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  1. #1
    Join Date
    Apr 2009
    Thanked 58 Times in 49 Posts

    The Horror of Sallie Mae

    I'm hoping this thread will allow people to offer their opinions or solutions and share their own stories about their dealings with this company.

    Even if you havenít borrowed from Sallie Mae, chances are good youíll be dealing with the company in the future: part of the loan giantís business involves buying out loans from smaller companies.
    Have you ever noticed how Sallie Mae is usually the only lender being advertised exclusively at your school? It's because this private lender has a huge grip on the multi-billion dollar student loan industry that is protected by Uncle Sam to always make profits no matter what. It has a history of questionable practices, trying to get students to default in order to collect the bill from our government, which forces the taxpayers to to pay up for that student, while running a debt collection agency up with up to 20 percent in interest fees on the defaulted student.

    It's not uncommon to hear about a student who borrowed $60,000 but ended up paying over $250,000 to Sallie Mae. How every month the student can only make the interest payment and not even be able to touch the actual total. Who doesn't find that perverse?

    The simple solution would be to get rid of the middle man and have the government loan out the money directly to the students.

    For myself, I stopped going to my school because of the fact that I was borrowing from Sallie Mae, and if I did borrow from another lender that still didn't guarantee me from avoiding Sallie Mae altogether. I know that I can't afford to pay for my school without having to borrow so I'm torn on this...

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  4. #2
    Join Date
    Apr 2007
    Thanked 1 Time in 1 Post
    I have a friend that took out a loan from Sallie Mae. I don't remember the details of his incident but unfortunately, it only confuses his understanding of how FAFSA. As a result, the idiot didn't listen to me about going to a CC for the time being and works a minimum wage job naively thinking that a job is a magic bullet to his financial problems.

    Sorry for the venomous comment, but I just want to hurt somebody every time I'm reminded of his ignorance.

  5. #3
    Join Date
    Jul 2008
    I Hate, New Jersey
    Thanked 13 Times in 9 Posts
    I'm doing my loans through my school. Do NOT use Sallie Mae. Initially it sounds like a pretty good deal, but my parents and I were very, very iffy about for they were running things. Plus, my school offered more money anyway (they mostly based it off of my FAFSA and my parent's credit, which is in excellent standing). Stay away from Sallie Mae if you can. ><

  6. #4
    Join Date
    Sep 2007
    Thanked 271 Times in 199 Posts
    Quote Originally Posted by tandy1000 View Post
    The simple solution would be to get rid of the middle man and have the government loan out the money directly to the students.
    They've already started doing this.

  7. #5
    Join Date
    Mar 2007
    Thanked 37 Times in 26 Posts
    I had a plan where I payed back my loan while in school, it was hell...having to work AND try to make all A's in Computer Animation at Ringling (in order to keep scholarships), but it was worth it in the end Had no problems, mostly because I paid my payments on time, so I had no interest. If you can do something like this, (and you really need the loan) do it. It's much better then having interest build up.

    Sallie Mae no longer (thankfully) participates in government loan programs like they used to. If you are signing up for a parent plus loan for example, you will now do so through the government.

    The only problem with this so far is that the federal website has been down for a little while

    I'd also like to point out that I usually apply for a parent plus loan in order to get denied, so I can get a higher rate for my unsubsidized loan (through Ringling.) But this year for the first time ever, my mother (who has the WORST credit ever) has been approved for a parent plus loan through the government.....
    There is really no way she can pay these loan amounts back, so this actually presents a problem for me :/ I might not be able to get the new amount for my unsubsidized loan.....

    So as much as I can't believe I'm saying this,
    I miss going through Sallie Mae and getting rejected D: .....

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