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 46
2016-04-20
Three Bridges, NJ
Dealing with my lender or servicer
Student loan: Non-federal student loan
Trouble with how payments are handled
Complaint: The lender Sallie Mae stated that they were unable / unwilling to follow my written payment allocation instructions. I used the CFPB guidelines for my instructions found at http XXXX Dear Sallie Mae , Inc. , I am writing to provide you instructions on how to apply payments when I send an amount greater than the minimum amount due. Please apply payments as follows : 1. After applying the minimum amount due for each loan, any additional amount should be applied to the principal of the loan that is accruing the highest interest rate.
2. If there are multiple loans with the same interest rate, please apply the additional amount to the principal of the loan with the lowest outstanding principal balance.
3. If any additional amount above the minimum amount due ends up paying off an individual loan, please then apply any remaining part of my payment to the principal of the loan with the next highest interest rate.
It is possible that I may find an option to refinance my loans to a lower rate with another lender. If this lender or any third party makes payments to my account on my behalf, you should use the instructions outlined above.
Retain these instructions. Please apply these instructions to all future overpayments. Please confirm that these payments will be processed as specified, or provide an explanation as to why you are unable to follow these instructions.
Company Response: Company believes the complaint is the result of a misunderstanding Closed with non-monetary relief
2016-04-18
Ocklawaha, FL
Dealing with my lender or servicer
Student loan: Non-federal student loan
Having problems with customer service
Complaint: Knowing I would become delinquent on my Sallie Mae Private Student Loans, I tried contacting the consumer representative to be proactive to see what could be done. I asked to speak to a Collections agent, and they would n't put me through since my account was not past due. Instead, the representative told me he talked to them and they ( Collections ) said they could not help me until my account was past due so that I should let it go past due if I wanted help. He told me past due means 5 days, and that after 15 days delinquent but that I would not have to worry since 30 days is when they would report me to the Credit Bureau. This is extremely bothersome. They want me to miss a payment before they will help me? How is that helpful. It puts a stain on my account. Plus, who is to say they can even help me after I miss the payment? This is a situation where I needed to find out if someone could help me or if I will need to start calling all my family and friends to see if someone could help me make my payment. I needed help today, not when I am past due. This has truly upset me as I feel like they are giving poor advice and lacking in customer care.
Company Response: Closed with explanation
2016-04-18
Fullerton, CA
Can't repay my loan
Student loan: Non-federal student loan
Can't decrease my monthly payments
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with monetary relief
2016-04-13
Garrett Park, MD
Getting a loan
Student loan: Non-federal student loan
Can't qualify for a loan
Complaint: Please see enclosed letter for detailed information.
Lender approved me for a loan based on my credit score/history. School does n't want to certify and disburse loan because of my current XXXX status. I am a small business owner currently in adjustment of status a process which takes about 1-2 years because of backlog.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2016-04-12
Dearborn, MI
Can't repay my loan
Student loan: Non-federal student loan
Can't temporarily postpone payments
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2016-04-12
Denver, CO
Can't repay my loan
Student loan: Non-federal student loan
Can't decrease my monthly payments
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2016-04-12
Tarzana, CA
Can't repay my loan
Student loan: Non-federal student loan
Can't decrease my monthly payments
Complaint: I got my first bill from Sallie Mae. Its {$1400.00}, more than half of what I make in a month. I called to see what I could do. I could only pay interest on XXXX of loans, which just happen to be the cheapest XXXX and go into forbearance on the XXXX most expensive ones ( XXXX have interest rates above 8 % ). XXXX will add XXXX on to the total cost of my loans, so no. I could pay interest on the XXXX loans and pay the full monthly payment on the other XXXX, but that monthly payment is still around {$1000.00} a month. I even talked to collections, but to no avail. I have cosigners, but XXXX are still paying back their student ( and other ) loans, so theres not much they can help me with. So I either add XXXX, possibly XXXX on to the life of my loan or go into delinquency before they do anything to help me ( which is illegal ).
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with monetary relief
2016-04-12
Boston, MA
Can't repay my loan
Student loan: Non-federal student loan
Can't decrease my monthly payments
Complaint: I am a recent graduate of an Interpreting program and have currently begun working within my field. Accepting a position in my field resulted in a financial gap in my salary ( I took a XXXX % pay-cut from my last XXXX job ). Upon contacting my private student loan provider I alerted them of my financial change and requested other payment options. They refused to work with me in order to find a suitable repayment plan. I have been paying back my private loans since I was in college, never missing a payment, and their only solution to my financial situation was to allow my private loan debt to go to collections. I refuse to accept that they are unwilling to extend the term of my loans, making payments affordable for me. I understand fully that I am responsible for paying back my student loan debt and I am not trying to justify not paying what I borrowed. I am simply making a minimal ( entry-level ) salary and am need assistance on repayment plans. If my private student loans provider extended the term of my loans, my payment would become affordable. They have refused to do so because my total debt is {$2000.00} less than the acceptable amount of debt a borrower needs to extend payment terms. I graduated one year ago, and am finally perusing the career I dreamed of in college. Now my student loan providers have suggested I quit this job in order to work at a restaurant so I can make ends meet on an unfairly large monthly student loan payment. They are making it impossible for me to continue working in the field, that I went to school for in the first place, in order to obtain a higher paying job to pay them back ( at 10 % ) for the education I will not be utilizing. I ca n't believe that any student loan provider would refuse to give their borrowers alternative payment plans. I am simply looking for accommodation for entry-level salary borrowers that is fair.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2016-04-09
Boise, ID
Dealing with my lender or servicer
Student loan: Non-federal student loan
Received bad information about my loan
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2016-04-08
Dallas, TX
Can't repay my loan
Student loan: Non-federal student loan
Can't get flexible payment options
Complaint: After my daughter left college in XXXX 2015, she began to receive a bill from Sallie Mae in XXXX. Fresh out of college, she was working part time but the bill she received was for XXXX. She immediately reach out to them for Income based payment. We have both completed financial states and they refused to adjust her payment. I asked several times for options and they refuse to give any. They told her her account would have to go to the delinquent status before they could offer options. After 30 days late, they called again and she requested options but to no avail. They call 7 days a week sometimes up to 6 times a day with no resolution. They refuse to give a direct number for contact. I finally got a direct phone number and have left over 6 messages to the person they told me could handle the account. They are refusing to talk to me now because I told them the calls are being recorded but yet they reserve the right to record on their end. When I call, they tell me that they can not speak to me because they are not giving me permission to record their phone call and they hang up. Someone accepted a pmt arrangement and deducted the 1st pmt from her account only to call back a week later and said the pmt arrangement was denied. Now they wo n't take our phone calls.
Company Response: Company believes the complaint is the result of a misunderstanding Closed with monetary relief
2016-04-07
Olympia, WA
Dealing with my lender or servicer
Student loan: Federal student loan servicing
Trouble with how payments are handled
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with monetary relief
2016-04-07
CO
Dealing with my lender or servicer
Student loan: Non-federal student loan
Keep getting calls about my loan
Complaint: The loan company called me non-stop on my cell phone and my home phone. It was frustrating because I was paying on other loans and was not able to start paying that loan.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2016-04-06
OH
Can't repay my loan
Student loan: Non-federal student loan
Can't decrease my monthly payments
Complaint: Regardless of income, my monthly payment from the beginning of my loans ( of around {$410.00} ) to what will be the end near the end of the loans ( {$600.00} ) is simply too much to pay given my income ( currently around {$28000.00} annually ). These loans are through Sallie Mae. They repeatedly harass my co-signers, refuse to change my monthly payment, or adjust my interest rate ( despite my consistent, never-failing payments ). I received my XXXX in XXXX from XXXX and am fulfilling my dream doing exactly what I want, teaching and playing music. I love my life but find it EXTREMELY difficult to find true financial security ( including buying a car, home, and leisure ). The stress and mental wear that this situation continues to cause me day to day is absolutely awful. It affects every aspect of my life ( including my relationships and overall outlook ).
Company Response: Closed with explanation
2016-04-05
NY
Dealing with my lender or servicer
Student loan: Non-federal student loan
Don't agree with fees charged
Complaint: I have previously submitted a report on XXXX XXXX and XXXX, now I would like to submit my complaint with SallieMae.
I have XXXX SallieMae loans, XXXX being 7.2 % interest equaling {$7300.00} and the other being 3.5 % interest equaling {$6000.00} ( I believe 3.5 % is the lowest on any of my private student loans so only XXXX of them is feasible ).
The problem with the loan is NOT the amount, rather the fraudulent interest rates I am being charged. Because the interest continues to compound, my payments barely eat into the principal leaving me with a bigger loan than I started.
I make every payment on time, however it seems to make little difference if I pay more than what is due. This is ruining my credit report because my debt to income ratio looks horrible, even though I make all my payments on time.
What this is effectively doing is keeping me from getting any sort of loan to buy a house, or put a dime back into the economy. It does appear as though this will be the case for a long while unless something is down to lower my interest rates to an acceptable level.
Paying $ XXXX- {$1200.00} a month in student loans is not feasible when I am barely cutting into the principal and lowering the loan amount. In every case of my loans, they are now currently bigger than when I first received them even though I am paying this amount of money EACH month. This should not be allowed and is a form of XXXX
I am not asking for my loans to be forgiven, however I am asking that my interest rates be put at a normal level of almost all other loans in this country at 2 % interest. There is no reason I should be suffering from an fraudulent interest rate ; students should not be punished for seeking a higher education.
After calling each of these companies several times, I have found NO help in trying to refinance my loans. The only option I get is to go into forbearance, which would mean a lifetime of debt for me and possibly other family members.
Please review my case and understand where I am coming from. I can not express enough how these interest rates undermine my consumer rights.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2016-04-04
Scottsdale, AZ
Dealing with my lender or servicer
Student loan: Federal student loan servicing
Keep getting calls about my loan
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2016-04-01
Haskins, OH
Can't repay my loan
Student loan: Non-federal student loan
Can't decrease my monthly payments
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2016-04-01
Houston, TX
Dealing with my lender or servicer
Student loan: Federal student loan servicing
Trouble with how payments are handled
Company Response: Closed with explanation
2016-03-31
Kings Ferry, NY
Can't repay my loan
Student loan: Non-federal student loan
Can't decrease my monthly payments
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2016-03-29
65th Infantry, PR
Can't repay my loan
Student loan: Non-federal student loan
Can't temporarily postpone payments
Complaint: I have a private student loan with Sallie Mae called the XXXX XXXX XXXX. When my time to make the first payment was approaching, I contacted Sallie Mae in several occasions requesting help and/or deferment because due to financial hardships and low income. In every single time, they said there was nothing that could be done, not even lowering my monthly payments. Upon my first due date, I was unable to make the payment. They also advised they would not accept a lower payment. Different representatives handled my issue at different occasions, they even did a financial statement, and still, they were firm in that I had to pay the minimum monthly payment as it was. My credit score and report have been SERIOUSLY affected. In the last two months, after constant threats that my loans where going to default, they finally realized I could n't make payments and ALL OF A SUDDEN, there was a program for which I qualified. They lowered my payment about {$75.00} only. I told them the minimum payment was still too high and compromising to that amount would be irresponsible. However, they said that was the best they could do. Upon agreement, I expressly noted that the amount was extremely high for me to comply on an ongoing basis. They required for XXXX set payments for the XXXX following months in order to " officially '' enter the program. While in the meantime, my credit is still being affected. Nonetheless, the payments were scheduled. For the next continuing month, XXXX XXXX continued to make collecting calls, they continued to send " final '' emails advising me to take action, etc. Many times I called to make sure everything was set and to make sure there was nothing pending, since I was still getting calls, emails, mail ... and I never received a written confirmation of the agreement I had entered with them, even though I requested it. Every time I call Sallie Mae, a representative provides different information from the XXXX I ad previous received. More than XXXX persons have " changed '' the terms to which I apparently agreed. They provide misguided information to students ; provide unreliable information ; they are extremely disrespectful ; every week I get a new " account manager '' even though my letters say my account Manager is XXXX XXXX.
They have not acted in good faith at all. They waited months to finally provide help, affecting my credit report, when they could have provided help before defaulting on XXXX of my payments. Their inconsistency with the information is not only misleading but misguided. They do n't even provide accurate information on the online account service, therefore, I do n't even know how my payments are being applied, etc. The minimum amount reflected online does not represent the correct amount ; the due date is not accurate ; the balance is not accurate. Their treatment is simply abusive. There should be oversight on how this company manages the students and student loans. Summerizing : - I cant repay my loan ; ca n't decrease my monthly payments ; ca n't temporarliy postpone payments ; and ca n't get flexible payment options.
- Dealing with Sallie Mae service : impossible with how payments are handled ; they are not clear or accurate as to what is the balance and what are the terms ( since every single person in that office says something different ) ; kept getting calls about my loan ; customer service personnel are rude and disrespectful.
Company Response: Closed with explanation
2016-03-24
IN
Dealing with my lender or servicer
Student loan: Non-federal student loan
Having problems with customer service
Complaint: A large portion of my school-associated fees were covered by scholarship, but I had to borrow a portion each year to cover the differences. After a great deal of effort and research, I decided to go with Sallie Mae because rates were very competitive. I regret that decision every day! While I was in school, I worked to make monthly payments in order to lower the overall principle once I graduated and the loans entered repayment. I was granted a six-month grace period before monthly charges were assessed post-graduation ; however, at no point was I notified ( electronically or via XXXX mail ) ANY information about my loan. I attempted to call Sallie Mae on countless occasions and even submitted a handful of concerns into those question boxes on its website -- all to no avail. No one ever got back with me. FINALLY, I start getting upwards of XXXX12 phone calls a day starting in XXXX 2016 saying I am over {$1200.00} past due. How can this be? I - again - call Sallie Mae customer service and end up none the wiser because no one has the information I need. I soon threaten a lawsuit and am quickly directed to a manager 's line ( although since, I have talked to at least XXXX different " managers '' ). She instructed me that my monthly payments were in fact approximately {$1200.00}, and I was two months past due. I am a teacher, and this is more than I make in a given month! I was never given the option to choose a repayment plan or even notified on what my monthly bill would be! I had NO IDEA until I started receiving collections calls - even after numerous attempts to find out on my end. The beginning of the 2nd week in XXXX ( I have all of the specific dates, names and employee identification numbers, and conversation details logged onto a document on my laptop ), I started the process to apply for a rate-reduction program. This includes filling out a financial report and answering a bunch of questions for both the borrower and the co-signer. I had XXXX loans with Sallie Mae, and both have a different co-signer. It took approximately 2 and 1/2 weeks to get this information gathered because you can never speak to the same customer representative twice, even if you request them. Also, my co-signer started tracking her correspondence with Sallie Mae, so we could compare notes. On several occasions, we discovered we had talked to the same person, but that representative adamantly denied it! This game went on for several weeks ; first it was that I had n't answered ALL necessary questions. Then, once I and my information were confirmed, it was that my co-signer had n't answered the necessary questions. At XXXX point, I was in the same room as my co-signer, and the person I was talking to was blatantly lying to me! He said she had not called to update her financial questionnaire, but I was just sitting right next to her as she did so not even an hour before. I proposed that perhaps it had n't been updated in the system yet, since it had only happened, and he said it would 've been done automatically and told me I was lying! This is when I stopped working with ANYONE besides a manager. At this point, I was connected to a very sweet girl who got me enrolled in the program within an hour - no problems. Hmm. How was it that simple when it had been over 2 weeks since I started the process and had been told numerous times I did n't qualify or could n't qualify without submitting the proper info first? I was disconnected before it finalized, and I never received a call back. This was on a Friday, so I called Monday to check the status. The girl I talked to on Friday ( I have her name and ID # ) apparently does n't exist, and I had to start the process all over! Finally XXXX, I 'm enrolled. I have now received info it was never " approved '' and have to start all over AGAIN! Even though lowered monthly payments have been collected BUT NOT APPLIED TO ANY LOANS! Is this illegal?!
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with monetary relief
2016-03-23
Phila, PA
Can't repay my loan
Student loan: Non-federal student loan
Can't temporarily postpone payments
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2016-03-23
Jupiter, FL
Dealing with my lender or servicer
Student loan: Non-federal student loan
Don't agree with fees charged
Complaint: Sallie Mae continues to call me at my place of employment. I work at XXXX and they have called over 4 times and have been asked to stop numerous times. They were asked to take the number off the list and continue to call threatning my job!
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2016-03-21
Layton, PA
Dealing with my lender or servicer
Student loan: Federal student loan servicing
Trouble with how payments are handled
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation
2016-03-20
Charlottesville, VA
Can't repay my loan
Student loan: Non-federal student loan
Can't decrease my monthly payments
Complaint: My loan is with Sallie Mae. I have an ongoing, terrible situation with Sallie Mae private loan department. I have spoken to several different customer advocates who have been able to help some but the last one I spoke with les me astray and now Sallie Mae says I owe {$800.00} immediately which I do not have.
I took a private loan in XXXX 2013 so I could finish XXXX school and my father in law cosigned. Ever since my loan has graduated from the grace period, Sallie Mae always calls and harrasses my cosigner and NEVER contacts me. I have to speak with the customer advocate who has helped with payments but never handles the issue of my cosigner receiving XXXX % of calls and mailings. I have yet to receive anything.
I have used my forbearance time and am having trouble paying. My husband has been out of work and we have recently moved to take new jobs and our income has yet to catch up. My cosigner is in poor health and does not work. I spoke with a customer advocate who said I could sign up for an income based plan which would take my payments from {$210.00} to {$68.00} which is much more doable. And would erase my late fees once I made three payments. I spent over an hour on the phone with her going over my financials, as did my cosigner. She then called back the next day and said she had to forward to financial for approval and asked me to go over my financials again saying that because I had a monthly deficit that financial would not approve me and we should try to change some things. I was confused and worried because neither myself or my cosigner have available funds. She said she would call the next day. We also set up two years of payments at the {$68.00} amount.
It took her four days and when she called back she was very curt and said financial said between me and my cosigner we made too much for the income based and the payment would stand at {$210.00} and we owed {$800.00} back payment. She could not extend the amount or help with any postponement of payments. She also never addressed the problem of the reps calling and threatening the cosigner.
I am really at a loss now. I do not have {$800.00} to get caught up and neither does the cosigner. I can pay the {$68.00} if I can get the income based payments. When I signed on originally I was told the payment was {$25.00} a month while in school and payments would be calculated once I graduated. One month they took {$25.00} and the next {$210.00} without warning or notice ( I was on automatic payments then ).
I want a company where I can call and get solutions. Not rude customer service agents or advocates who ask me to change financials and then do not get approved.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with non-monetary relief
2016-03-19
Everett, WA
Dealing with my lender or servicer
Student loan: Non-federal student loan
Don't agree with fees charged
Complaint: Have received Sallie Mae biilling notice, acct # XXXX, but not sure that all XXXX loans are in my name or son 's name. The bill is not clear, there is no date that the loan was taken out, for what person and what schoo. XXXX of the loans I am wondering if it was even mine ( ours ). The other concern is the high rates 10.375 %!!! I am a little surprised at the high rate -- they should be fairly low ( lower ) due to the low interest rate as well. First Salle Mae 's billing summary stinks and is not clear ( I should easily have access to my account to clearify what ( school ), when and to whom the loans are for because there maybe an error. Secondly I would like to consolidate or at least get lower rates, Sallie Mae does not provide that information as well. Concerend there is an error in my loan. Sincerely, XXXX XXXX
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation