Sallie Mae RIPOFF ATTN COLLEGE STUDENTS PROTECT YOUR WALLET Dallas Texas
Howdy All:
First a message to recent college graduates. You have the choice of choosing who hold your student loans. Sallie Mae is currently fighting lawsuits and investigations based on keeping money, overcharging, and poor service handling.
In my case, I had the misfortune to have Sallie Mae for one month. I paid them $108 which they will not refund or even tell me if my new creditor was even compensated for. Instead, they would rather put me on hold and send my call to India.
I requested an acocunt statement. They sent me personal information belonging to someone else.
I wanted to consolidate. They told me I couldn't until THEY decided it was appropriate.
Average call time was almost an hour, and that was without a legitimate answer for my questions.
All calls are outsoruced to India, so I hope you like hard to understand accents. Any question of any difficulty and you're going on hold.
In short, find a loan company you trust and don't overpay this worthless excuse for a lender. Student loans don't have to be painful, Sallie Mae just makes them that way.
Also, be sure to ask your initial lender who they sell their loans too...if they sell to Sallie Mae they don't have your best interests in mind, they'll sell you out for a quick buck.
Raymond
Dallas, Texas
U.S.A.
2 Updates & Rebuttals
F
Indianapolis,Indiana,
U.S.A.
You are wrong...
#3UPDATE Employee
Tue, December 20, 2005
I work at Sallie Mae in Indianapolis. There are several things in your report that are not true. Sallie Mae has a Customer Service call center in Florida, as well as India. Second, consolidations are regulated by the feds and you are entiltled to consolidate, as long as you are eligible. It is not an overnight process, as most of the borrowers seem to want. It takes time, and it doesn't mean you are being ripped off.
The idea that a company holding billions in student loans is interested in soaking you for 100$ is laughable. These problems get resolved, but, again, it takes time. Furthermore, as for your being sent the wrong info., that kind of stuff happens, but not often.
Sallie Mae, incidentally, does not EVER sell consolidated loans to other lenders. On the contrary, people call Sallie Mae, wanting a "deal" on interest rates (which are federally mandated - lenders can only offer various discounts) - because they have had offers from other lenders. In reality, these are the disreputable companies & Here's what they do: Promise you a low interest rate - do a "2 step" application to circumvent the single lender rule, and then, once they have your loan and you're at that low interest rate, and you feel so smart and above the fray...OOPS! They sell your consolidation loan to another lender, who services the loan at the highest allowable rate...Bit of a tangent, I know, but to try to impugn Sallie Mae is ridiculous when there are real scammers out there.
Raymond
garland,Texas,
U.S.A.
CONTACT THE OMBUDSMAN
#3Author of original report
Thu, March 03, 2005
I forgot to add, I have the FSA Ombudsman investigating my case right now to determine if Sallie Mae owes me money. Don't take their crap, if they owe you money you contact them too!
Office of the Ombudsman
US Dept of Education
830 first st, NE
mailstop #5144
Washington, DC 20202-5144
1 (877) 557 2575
http://fsahelp.ed.gov
Also complain to your state reps and whomever sold your loans, let them know Sallie Mae is out of control and needs regulation! They can only screw us if we bend over and let them, so fight you wretches, FIGHT!