are a private company that is very much in it for the profits and that's it. The contracts you sign for student loans are binding for life! You can'...

Won't Release Co-Signer Even When Release Requirements Are Met

Overall

Rated 1 out of 5

In order to get a student loan with Sallie Mae I was required to have a co signer. My hermano agreed to be a cosigner.

Sallie Mae has a policy where a co signer can be released if the primary borrower makes 24 consecutive payments and has good credit.

Motivated to release my hermano as a co signer, I have made more than 24 consecutive payments and have a FICO score of 720.

I submitted an application for cosigner release or or around 3/2011.

During August, 2011 I asked whether the cosigner release was approved for my hermano or not. Sallie Mae told me that it was still in review because I have other large balances with other lenders which negatively affects my credit.

If they...

Run Run Run far away from Sallie Mae Student Loans

Overall

Rated 2 out of 5

I had a loan with Sallie Mae. I decided to consolidate my loans with another loan company in February. I had a payment due with Sallie Mae before the consolidation had been official processed, so I went ahead and made my February payment. Which was suggested by a Sallie Mae agent. When my consolidation went threw I was wondering about the payment I had made to the account . When I went on Sallie Mae's website to view my account there was no recorded of my payment, funny since they took the money out of my account!!! I called them and they needed me to fax all sorts of info to correct this problem and a refund check would be sent to me between 2-4 weeks. 6 months and 5 calls later I'm s...

Horrible - do NOT use Sallie Mae for your student loans

Overall

Rated 1 out of 5

Sallie Mae has done nothing but mess up mine and my husband's student loans even years after we have completed school and are in repayment. My husband was so frustrated that he transferred his loans and is paying a higher interest rate just so he can deal with capable people. I am currently trying to work out an issue that I have called about on 4 occasions. Now on my fourth phone call and I am getting nothing but stonewalling from a Senior Supervisor who is freely admitting that someone on the Sallie Mae side messed up however is giving me attitude about how Sallie allowed me to go to school and is not willing to do anything to speed up the process of remedying the mistake Sallie made. Horrible service - do yourself a favor and save hours of waiting on the phone and go somewhere else.

DO NOT BORROW FROM SALLIE MAE!!!!!!

Overall

Rated 1 out of 5

SALLIE MAE HAS SCREWED ME OVER SO BAD. I BORROWED 12,000 7 YEARS AGO AND SINCE THEN HAVE MADE $300 A MONTH PAYMENTS TO THEM TRYING TO PAY THIS LOAN OFF... THATS $25,000 i HAVE PAID TO THEM!!!! i HAD TO GET A FORBARRANCE TWICE AND AT THE TIME I DID NOT KNOW ABOUT ALL THE HIDDEN FEES AND WHAT I WAS GETTING MY SELF INTO. NOW THE INTREST RATE IS INSANE AND THEY TAXED ON A EXTRA ALMOST $8,000 TO THE BALANCE IN FEES FOR THE FORBARANCE. THEY REFUSE TO HELP YOU AND NO ONE SPEAKS ENGLISH. I AM TRYING TO FIND A WAY TO SUE THEM. THERE IS NOTHIN YOU CAN DO TO GET OUT FROM UNDER THEM. IF I CONTINUE DOWN THIS PATH WITH THEM I WILL HAVE PAID $65,000 ON A $12,000 LOAN WHEN IS ALL SAID AND DONE. TAKE THIS AS A WARNING AND NEVER BORROW FROM THESE HARTLESS ROBBERS. AND IF FOR SOME REASON YOU DO, DO NOT MAKE IT A PRIVATE LOAN!! WARNING!!!!!!!

Right Hand doesn't know what the left is doing!!!

Overall

Rated 1 out of 5

Scam. I borrowed 10K at 6.8 percent. Through the duration of the loan sevice, they managed to break up the amount and transfer money to TWO different Department of Education departments. I was tired of the varying monthly statement balances, therefore had my private mortgage company transfer the entire balance at a lower interest rate. SallieMae/Dept of Education received payoff, I received statements confirming this. Two months later I get a new balance of nearly 4K!! They claimed they did not receive the money from my mortgage company at the same time I had been paying off my 10K balance for the last two months. Within a semester, they managed to lay on another 4K to my debt...

DO NOT CO-SIGN FOR A SALLIE MAE STUDENT LOAN !!!

Overall

Rated 1 out of 5

Do not co-sign for a sallie mae student loan !!! I did and long before the account was due, let alone past due..I called sallie mae to set up payment arrangements since the student was not in a positon to repay the loan. They sent me the paperwork to have the minimum Automatic payment taken out of my account every month so as to not effect my credit. Imagine my surprise a month later when the money was not taken out and the payment on my credit was "Past Due"!!!! They refused to set up my Auto pay because I was not the borrower but yet they refused to take my name off the account ! So i said ok if the account is not paid are you putting it on my credit ? they replied "Yes" But they wouldnt take my money !!!!!

Total Scam. No wonder the United States is in debt.

Overall

Rated 1 out of 5

Sallie Mae and Everest University online are in kahoots. I went to school with Everest and thought that I had payed for it not knowing that they were having me sign up for student loans every semester (ie. reennrollment package), All they would say is please go online and sign this page. Then come to find out when I bought a house that I have student loans in my name through Sallie Mae. After school was finished I kept tabs on when the loans was to become current. I called to make sure the billing information is the same and to find out when my payments would be do. They claim to have sent my bill but it never showed. I refuse to liable for their scamish ways. You will not ruin my good cred...

Reading the FINE Print... What They DON'T Want You to Know

Overall

Rated 1 out of 5

The SMART option loan is the biggest scam! They tell you that the Smart Loan allows you to pay down your interest making your payments smaller when you graduate. What they don't tell you is that your payments increase exponentially. Just out of school, without even a 6 month grace period, I am responsible for paying $600/month when I agreed to pay $150 not knowing they would increase it every quarter. Now I have had to claim forbearance on all of my loans to reduce and consolidate my payments. However, what they failed to mention is that the Smart Loan cannot be deferred even if I was to go back to school or be claimed under forbearance. It stands alone and there is nothing you can do. They even admitted they would rather it go to collections affecting my credit and my co-signers then work out a reasonable payment plan. BEWARE!

Sallie Mae's is a Legal Loan Shark Trapper

Overall

Rated 1 out of 5

This loan service is designed to prey on students who are desperate in fulfilling their dreams of achieving professional careers via higher learning. Sallie Mae Student Loan Service is design to make it easy for students with no credit to bad credit to get loans (that's how loan sharks operate). Sallie Mae keeps track of the economy like all banking institutions and depends on students not being able to pay-off their student loans via one large payment or deferred loan payments before students graduate. Sallie Mae lures you with false advertisement of lower interest-rates (which will eventually take you 10 to 20 yrs to pay off).  Sallie...