Sallie Mae SUCKS!
Ok seriously Sallie Mae, do you think i’m going to manage coming up with $400 over the next hour? Every hour i’m getting called and harassed by you people. No, I can’t borrow from my grandparents, what the hell is wrong with you? No, i’m not going to borrow the money from my friends, siblings, parents, aunts or uncles, or anyone else. Being rude and yelling at me isn’t going to make me pay you any faster nor will it make money come flowing out my ass!
So what the hell is wrong with Sallie Mae? These people call me literally like 20 times a day telling me that if I don’t pay them that they will report me to credit places and ruin my credit. LOL I was in a motorcycle accident that incurred thousands of dollars of medical bills, etc. My credit is already ruined because I couldn’t afford to even pay those back fast enough!
I don’t think any professional company should actually yell at people or hang up on them. I am the customer and I am always right (at least be polite is what I mean). I couldn’t believe how these people treated me. If you work at Sallie Mae and you are reading this, pray that you never meet me in a dark alley or secluded area. The treatment i’ve gotten has been ridiculous. I maintained a polite tone of voice several times only to pull the phone from my ear from them getting so frustrated with me because I simply don’t make enough per month to afford my bills AND their $400 per month payments.
Ok, end of rant….
Sallie Mae is ridiculously stupid, not only their employees but the way they run their business.
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WASHINGTON — The House of Representatives approved legislation Thursday that would effectively end private-lender involvement in the student-loan market, establishing the federal government as the sole provider of college loans.
The bill introduces sweeping changes to the U.S. higher-education system and serves as the third central plank of President Barack Obama’s domestic agenda.
Similar to the continuing efforts at overhauling health care, the changes to the federal government’s higher-education policies would have a serious effect on the bottom line for private-sector players currently serving the marketplace.
The House vote was 253-to-171, largely along party lines.
Under the legislation, all lenders would be cut out of the market for originating loans. There would still be a role for private banks and lenders to bid for a limited number of contracts to service the loans after they are made by the government.
The Federal Family Education Loan Program, wherein the government guarantees loans made by private lenders, remains the single largest source of college loans. Lenders made related loans for students at 4,465 schools for the 2008-09 academic years. Loan volume totalled $74 billion, up 13% from a year earlier.
For companies like SLM Corp., better known as Sallie Mae, the proposed changes are already having an impact. This week, Fitch Ratings downgraded Sallie Mae to triple-B-plus status and called its outlook negative.
Sallie Mae’s shares were recently trading down more than 2% at $9.
“Today the House made a clear choice to stop funneling vital taxpayer dollars through board rooms and start sending them directly to dorm rooms,” Rep. George Miller (D., Calif.), the chairman of the House Education and Labor Committee, said.
The Obama administration would use anticipated savings from the measure to increase grants for low-income students, boost funding for minority student groups, provide money for school construction with a small portion left over to pay down the deficit.
The nonpartisan Congressional Budget Office said that ending fees paid to private lenders would save the taxpayer $87 billion over the next decade.
An alternative proposal floated by a group of lenders including Sallie Mae would realize the same level of savings, the CBO said.
In the Senate, staff on the Health Education Labor and Pensions Committee are drafting legislation that is similar to the House version, according to a Senate democratic aide.
The Senate bill would also end private-lender origination of loans, the aide said, leaving the federal government as the sole provider of college loans.
The House vote comes after more than two years of turmoil for the student-loan industry.
In 2007, Congress reduced government payments to lenders making federally guaranteed student loans by more than $20 billion.
The resulting cut in profits came just as credit markets were beginning to seize up, eventually making it nearly impossible for lenders to package student loans into securities and sell them to investors, a key source of liquidity in the student-loan market.
Complaining that the business is no longer profitable, more than 180 lenders have exited all or part of the federal student-loan program since the fall of 2007.
Still, remaining lenders have fought against the changes, arguing that providing loans to students is among the best ways to establish a relationship with new clients that could lead to more lucrative business in the future.
Passage of the legislation would require the Department of Education to accommodate about 4,000 schools by next July 1. And those schools would have to have their processing systems prepared well before that because most financial aid packages are typically distributed in the spring.
Lending experts at some of the largest schools in the country, such as Pennsylvania State University, have argued they won’t have sufficient time to make the transition to a government-run lending program.
Having lined up additional contractors to handle the anticipated increase in direct-loan volume, federal officials say they are prepared. Absent an unanticipated breakdown in the system, industry observers say borrowers are unlikely to notice the shift.
House lawmakers attached a measure to the student-loan bill ending all federal government funding of the community-organizing group Acorn — the Association of Community Organizations for Reform Now. The group has long been in the crosshairs of Republicans but more recently has been accused of widespread fraud and other illegal activities.
HOLD IN THERE PEOPLE…
WAIT UNTILL…
THIS HITS THEM HARD.
LIKE A BAD CREDIT REPORT.
IT’S WAY PAST TIME TO SEND SALLIE MAE TO THE MOTHERFUCKING SHITPILE.
BITCHES ARE GOING DOWN.
HARD.
I’M THROUGH NEGOTIATING WITH THOSE STUPID FUCKS AND THEIR ENDLESS STREAM OF MINDLESS FUNCTIONARIES.
IT’S TIME FOR REAL ACTION.
THEY ARE GOING TO REGRET EVERY SINGLE PERSON THEY’VE EVER FUCKED OVER.
I WILL NOT REST, AND I WILL NOT RELENT UNTIL SALLIE MAE IS BROUGHT TO IT’S KNEES.
THEY WILL BEG FOR MERCY – BUT THEY WILL RECEIVE NONE.
this is exactly how I feel.
Sallie Mae LIES
This is a true story based on my experience, and all statements reflect my direct experience or opinion.
Five years ago, due to an illness, I had trouble with a student loan and it was referred to Sallie Mae. A representative told me that if I was able to make payments on time for a year, they would be able to transfer the loan — and that if I did this, I would regain the ability to receive student loans in the future and that the negative item on my credit report would be erased.
I busted ass and dug deep, and I was able to financially dig my way out and make the on-time payments, and the loan was transferred and is current. It was very hard, but I did everything they said to do, for them things went perfectly.
When I pulled my credit report recently, the negative entry was still there. I wrote Sallie Mae and they told me to buzz off, in so many words.
Sallie Mae lied. I understand lying to collect a debt, it’s done every hour of every day. But when people find out you’re full of it, don’t be surprised when you’re called out.
If you are a person with a student loan, and you get into financial trouble, be warned by my experience: Sallie Mae will make deals they have no intention of honoring. Pay your student loans (obviously), but if you are in financial trouble make sure you take into account Sallie Mae’s dishonesty when prioritizing how you’re going to get out of debt. In other words, put the money where it will do the most good first, because Sallie Mae won’t do any good for you.
I am currently having the same problems with sallie mae. I graduated from undergrad in 2008 six months later i recieved my first billing statement where my payments were $297.00 per month. Working a part time job and unable to find a job in my field. I was unable to pay this amount as well pay my bills. I asked sallie mae if there was anything I could do to lower my monthly payments and they told me no.
They then began to harrass me and call me multiple times a day. I began to send payments of what I could every month and they informed me that wasn’t up to their satisfactory.
I was told i could get a forebearance but had to pay $150.00 for the forebearance and it would last 3 months and continue to gain interests. Where was I supposed to get the $150.00 from. I borrowed it from a family memeber. Three months later the stalking began again.
I am presently now employed. When i spoke to sallie mae weeks ago they asked me why I havent been making payments. I informed them I have no job. They then asked me when do I plan on getting one. I said I have been applying and nothing has come through. I was then told to name me atleast three places you have applied for today. When I couldnt think of one the company’s names she told me I was a liar.
Sallie Mae askes to questions I feel invade my privacy. No I cant ask my mother, who is on disability, to pay my loans for me because she is barely making her mortgage and etc. Well where is your father?,that is none of your business and no he cant help me either. Well can’t you pay for a forbearance again?, no I said I’m not working. The list goes on…
The way they talk to their customers is very rude and ridiculous. As a recent college grad I get depressed everytime there number comes up on my caller i.d. I will never probably be able to get a decent job let alone able to buy a house because they are messing up my credit and not even trying to help.
WOW, They are a whole bunch of Cawards and Greedy Mothers-Of-Fuzzers…I’m currently in a position, where they are getting Nothing.Not.A.Penny from me..they will harrass you.and tell you forbarance this and that..Don’t be scared, they are like the Mafia. Looking for your money..
I think i have defaulted, but i rather default than give them any more money. This has haunted me the same way as it has haunted you..But I will not Steal the plate of foood from my family to give it to them….
My Advice is to TELL them next time…That you are RECORDING the conversation…aND COMMENT ME BACK…to hear what they had to say…..I know the answer…i have done it….You will be surprised….
My advice is Don’t waste your breath and money…they can tell you, the worst because they want that last PENNY you have….
Right now, i careless if i have defaulted….
LET ME KNOW,
I Understand your situation…I have given them so much money, I owe them more than what i though i did..thats when i said..Wait…a minute…..NO MORE>>>>forberance>>>no more calls>>>>>SCREW SALLIE MAE..and what it stand for….CROOKS, CROOKS, CROOKS….
Sallie Mae preys on low-income students. If I could borrow money from my relatives don’t you think I would have done that instead of take out loans with Sallie Mae? What a terrible company.
I have 3 loans through Sallie Mae. When my repayment began in July of 2009, the paymets were cents shy of $900 a month! I work in the service industry since I haven’t been able to find a job in my field, and I pull in the ballpark of $1500 a month. This pays for my rent, bills, food, and my federal loans (which amount to much less than half of the Sallie Mae payment).
Since their payment is so high, I was “purchasing” forbearances for $50 per loan and the forbearance lasted 3 months. At the end of the 3 months, I had to purchase another forbearance. Oh, and they keep adding interest.
My father co-signed one of the loans and has been gracious enough to help pay that one. I just called Sallie Mae about getting forbearances on my other loan (the same 3-month thing) and I was told that they no longer do that. The only way I could get a forbearance and to have them lower my payment was to go on a plan where my payment gets lowered to about $450 a month (for the two non co-signed loans) and they will give me a one month forbearance.
Bullshit. I’ve been getting by, but I can’t with another $450 charge. One way or another, they’ll get their money. How about making some reasonable interest rates? Or what about affordable payments?
At this point I’m thinking about taking 6 credits worth of BS classes at the local community college so I can defer this shit. The cost of the classes will still be cheaper than paying Sallie Mae for 6 months.
I hate Sallie Mae so, so much.
My son applied for Sallie Mae loans to attend a vocational school. Unfortunately the school provided little in the way of education and marketable skills. Also, financial crises prevented him from completing the remainder of his second year.
Since then he has had to settle for crappy jobs with crappy pay and now has a debt to repay that adds interest exponentially. My son tried to talk to them, when he could actually get hold of a human being and to try to find a middle ground of compromise such as how about a payment that is realistic with the cost of living and wages…all for naught. He was unable to eke out a living with his wages and when it came down to buying food or paying a student loan payment, he opted for the food. Sallie Mae’s debt collection and customer service techniques border on criminal and cruel and unusual punishment. They make resolutions impossible and their monthly payment programs are disproportionate to my son’s, to anyone’s income I would surmise.
The debt was eventually turned over for collections and we all know there is a special hell for those folks their methods are inhumane, unethical and unreasonable. He now has to deal with the collections and the government in some form or fashion; needless to say he comes up against two very unreasonable and unmerciful entities. The government has their agenda and and collections has theirs and neither the twain shall meet.
He has currently lost his job and he decided to go back to school and was doing some research on the student loan debacle and discovered there might be some way that not only would he benefit from but that it would make it possible to make some head way into eventually paying back his student loan. He contacted the collection agency that holds the student loan and they told him that if he could consistently make monthly payments for 10 months his loan would go out of default and then he could reapply for student loans. He was also told that they would not attach his tax refund. Well that was a lie because they did and my son received a letter from the treasury department that they had indeed withheld and applied his measly tax refund to the student loan. So now I am thinking if they lied about that they might be lying about the “10 month” deal. He has enlisted my help in assisting him in making these monthly payments and I can’t afford them either. I am now though skeptical if making these payments will actually help him out of the “default status”, allowing him to indeed apply for more student loans to finance a better education for a better paying career. What’s the deal!
We call you because a) it’s our job b) you signed a prom note agreeing to the terms of the loan. Don’t blame us for your interest rate and high payments. You knew how much your were borrowing. Maybe before you go to college you should figure out how you’re going to pay the loan off when you’re graduated. I know it sounds like a crazy concept but you may have to take less credit hours and work through school like a responsible person.
I knew it was just a matter of time before a Sallie Mae employee commented here. This is quite an old post, which has been continually received comments and which is why I’ve chosen to leave it up.
1) I’ve spoken with far too many Sallie mae representatives that were beyond rude even when I was being more than polite. Is it your job to harass people? Even people who have been put in situations beyond their control? Harassment of this form is only for those of lower moral standards.
2) I had a plan when I went to college. I would graduate with a Bachelors in Electronics Engineering and pay back my loans within a couple years at most. Unfortunately life tends to throw curve balls, which Sallie Mae doesn’t believe exists. You’re loan sharks, the same as credit card companies that prey on ignorant college youth.
3) Just because you can get people to sign a pile of papers doesn’t justify what you’re doing. Like many other creditors, you take advantage of people’s ignorance and leave them very few options when something goes wrong. Had I been better educated in my rights, Sallie Mae would’ve faced several legal incidents due to the violation of those rights.
- -
Be careful when tossing around “responsible person” statements. Until you walk a mile in someone else’s shoes who’s facing economic hardship and other burdens, keep your mouth shut.
Hey Sallie Mae Collector,
You’re just a slave working for the man.
You make no money other than your measly telemarketing paycheck.
You idiot don’t realize you’re just a slave for Sallie Mae’s CEO. You’re his little bitch.
Keep fooling yourself Sallie Mae Collector.
Keep fooling yourself.
There is no money in heaven. We will all have to answer some questions to God before he lets us in.
Just remember that, when you continue your tactics.
Slave.
What a tool.
I want you to know, I have personally sued one of your co-workers for harassment, and because the nature of the call was beyond even SLM’s standards, Sallie Mae rolled over on him. Be very careful what you say over the phone dude, people are recording you. If you step in the wrong place, and its caught on tape, there is nothing your company can do to cover you. Judge ruled in my favor, so keep going.
Hey Sallie Mae Collector,
You’re just a slave working for the man.
You make no money other than your measly telemarketing paycheck.
You idiot don’t realize you’re just a slave for Sallie Mae’s CEO. You’re his little bitch.
Keep fooling yourself Sallie Mae Collector.
Keep fooling yourself.
There is no money in heaven. We will all have to answer some questions to God before he lets us in.
Just remember that, when you continue your tactics.
Slave.
I’ve had the same problems. I graduated from a tech school. I took out an intial loan of 17,000. After graduating with honors I found myself in a job market that was crashing. The only entry level jobs that would hire me paid minimum wage, and Sallie Mae wanted over 800.00 per month. I went through all of my forbearances, and jumped throug hoops to make the payments. I was then laid off when the economy totally crashed, 4 months later I was diagnosed with cancer at age 28. 6 months of Chemo Therapy, and 2 months of radiation later Sallie Mae wouldn’t make a single exception, and I defaulted on my loan. Which was projected to be 73,000 at the end of term for a 17,000 dollar loan. I hold another degree from a traditional university, and i’ve paid back that loan, but Sallie Mae was relentless. Called my mom, my neighbors, called my home past midnight, and never had any solutions to at least try and work things out with me. This should be illegal.
Hey Sallie Mae Collector,
I know you’re just doing your job but really… get another job. How do you sleep at night?
I graduated from college a little over 2 years ago. After graduating I had a job but had to move. Since then I’ve been barely making it by. There are NO jobs in many places. So I was able to pay Sallie Mae 4 forbearance fees but then those ran out. They then asked me for $900 a month! I have a job as a substitute teacher and I make less than $800 a month. I tell them and, of course, they don’t care. They tell me I can pay interest only but that is $600/month. How do they expect anyone to live with $200 in their pockets? IMPOSSIBLE.
They call me for months, never leaving messages from various numbers multiple times a day. Clearly that is harassment.
So today I get a letter stating I am going into default as of 07/01/2010 for the amount of over $86,000. This is AFTER I get an email from them last month stating if I make a payment NOW they will make my account current. They can do whatever they want, clearly. The school year is ending so I will have NO job this summer.
There are many times where I regret going to college because of this. I was 20/21 when I started this mess and I didn’t know any better. My college told me I would have to leave if I didn’t get the loan from Sallie Mae so what was I to do? I would LOVE to make payments but I simply CANNOT.
It\’s simply sickening that an American company is allowed to treat people like this. It also disgusts me that anyone can go crazy with credit cards and file for bankruptcy and it’s all cleared away…. but I’m a good person, I work hard but I don’t have parents to help me.
Save Our Students.com is an online petition dedicated to ending the outrageous loan repayment plans set up by private lenders.
Help us get signatures!
visit: http://www.saverstudents.com
1-877-770-4157
Direct non Indian line to the fuckers at sallie mae. Call and harass, call and bitch, call every 5 minutes if you can and waste their time which means waste their money.
Don’t give out your soc # or name, as they will ask. Just call and calm as possible, let them know what fuckers they are or work for. When they hang up, call again and do the same thing. It won’t knock out your debt, but it feels good.
1-877-770-4157
Direct non Indian line to the fuckers at sallie mae. Call and harass, call and bitch, call every 5 minutes if you can and waste their time which means waste their money.
Don’t give out your soc # or name, as they will ask. Just call and calm as possible, let them know what fuckers they are or work for. When they hang up, call again and do the same thing. It won’t knock out your debt, but it feels fucking good.
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Get this: Sallie Mae apparently expected me to pay the interest on my loan while I was still in school. After refusing to do so, they sent the entire loan into collections (while I was still attending school!).
Two months after graduating, I entered negotiations on the ‘defaulted loan’ (remember, it had only defaulted because I had refused to pay them ~$300 in interest payments), and they let me close the entire loan for $2500. The original loan was for $3350, and interest and fees had jacked that total up to $4500. So because I wouldn’t pay $200 in interest WHILE STILL IN SCHOOL (what would I pay it with… the money from the loan? I’m no accountant, but that doesn’t make sense), they took a loss of $2000 dollars.
Remember, that like my other four loans that got me through undergrad, I was planning to repay this loan on time, and in full.
And this ladies and gentlemen, is business practice the TARP tax money is supporting.