About

Sallie Mae is a student loan provider that is run in such a way that would inspire a person like me to dedicate some time in documenting what they are doing and how they are doing it. I get a bad taste in my mouth any time I have contact with this company and since I will be dealing with them for the foreseeable future I have no doubt they will continue to give me reason to come here and vent. I am not behind in my payments and the only time I have ever been behind is one of those simple I forgot or went on vacation (days not months).  Also in my dealings with them I have always had a credit score considered “good”  and yet I still have a interest rate of 13%+ (started @ 18%+).

I have read some of the horror stories out there of people getting a 60k+ education and only being able to get a minimum wage job. While I have no sympathy for people who don’t think things through I also shake my head at a system that allows Student loan companies to not have to do any risk assessment on people taking out loans for education that they will not be able to pay back essentially making them indentured servants for life as their loans skyrocket to 100′s of thousands of dollars (with uncle Sam acting as the collector) . This situation seems similar to the housing bubble but without the option of foreclosure or bankruptcy.

My hope is that people see this and avoid the Sallie Mae company and are smarter about their student loan selection than myself (even though I was back doored into Sallie Mae against my stated whishes when I consolidated). There are also may other sites like this so the sentiment is not isolated.

2 Responses to “About”

  1. Morgan says:
    July 27, 2009 at 7:07 pm

    I have experienced the same frustration and am at wits end. I am seriously considering contacting an attorney to rectify the situation. It’s amazing that they can get away with this and treat their customer like complete trash while doing it. Thank You for the site and at least I am not alone.

  2. ML says:
    October 30, 2010 at 8:53 pm

    Tell me there is a lawsuit going on or something. I’m having the billing group problem myself right now. They conveniently lump ALL of my loans into one ‘convenient’ billing group, which means, when I pay, I have NO control over which loan this money goes towards! I found this out luckily while my loan was not in repayment yet (though to my absolute fury – $2000 meant to go towards my unsubsidized 6.8% loan went towards my 3% subsidized loan instead! Are you joking??). Their answer to my phone call demanding to redirect the money properly? ‘Uh, take it up with your bank’. EXCUSE ME??? I let this one slide because I figured in the future I would just avoid this mistake. Previously, I *was* able to choose which loan to put it towards. I thought I made a mistake. However, since my loan has gone into repayment this week, all options to choose have vanished. I called three days ago to tell them to separate them into unique loans. The guy sounded helpful and says he would go ahead and do that for me. Haven’t seen any changes yet. Will call again on Monday. Why is this company not shut down yet??

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