Monday, March 19th, 2007...7:50 pm
Sallie Mae Cautions Students on Selecting a Consolidation Company
I just came across this press release from last May from Sallie Mae, urging students to check out the company they are going to consolidate to. The presence of borrower benefits can greatly affect the overall payment. The underlying tone of the article is that some companies are unscrupulous and may do bad things with your loans. One of those company’s is Sallie Mae, if you need proof just spend some time reading this blog and the others I have been adding to the blogroll on the right.
Good Advice and Humor:
“Don’t be short-sighted. Consolidating your student loans will lengthen your repayment term, creating a long-term relationship with your lender, so it’s important to also consider lenders that can offer flexible repayment options, life-of-loan servicing, and a single point of contact,” says Scherschel.
Good
- Warning students about bad lenders
- Noting that a consolidation lengthens the payment period
Bad
- Sallie Mae is as flexible as an arthritic osteoporothis ridden old man.
- Sallie Mae will provide life of loan servicing, they will have your loan until you die.
- Sallie Mae cannot provide a single point of contact, each call no matter if it is your 1st or 50th regarding the same problem nets you another person with no vested interest in solving your problem. From our experience it is ussualy someone who has half a grasp on the english language as well, which doesn’t work when your job is to deal with angry english speaking student loan borrowers.
Sallie Mae Cautions Students about Lender Practices, Irony not Lost
6 Comments
September 26th, 2007 at 4:57 pm
I know all too well about SLM in fact I had my loans consolidated with Direct Loans and they paid off SLM in March of 2003. Now it is 07 and I found out that I had a warrant for not appearing in court for the SLM loan and they are trying to sue me for $10,000 but I have proof the bill was paid by direct. SLM also turned my loan over to a lawyer so I know the fight is on.
February 5th, 2009 at 7:17 pm
I agree that Sallie Mae has no desire to encourage people to get their loans paid off.
I have spent a year trying to get them to notify me of what my pay-off is, that I am done with school and ready to pay, could they send me my coupon books…
No coupon books, no emails. It did finally occur to me to go to their website as phone calling was not effective. There is a tiny button in pay off accounts that you can press to receive a reminder each month! Ugh!
February 10th, 2009 at 4:51 pm
When I was in school I was told that Sallie Mae offered the best interest rate and they were the best company to go with. It has been two years since I graduated college and the problems with sallie mae seems to be non stop. Not only do I have interest rates around 14%, I have made three similar request in the last two years and each time I find out two months after I made these requests that the incompetent representative I talked to forgot to process the request and I owed over 12oo dollars. The most resent problem occurred in 2008 right before christmas (December12th 2008). They called on the weekend and I made arrangements to settle the problem. For the next week I was harrassed by the company. Every other day for that week I received 3 phone calls a day telling me I owed them money. Even now they have been giving me issues. I would like very much to this company to be punished for the stress and anxiety and the problems with my credit that they have caused. I would never suggest anyone to conduct business with this company.
May 4th, 2009 at 9:48 pm
I too am sick of SLM. I am not linked with them directly but my brother took loans from them. Now they call my house 27 times a day non stop!!!!!! its getting annoying!!! I hope these people get mortally wounded!! or they’re dam Company goes down. its most likely to happen anyway. I HATE SLM!! GO TO HELL SLM!!
July 27th, 2009 at 6:01 pm
I warn everyone to not get a loan with Sallie Mae. The loan will be with you and you will be paying until you are well into old age. My daughter just completed a MS program and I would not get loans from Sallie. I warn all of my family and friends against Sallie Mae.
July 27th, 2009 at 6:04 pm
I warn everyone against getting loans with Sallie Mae. I did not get loans for my daugher’s education with Sallie and I warn all of my family members and friends against it. I am still paying for loans that I got years ago. The are no more than criminals.
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