SLM CORPORATION
Consumer Complaints
There are over 1991 complaints on file for SLM CORPORATION. Dated between 2019-11-26 and 2012-03-06.
Complaints Page 17
2018-04-02
Shreveport, LA
Struggling to repay your loan
Student loan: Private student loan
Problem lowering your monthly payments
Company Response: Company believes complaint is the result of an isolated error Closed with explanation
2018-04-02
Stoneham, MA
Struggling to repay your loan
Student loan: Private student loan
Problem lowering your monthly payments
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-04-02
VA
Dealing with your lender or servicer
Student loan: Private student loan
Trouble with how payments are being handled
Complaint: I make a payment every month. Upon opening my loan it says I don't have to make a payment or give me an amount to pay. I typically pay {$150.00} then. My principle amount has not changed in 5 months.
I called Sallie Mae and they told me the money goes to accrued interest. I then looked at my account history. It then shows that interest amounts being taken out on the XX/XX/XXXX of every month and then on the XX/XX/XXXX of every month. I asked where this money on the XX/XX/XXXX was coming from. They told me it was from my payment. I then asked what my interest payment for XX/XX/XXXX was and they told me it was {$120.00}. I asked where did the extra {$22.00} go. They told me it goes towards interest. I asked why? If all the payment that was required was {$120.00} why wouldn't the excess go to paying down the principle.
And why doesn't it show this on my loan payment history? Also why are these payment broken up for the XX/XX/XXXX and XX/XX/XXXX of every month? I then asked why they don't give me a choice of how to apply my payment on their website? Your only choice is to make a payment. Not how it is applied ( interest, fees, principle )!!!
I also asked if, my loan doesn't require a payment at all, why isn't any amount going to the principle? I kept getting the same answer of how it is accrued interest and no payment is due until school completion. Why do I get penalized for paying a loan that isn't even suppose to get payments? Shouldn't any early monies be applied to principle so the interest is decreased? How is it legal for them to divide my money/payment on various dates without my approval or paying me interest on my money? How is it legal for them to hold onto money for the next accrued payment and not applying the surplus funds to principle? How is it possible that they don't show this on my loan history? And if they do, how is it I'm not seeing it? How is it possible that they don't offer me the option of paying extra principle/principle after the interest portion is paid?
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-04-02
West Harrison, NY
Struggling to repay your loan
Student loan: Private student loan
Can't get other flexible options for repaying your loan
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-04-02
DC
Dealing with your lender or servicer
Student loan: Private student loan
Received bad information about your loan
Complaint: On XX/XX/2018 at XXXX, I spoke to a Sallie Mae employee ( who, at some point, decided to brag about how his cosigner was " dead '' and that his loans were " taken care of '' ) to inquire about my loans. This employee went on to lie to me and tell me that I could fill out a " volunteer deferment form '' ( which, in name, does not exist ) or an " in-school deferment form '' ( which does not exist for medical leave students ) in order to have my loan payments deferred before I go back to school this fall.
I received call ( s ) every single day which did not help my XXXX at all given that I would often be on hold for over 40 minutes. At some point I even uploaded my medical leave confirmation papers and two agents told me both document files ( all 17 + 1 = 18 pages ) were never received which was also probably a lie.
Since that phone call I have had at least 4 other Sallie Mae employees ( including my supposed " case manager '' in Delaware ) be dishonest with me about what Sallie Mae could possibly offer me regarding temporary assistance in deferment. Additionally, they would often remark about how soon they could take legal action against me and ruin my credit score even further for up to 7 years. All the while, my credit score /has/ plummeted 250+ points with no recourse because of Sallie Mae.
I have probably spent over 7 hours on the phone with agents from Sallie Mae in order to resolve this issue and out of it I have received nothing but abysmal credit reports and snark for trying to advocate for it.
Company Response: Company believes complaint is the result of an isolated error Closed with non-monetary relief
2018-04-02
Managing an account
Checking or savings account: CD (Certificate of Deposit)
Problem accessing account
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-03-28
TX
Struggling to repay your loan
Student loan: Private student loan
Can't get other flexible options for repaying your loan
Complaint: Before entering repayment, I've attempted to contact various Sallie Mae reps in order to inform them of my current financial status and my inability to afford my projected monthly loan payments. Having recently graduated from college, I've started working professionally in an entry level position with an entry level salary. In addition to this loan, I still have other student loans that I need to pay back along with my general cost of living expenses. I am currently under a burden of loans and am hoping to find a flexible repayment option that I can afford to stay on top of while starting to pay back my debt. I have called numerous times and have only been offered a deferment ( which will make my situation much worse and even further from being affordable in the long run ) and a Graduated Repayment Plan ( which will decrease my loan $ XXXXmonth for the next year but will increase them significantly in one year 's time ). As you can see, neither of these options are logical in my objective to pay back my Sallie Mae loans in a manner that does not endanger my ability to afford to live. I am aware that Sallie Mae offers a rate reduction program but was informed over and over again that I would not be able to discuss that option until I became a delinquent on payments. I am trying my very best to be proactive about paying this loan off as soon as I could possibly afford to but the very nature of this statement hinders that. Before I can even attempt to try to come to a resolution with the servicer, I must start missing payments ; an action that will only push me further into debt and will damage my credit score as well as jeopardize the credit of my co-signers. I have attempted to ask them for help but, having children of their own, they can not afford to help me make this high monthly payments either. I'm hoping to speak to someone about a rate reduction program, income based repayment program, or any other option that will help me make this loan affordable for my current situation.
I've attached my call log notes from three of my conversations with Sallie Mae reps in the documents field and pasted a copy here : On Wednesday, XX/XX/XXXX XXXX I spoke to a Sallie Mae Representative named XXXX . I requested to speak to someone from the collections department but XXXX informed me that I couldnt do that until Ive missed a payment. I explained my financial situation to XXXX and my desire to figure out how to lower the interest rate or take other means to lower the monthly payments. XXXX, instructed me of two options : Forebearance and a Graduated Repayment Plan that would lower my monthly payments by approx {$150.00}. I inquired about a rate reduction program or any kind of income driven repayment options that might be available to me. XXXX informed me that the only the collections department could exercise those options and I couldnt speak to them until I started missing payments. I thanked XXXX for the information and told him that I would go over the information presented to me and would give them a call back before I entered repayment. Important to note : XXXX informed me that my first bill due was XX/XX/XXXX despite my web profile reflecting a date of XX/XX/XXXX XX/XX/XXXX XXXX XXXX is the name of the rep. Stated I have an option for a Graduated Repayment Plan as an option for a year. Currently my monthly payments are at $ XXXXmonth. Pulled up call log and re-stated the options that were given to me. Asked if it still wasnt enough? Then put me on a brief hold again. Did you reach out to co-signer : Yes, I have. Re-stated options that were already stated. Suggest enroll in graduated repayment and try to make the payments best to my ability and if accounts fall past due and collections rep will reach back out to you. Graduated repayment call service number ( XXXX ). XXXX XXXX number is XXXX XXXX XXXX ext. XXXX.
XX/XX/XXXX XXXX XXXX XXXX typically cant speak to collections until your account is passed due. Cant speak to collections because my account is in good standing checking to see if theres anything else they can offer. Explained to them my inability to afford high payments and my need to chat with someone about any rate reduction programs that they may offer. Same three options. Rate Reduction Program only with collections department.
Confirmed existence of rate reduction program. The need to go over finances with a collections agent, etc
Company Response: Company believes complaint represents an opportunity for improvement to better serve consumers Closed with explanation
2018-03-26
Erie, PA
Dealing with your lender or servicer
Student loan: Private student loan
Trouble with how payments are being handled
Company Response: Company believes complaint represents an opportunity for improvement to better serve consumers Closed with monetary relief
2018-03-24
Tarzana, CA
Dealing with your lender or servicer
Student loan: Private student loan
Keep getting calls about your loan
Complaint: I want Sallie Mae to stop calling me ; their amount of telephone calls are illegal and harassing. I blocked the phone number, but calls still relays onto my voicemail.
Im also a victim of cyber extortion, blackmail, and randsomware online, who stolen my identification online. Perhaps, the debt collection agency or Sallie Mae has stolen my most personal and private information to use tactics of randomware to exploit me online.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-03-23
Oldenburg, IN
Dealing with your lender or servicer
Student loan: Federal student loan servicing
Trouble with how payments are being handled
Company Response: Company believes complaint represents an opportunity for improvement to better serve consumers Closed with explanation
2018-03-21
Lynn, MA
Struggling to repay your loan
Student loan: Private student loan
Problem lowering your monthly payments
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-03-21
Odell, OR
Getting a loan
Student loan: Private student loan
Denied loan
Complaint: I attempted to apply for a student loan from Sallie Mae last month on their website and got a denial. I assumed it was due to requiring a cosigner the information. The information was unclear as to actually why I was declined. I asked for a letter. I then attempted to apply with my wife online and also got denied. I was confused by this because I personally have cosigned for my wife as we are both in school at XXXX XXXX University. The second application should not have been an additional hit to my credit as I just applied and I was under the impression that any hit on my credit lasts for 30 days so I was shocked when the credit bureau alerted me about this.
I tried to contact them several times about this and reached no conclusion as to why I was unable to acquire the loan. I then called in about the loan and I was told that the loan was denied but they did not know why but I was encouraged to do a new application over the phone. I finally took them up on that when I tried to do a cosigned loan with my father. I was then told that my loan was declined and that I or one of my cosigners had a loan in default. As both my wife and I are in school I was shocked about this. I went to all of my student loan providers Sallie Mae ( I cosign for my wife ) and Federal loans they stated that I had no loans in default and if I had any loans in default I would not have been able to receive the aid I currently have. They reiterated that I was eligible and perhaps I need to use another loan provider for my private loans. I am very leery about applying for another student loan until this matter is cleared up.
I reviewed my credit report which also had no issues about student loan default, I always pay all of my bills on time including my house and car. Both my wife and I contacted both the national and student loan providers all having no issues with all my loans are in school deferred. Talking to the people over the phone they had a problem even finding my information or how to help me try to rectify this issue.
This is the first time I have ever needed private student loans due to the loss of my gi bill veterans educational benefits expiring after 15 years. After trying everything I could as I a non-traditional student I have no one left to cosign for me even though I can cosign for my wife. I just do not understand this. The loan company Sallie Mae has now hit my credit XXXX times when I expected once. They have no way to evaluate what or why this is happening to me. I feel that there is something seriously wrong but I have nowhere left to turn.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-03-20
Managing an account
Checking or savings account: Other banking product or service
Problem making or receiving payments
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-03-20
Pearland, TX
Dealing with your lender or servicer
Student loan: Private student loan
Trouble with how payments are being handled
Company Response: Company believes complaint represents an opportunity for improvement to better serve consumers Closed with explanation
2018-03-19
Lincoln, NE
Dealing with your lender or servicer
Student loan: Private student loan
Received bad information about your loan
Complaint: This is my second complaint. Sallie Mae is ridiculous.
I spoke to a rep named XXXX who could not reach my account manager. I have never actually spoken to the account manager supposedly dealing with my account. Never, and the last 4 reps tried to contact her.
XXXX after listening to my questions said that yes I was given incorrect information multiples times regarding my loan and apologized on behalf of his coworkers.
I was transferred to another rep, I could not catch his name, but we spoke for an hour.
He offered me a TRMP plan where for 2 years I have a 2 % interest rate and payments are automatically debited from my account. I hated releasing my banking info because knowing them they will pull when they want and act like they haven't, but after 7 months of fighting this is all they offer. My cosigner is long gone, so it is just me and I have no options.
The rep stated that I MUST pay {$240.00} on the same day, the XXXX, to keep a delinquency report from happening. So I did, leaving me with less than {$40.00} for the next week and a half. I have been eating 1 meal every 3 days because of this.
Amazingly enough I was notified that my credit was hit by Sallie Mae for missing my payment, 3 days after it went through.
They are unbelievable liars and scammers. They do not care about the wellbeing of their borrowers and say whatever they can to get you off the phone fastest.
It has been well over 15 days and they still have not replied to my first complaint.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-03-19
Aloma, FL
Incorrect information on your report
Student loan: Private student loan
Account information incorrect
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-03-18
Brooklyn, NY
Struggling to repay your loan
Student loan: Private student loan
Problem lowering your monthly payments
Complaint: I have a total of {$100000.00} in student loan debt - {$82000.00} of which are from private loans. Every month I'm responsible for paying {$1300.00}, which I struggle immensely to afford. My largest burden is to Sallie Mae - {$970.00} each month. I've contacted them several times over the years trying to find amenable options to help to deal with this debt. I've used up all my Forbearance options. The last time I spoke with them reaching out for help and asking for lower payment options ( I believe XX/XX/2016 ), they told me it was not possible and that either my cosigner needs to pay up or that I would have to just default and then see what happens then. My cosigner is unable to help out with the loans. Even with a cosigner, I don't qualify for consolidation or refinancing because my debt to income ratio is too great. I'm swimming in debt, and barely have enough to cover my other expenses like housing, medical bills, food, etc. I need.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-03-17
Syringa, VA
Struggling to repay your loan
Student loan: Private student loan
Problem lowering your monthly payments
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-03-14
OH
Struggling to repay your loan
Student loan: Private student loan
Can't get other flexible options for repaying your loan
Complaint: Sallie Mae is trying to keep me from being able to pay my loans. I have been a borrower since XX/XX/XXXX Due to their unfair interests rates I am now owing XXXX. Since XXXX I have tried to work with them for some way to lower my payments. With my job, I was not making enough to make a payment of ovwr a grand a month. Sallie Mae lies. Numerous times, I have tried to forebear my loans. Somehow, they always fprget one to three loans ( I have 8 ) and I end up getting markes for a late payment ( when the loans are suppose to be forebeared ). I have talked to the agents numerous times about repayment options. I was told to let my loans go into default, then their will be better options! By the customer advocate department! So even the employees know Sallie Mae is full of XXXX. I also realized how I was connected in the XXXX situation. They tried to hide that too! I am over Sallie Mae not giving their borrowers better repayment options.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-03-14
Ridley Park, PA
Struggling to repay your loan
Student loan: Private student loan
Problem lowering your monthly payments
Complaint: I have called Sallie Maes customer service number multiple times. There has been times where no one would even answer during business hours. I would get different scripts from different customer service contacts. I have spoke to two loan contact personnel over the past week XX/XX/18 and neither times were they willing to work with me. I have tried to keep up with my payments but they are not understanding my income compared to the amount they are trying to charge me.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-03-14
South Florida, FL
Dealing with your lender or servicer
Student loan: Private student loan
Trouble with how payments are being handled
Complaint: After many attempts to reach a better payment options with Sallie Mae they refused to help me and my cosigner under the pretense that " we have more than enough money to make the payments ''. Now mind you my cosigner is battling XXXX and I work for a non-profit and don't make that much. Now they have resulted in daily harassments towards me and my cosigner. The harassments have been going on for months now. If this new CFPB do nothing I will sue Sallie Mae for harassment.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-03-13
Chicago, IL
Struggling to repay your loan
Student loan: Private student loan
Can't get other flexible options for repaying your loan
Complaint: Each time I would contact the Sallie Mae staff about my private student loans, I was told assistance options were not available.
I was looking for option to consolidate or reduce payments similar to my federal loans. ( consolidated and placed on an income-driven-repayment plan ) My payments with Sallie Mae were roughly {$700.00}, that I was unable to afford based on my take-home pay of roughly $ 25K.
Therefore I was not making payments on my loans since repayment options were not available. My loans have now gone into default.
I have been dealing with a rather patronizing account manager who again told me that dropping my payments are not an option. Even though I told him a reduced payment of {$300.00} is not feasible with my pay. He explained that I needed to provide him the dollar amount and not assume he would provide me with a number.
My cosigner is involved in this serious matter and I hope to rectify it, and not have this tarnish his life as much as it is effecting mine.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-03-12
Hinsdale, IL
Struggling to repay your loan
Student loan: Private student loan
Problem lowering your monthly payments
Complaint: Hi there, My name is XXXX XXXX and I have just started repaying my student loans. I have been paying {$25.00} each month ( or more ) to keep my interest from growing on each of my loans. Although I've been proactive in this my interest rate with XXXX XXXX is 10.75 % on my first loan of {$9700.00}, 10.75 % for {$9400.00}, and 8.625 % for my final loan of {$6100.00}. I looked into refinancing but am unable to since I don't have much of a credit history to be able to refinance. My first payments were withdrawn this past month on XX/XX/XXXX and this is not including my government loans that mount up to $ XXXX. Please let me know if you have any questions, I'm happy to pass along any additional information.
Best, XXXX
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-03-12
Gloucester City, NJ
Dealing with your lender or servicer
Student loan: Private student loan
Keep getting calls about your loan
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2018-03-08
Belle Glade, FL
Incorrect information on your report
Credit reporting, credit repair services, or other personal consumer reports: Credit reporting
Information belongs to someone else
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation