05.14.08 | Attention Sallie Mae Borrowers
If you have Sallie Mae federal student loans, you may want to get in contact with Sallie and make sure that they didn’t report your account delinquent to the credit bureaus. Not late on your payment? Neither were the other 10 million borrowers that Sallie erroneously reported as being delinquent. Some borrowers reported that their credit score dropped 100 points. While Sallie maintains that the mistake only affected borrowers who have graduated payment plans, it may be worth getting in touch with them even if you have a different repayment plan.
Good luck – I imagine their phone lines are going to be pretty busy for the next few weeks.
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Filed under: News
Sallie Mae statements of students loans are confusing and do not correlate to original loan amounts once “consolidated.” One needs to hire a CPA to analyze their math. Telephone calls made to Sallie Mae’s toll free number connect to Asia where phone reps sound like they are reading from a script and have absolutely no understanding of any type of loan or other financial contract.
September 30th, 2009 | #
I too have my student loans with sallie mae. I went to the better business bureau and filed a complaint with them. I also reported them to the consumer protection agency. I lost my job and they deferred my loans but when it came for repayment, the payment amount was far more than what i could afford. I send them what I can which is 75% of the payment amount, but they keep calling me. I recommend going to the better business bureau and the consumer protec tion agency. The US Better Bureau Division now has my case so you are not alone.
As a consumer we have rights. Since the student loans are government backed, the government has a vested interest in the way SallieMae does business. So report them to the better business bureau and the consumer protection agency. You will get some relief.
Also, do not do business with SallieMae over the phone. Conduct all of your business with SallieMae in writing so that you have records in the event that they contest you. Make copies of your payment stubs and the checks you send them. Write you account number on the check along with instructions where you want your payment to go (prinicpal and interest). SallieMae takes your payment electronically and does not return your check, so be sure that you copy your check before sending it, and instructions on the check that you want them to post your check, do not take electronically! This is essential for your records.
SallieMae is a double edged sword. They gave us the opportunity to make good on our student loans, yet at the same time make it difficult for us to repay our loans. I recommend everyone do research on student loan options,there are alot out there. Pay what you can until you find a better solution. And report their illegal behavior. You have rights
June 14th, 2009 | #
Here, Here…..Sallie Mae is like a giant Orangutang hugging around my neck and weighing me down. I so desperately want to pay off my loan but they will not budge on the pay schedule and interest rate (which are both ridiculous). My poor Wife practically had to squander her entire inheritance to Sallie Mae and it didn’t even scratch the principal!….They’re ruthless and unyielding Loan Sharks!!
February 20th, 2009 | #
SM does screw you over. I sadly, consolidated all of my student loans through them. Right now I have three different interest rates. I have one interest rate for my federal loans, then I have two more interest rates from the student loans that SM gave me. Both of those interest rates are higher than the federal interest rates.
December 3rd, 2008 | #
I have a freind who has sm and i have seen how they treat her ! sm is a evil giant do not go through them at all for any student loans they will not give ya any peace!!!!
November 7th, 2008 | #
I have SM too and they suck! I was in school and they kept calling my co-signer saying I haven’t been paying and that they are going to ruin her credit. It took me three weeks and no voice later to get it in there head that I was still in school. What the hell!! All we want is an education and then look what happens its like there pool sharks looking for there money and now they don’t even consolidate for federal loans wtf!
September 16th, 2008 | #
Stay away from Sallie Mae, they do screw.
August 30th, 2008 | #
I have also been screwed by Sallie Mae. I was in a horrible car accident that caused me to be hopitalized approximately 1 1/2 weeks before a payment was due. Because I was not home to schedule the payment, it was not made on time. I called Sallie Mae when I got home and explained the situation. The supervisor I finally talked to called for a payment of twice my monthly amount to be paid right then and there to keep out of delinquent status. I was unable to pay this as I had not been at work and I could only afford 1 months worth of payments. I explained that I was not making excuses that I wanted to pay me bill, I just couldn’t pay the amount that he was asking, it was feed my kids or pay Sallie Mae a large amount. He rudely said that I was under a contract and that I should borrow the money from someone, put it on a credit card (he listed all the credit cards that I have!), or go to the welfare office, get food stamps to feed my kids and pay them what I owed! I was outraged! As a result, my credit has plumeted and I have been reported as being past due for the last 24 months, and I only missed 1 month payment. Steer clear of Sallie Mae!!
August 18th, 2008 | #
I’m with SM right now and they’ve been screwing me like none other. DO NOT go with them if at all possible. They make changes on you, on your payments, rates, everything and when you call, you get an outsourced service rep that does nothing but give you the run around. BE AWARE!!! Do NOT go with Sallie Mae!
June 24th, 2008 | #
thanks for the warning before hand. I have a friend who has the Sallie Mae federal student loans I’ll bring this to her notice so that she can check the status with them.
May 20th, 2008 | #