Sallie Mae Complaints, Reviews, Scam and Fraud Reports

Company Information

Last Updated On: July 11, 2014

Sallie Mae Corporate Contact

Business Name: SLM Corporation
Corporate Address:
300 Continental Drive
Newark, Delaware 20190 USA

Customer Service Contacts

Corp Phone Number: 302-283-8000
Company Contact: Anthony P. Terracciano - Chairman of the Board
Corp Website: salliemae.com

Sallie Mae Ratings and Reports

Consumer Loss Reports

Currently No Reports of Damages.

Customer Ratings

There Are Currently No Ratings.
Based On: 2 Reviews
Number Of Comments: 4

Latest Sallie Mae Complaint

Sallie Mae :Student Loans Rip Off Artists for Struggling Students

I recently graduated with my doctorate degree. I knew my student loans were very substantial, but I heard about The Board of Educations Loan Forgiveness Consolidation Program, I applied. I knew that by applying for this program it would: (l) Consolidate my loans into one payment and one interest (2) I would have payments that I could afford since my salary did not go up by that much and (3) My loans would finally be taken out of Sallie Mae’s hands. I was wrong on all counts.

When I applied for the Board of Education Loan forgiveness I spoke with one of their representatives. I ask if she would consolidate all of my loans including those in grace. The Board of Education’s representative assured me that would not be a problem they could take the loans out of the grace period and pay them off. I asked if they would please include them in the pay off. I was told yes they would. A month down the line I received a letter from Sallie Mae congratulating me on my loans being paid in full. The happiest day of my life. Upon reading further the letter stated that the Board of Education had selected them to service the loans. I went into my account with Sallie Mae to see what was going on they still had all of the old loans still of my account with the payments due and in a small box the Board of Education’s consolidated loans. However, these loans were not consolidated into one they were in two categories consolidated subsidized loans $73,607.03 at 5.38% interest and Consolidated unsubsidized loans at $103,448.28 @5.38% interest. This grand total was $177,055.71. But with all of the the duplicate loans still attached to this loan the total of loans came to a grand total of $313,220.71. I truly believe this was intended to confuse me.

I called and spoke to a Sallie Mae representative they assured me the duplicate loans would eventually come off. Yes eventually most of them did come off, but left me with a loan out side of the ones that were consolidated to a grand total of $65,018.32. I immediately called Sallie Mae and spoke with a representative. I was told that these loans were in grace period and could not be paid off until they came out of the grace period. Now I have conflicting information. I was first told by Sallie Mae that my loans had been paid in full by the Board of Education.

The Board of Education assured me that the loans in grace would be taken out of the Grace period and paid in full along with the other loans. When I examin the loan pay off in detail the date of originality match those with the ones in grace period that Sallie Mae stated were not consolidate. In addition I did receive financial help from the V.A.’s G.I. Bill for the last one and a half years of my education and did not need loans I refused them allowing a $202.00 disbursement check to void because the university where I attended refuse to keep it so I simply did not cash it. I am sure there are many students out there who have the identical or similar story as mine concerning Sallie Mae Student Loan Services.

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Consumer Comments For Sallie Mae

  • When I first started paying my student loans it was with Citibank and because of how much I was paying them, at some point they switched me to Sallie Mae. My complaint is in July of 2014 I had a payment due for 54 dollars and something, but I paid two hundred and fifty dollars, and thought my next payment would be in September. So, I check today and my next payment is for August and I’m thinking that isn’t right. I did email about them, and I hope to receive a response. If I don’t I won’t be happy about it.
    When I have paid the rest of my loan office I will be happy that I won’t have to paid them anymore. I would rather be back with Citibank right now, than be with Sallie Mae.

  • Something they do at SallieMae is make changes on account/status without notifying the borrower. For example I had graduated from college and was set to begin payments in a couple of months. I had asked for a deferment since I was going to take a volunteer job for one year abroad. Little did I know that because of a summer school class I had taken at a community college, they had completely changed everything about me, having me on schedule to graduate all over again from the community college I took one class at. And little did I know that the letter sent to them asking for the deferment went completely ignored. So on the phone when I called and asked about the deferment they verified it and so went abroad only to be back to a tarnished credit record. SallieMae is a joke and contains many flaws, the major one of making major changes to borrower accounts without notification or verification. It was a headache dealing with them. They should do away with this joke and come up with a student loan company that actually works.

  • Salliemae’s website and letters are confusing and misleading. They call you regarding loans and then do not want to give you information. The attendants on the phone are very rude and often cannot understand you. I would pay a much higher rate in order to not have to deal with this company ever again. This is by far the worst company I have ever dealt with by phone or in person.

  • We too having been receiving similar calls from Salie Mae. They ask for money yet are unable or unable to provide us with supporting documentation. I am attempting to secure information concerning to whom I can file an appropriate complaint. My next recourse in securing legal representation.

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