Sallie Mae News and Happenings.

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What do you think -- is this company going to survive and thrive? Are they looking to expand their staff, or do you think layoffs are inevitable?

How does Sallie Mae stack up against the competition?

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Unsatisfied in Nashua, New Hampshire

94 months ago

I was very disappointed with the service I was given when trying to have a few questions answered.

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jen in Indianapolis, Indiana

92 months ago

Sallie Mae is the top in its class. i am sorry you recieved such poor service, next time just ask for another representitive and im sure that your experience will be 100% better

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HC94 in Indianapolis, Indiana

92 months ago

I hear they have a very high turnover rate and lots of their people go to other student loan places. Again, these people act like their s*it doesn't stink, and again this is in Fishers,IN.

They may be top in their class, but they are very rude.

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lowelldude in nashua, New Hampshire

90 months ago

Is there anyone else out there that has private loans through sallie mae with a variable interest rate!!???? IF SO PLEASE READ AND HELP IF YOU CAN!!!

Correct me if I am wrong but doesn't a variable interest rate loan have an interest rate that can go up or GO DOWN? Mine are based on the current prime rate plus a percentage based on my credit. Each time the prime rate went up, the rate on my loans went up. Well the prime rate went down at the end of September and again at the end of October. NOT ONCE HAS MY RATES BEEN LOWERED!!

I called several times over the past 3 weeks and get answers such as how my rates are calculated (which I already know 100 times over becuase they loans are 5 years old), or they can't actually tell me why the rates have not decreased!!??

I had one rep tell me straight out that they should have went down and he doesn't know why they didn't. (yeah, well I can tell him why, cause they wont, and Sallie Mae doesnt plan to lower them ever).

So now what am I forced to do? Sue Sallie Mae? Continue to call and write letters till its fixed? Stop paying and argue this out with a collections agent?

HELP!!???

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Percy Thomas Jr in Panama City, Florida

88 months ago

Wow..I wonder too if Sallie Mae will make a comeback. Several good people have lost their jobs today with them...My wife has made the cut so far. The stock has really taken a rollercoaster dive and it seems that there is a dark cloud hanging over SLM. My prayers are with those families that are being affected by job layoffs. I hope this company makes a sharp turn around real soon.

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jen green in Indianapolis, Indiana

88 months ago

private loans have always had variable rates eithere they change monthly or quarterly depending on the type of loan. prime rate has chance *dropped* three times since october. I know this because i was layed off from sallie mae three weeks ago. this is what i can tel me. if the rep told you they didnt know why they changed then they either were new to the department or they were just plain dumb. My suggestion. If you stop paying that will screw your credit horribly. I wouldnt sue Sallie Mae, as it may sit in litigation for years and you would still have to pay them. i would continue to call and write, but i would also double check your original documentation. im not saying you didnt read the fine print but i would double check just incase just because they are five years old and things have changed drastically in that time. im guessing your prime rate when you pulled the loans was 8.25% plus your margin *this depends on your credit* oct the prime rate went to 7.75 one or two weeks later went down .25 percent and then last i heard *three weeks ago prime was at lowest ever at 7.25% . If this doesnt help you then I would suggest to look for another company, just because if you are not happy with the service you are getting then go some where else. And that my friend would be what i would have told any of the people i would have spoken to.

Oh yeah you could TRY and speak wth a supervisor.

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Roxy S in Minneapolis, Minnesota

88 months ago

This is one money-hungry company that should be brought down. They aggressively try to get me to refinance all of my loans with them...like I am going to be that stupid, when they are charging me 17.125 percent interest on the loans of mine that they decided to *buy*... I never took out any loans with them. They just came along and bought my loans and the interest rate shot up over ten percent from what it perviously had been. They should be broght down. Screw you Alber Lord, and your diry operation. He's the type of person I'd like to see in the obituaries.

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alleysrequiem in Minneapolis, Minnesota

85 months ago

Are you crazy?

I would call them and when I asked to be transferred to someone else, I waited for up to 30-60 minutes! How ridiculous is that?! And when I hang up and call again, it would be the same thing. They didn't understand what my question was and I could understand them because they were located somewhere on the other side of the world!

When you can't even communicate correctly, and you've tried e-mailing them, and calling numerous times just so someone can answer one question for you... it gets repetitive, and irritating.

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sidney W in Panama City, Florida

84 months ago

Dear All,

I have read with interest everyone's comments and I effecially begin working for Sallie Mae tomorrow. I tell you this I will remember and come often everytime I have a better or supportive way to communicate with everyone here and at work I will. So, your words have been heard and will eventually be passed on.

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alleysrequiem in Minneapolis, Minnesota

83 months ago

Disappointed in the downturn in California said: I HATE Sallie Mae, I fell back on some payments, called as soon as I was back on my feet and was prepared to bring my account current. I was told there was no way I could do that, they wanted the whole 8,000 or they would send it to an attny and then balance due would be 10,000. UNREAL!!!

I totally understand the frustration! I wasn't even able to get approved for my last loan to finish school! So I have tons of school credits and no degree! I can only imagine how frustrating it has been for you as it has been for me.

What you should know is that they will more then likely not take you to court as it will cost them more money. They will more then likely garnish your wages and etc... but what you should do is fight back! After next month, they cannot make you pay more then 30% of your total income. Do a bit of research, and go to StudentLoanJustice.org

that IS the best place for information, and you can talk to someone in your area about it. In fact, they just e-mailed me and the Wall Street Journal is doing an aritcle.

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Mesphistopheles in Indianapolis, Indiana

80 months ago

I worked for the slave-raiders for a 1-year stint and I can honestly say that I hope this company falls on it's ass.

I considered buying a house using them as my loan people. I never even took out a loan; I never went past anything on paper and all I ever gave them in terms of official agreement-type stuff was my damn phone number.

So you can imagine how shocked and disappointed I was at the time of my then-current employer when they started calling me about 6 or 7 times a day with the retarded misunderstanding of thinking I had a loan through them.

Stay the hell away from this company. They are dangerous. The only reason it perpetuates is because of their ties with the Department of Education.

Corrupt.

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Workerman in Alden, New York

80 months ago

Disappointed in the downturn in California said: I HATE Sallie Mae, I fell back on some payments, called as soon as I was back on my feet and was prepared to bring my account current. I was told there was no way I could do that, they wanted the whole 8,000 or they would send it to an attny and then balance due would be 10,000. UNREAL!!! I was only behind a total of about 780.00 and had most of it myself and was going to be given the rest by my grandma. Every other credit institution was willing to allow me to come current and make my payments as usual again. I spoke to a lady at the financial aid counter at the community college in my area and she informed me that she is aware of Sallie Mae doing that to others, and that she has only heard of Sallie Mae being this unreasonable, none of the other lenders are so unfair. Looks like I got the S**t-end-of-the-stick on this loan. Good luck getting the money from me SLM! If I didn't have 8,000 what makes you think I would have 10,000? Should have taken the amount I was behind and used it, now you wont get a dime unless you garnish wages (oh wait, isn't that like accepting payments?), taking my tax refunds (again, payments?), or just waiting until I win the lottery!

And the person who was just hired . . . GO TO COLLEGE, LEARN TO SPELL AND USE PROPER ENGLISH!!!! GO AHEAD, SALLIE MAE OFFERS STUDENT LOANS, I DARE YOU TO TAKE ONE OUT YOURSELF!!! Seriously, I was a valedictorian and am being held back from getting any aid from the FAFSA, Cal-Grants or PAL-Grants because of a company who doesn't even require their employees to have a basic knowledge of the English language? Again . . . UNREAL!!!!!

You may have been valedictorian of your class but you sound like a mean, self-centered, spoiled brat; throwing a tantrum and beating on someone else not quite as fortunate because you did not get your way.To Sidney w,I wish you luck at your new job and hopefully you won't ever have to take money from your "grandma.

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sidney W in Panama City, Florida

80 months ago

Its stress! sorry wasn't paying much attention had a bad day learning my cancer is further then I thought it was.

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Workerman in Alden, New York

80 months ago

sidney W in Panama City, Florida said: Its stress! sorry wasn't paying much attention had a bad day learning my cancer is further then I thought it was.

Sorry to hear that Sidney. I will keep you in my thoughts and prayers. This puts complaints about interest rates etc. in proper perspective. My assistant gave me a saying to frame for our lobby the other day. "Be kind to those you talk to today...for everyone is fighting their own personal battle". In your business, that can work both ways. Stay positive!!!!

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Percy Thomas Jr in Panama City, Florida

80 months ago

WOW! Sidney W. My prayers are with you also. I started looking at this sight a few months ago, when Sallie Mae started (the first cut) laying off. My wife was an employee there. I was always amazed at the waste and money that was thrown around thruout the company. My wife would sometimes travel. Sidney you know how expensive it is to fly out of Panama City. Her group always stayed at nice hotels and ate at the finer resturants.
While I am grateful for her experience. I knew that the other waste that she reported to me would not last. I wonder do the directors have someone look at these forums? There is one thing I admire about my wife and you. You guys defend and look after the company you work for. There are other things on the internet that are not favorable to Salle Mae. My wife would always defend Sallie Mae with these comments, " You needed a loan to get thru school and Sallie Mae was there". I don't agree with the goverment backing loans (our tax dollars). I can also see the benefit of Sallie Mae. I don't agree with there collection tactics either, but Sallie Mae is there for a reason, and at a price. We all need to take time and read the fine print. If it sounds to easy(just sign here) we need to not run, but sprint in the other direction.

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YYQ in Brooklyn, New York

73 months ago

Hi there,

I am hoping to speak with former Sallie Mae employees about some of their debt collecting practices. Please let me know if you're a former employee, and you'd be willing to speak to me via e-mail.

Thanks!

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Lauraslham2007 in Dallas, Texas

72 months ago

comment on statements made by Percy Thomas Jr in Panama City, Florida:
"Wow..I wonder too if Sallie Mae will make a comeback.. The stock has really taken a rollercoaster dive and it seems that there is a dark cloud hanging over SLM...I hope this company makes a sharp turn around real soon."

WOW myself! I just HAVE to comment on the comment above. I can't believe that someone is ACTUALLY hoping that Sallie Mae will make a sharp turn around real soon! OMGoodness.. I'm just floored!! Do you realize what you are saying?? Do you realize that if this company does make a sharp turnaround how many other lives will be affected? This is crazy!! My dilemma with SLM is: I went to school to receive a certification, my original loans were divided between federal and career training. I borrowed $7,000 in 2000, graduated in 2002 and began repaying the loan. My payment was about $90 a month but I decided to send $150 a month (actually thinking that would be good); well, when I decided to call Sallie Mae to get a financial status of the loan they actually told me that the payment I was sending was being split between two departments and that they decide how much goes where. Now, all was fine until they told me that the portion they were sending to the career training dept wasn't even the minimum payment due! Can you believe that? So of course when I called specifically to the CT dept they had set my interest rate to 14% without my knowledge. I asked that they mail me a printout of all the activity of the loan (which they did) but if you could have seen what they mailed to me..! It was this paper that would take a certified CPA to review, I couldn't believe it! It was like an amortization schedule you receive when you purchase a home. I had no way of figuring it out and I believe that was their goal, to confuse the shSallie Mae out of all of us! In the end I learned that my loan was $7000, I had already paid $6500 and that I still owed $8000.. HOW COULD THIS BE?.... I smell a Class Action

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Lauraslham2007 in Dallas, Texas

72 months ago

YYQ in Brooklyn, New York said: Hi there,

I am hoping to speak with former Sallie Mae employees about some of their debt collecting practices. Please let me know if you're a former employee, and you'd be willing to speak to me via e-mail.

Thanks!

Hello, are you planning to do something? If so, count me in! We all should start a Civil Action Suit to make Sallie Mae stop their abusive collection practices and to create within their organization a sound structure for repayment of loans where the loan can actually be paid off fairly and timely and without high interest rates. After all, this is a government loan.

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sidney W in Panama City, Florida

72 months ago

I am a former employee but it is no longer a government loan at one time it was but has long since been its own entitiy. I also feel very sorry that you are in this siduation I personally don't feel SML's are fair or think of the future. So people have loans for thirty years can you just imagine that?
Another tactic used by SML is to defer the account for six months while still charging interest on that referment.

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Lauraslham2007 in Dallas, Texas

72 months ago

jen green in Indianapolis, Indiana said: private loans have always had variable rates eithere they change monthly or quarterly depending on the type of loan. prime rate has chance *dropped* three times since october. I know this because i was layed off from sallie mae three weeks ago. this is what i can tel me. if the rep told you they didnt know why they changed then they either were new to the department or they were just plain dumb. My suggestion. If you stop paying that will screw your credit horribly. I wouldnt sue Sallie Mae, as it may sit in litigation for years and you would still have to pay them. i would continue to call and write, but i would also double check your original documentation. im not saying you didnt read the fine print but i would double check just incase just because they are five years old and things have changed drastically in that time. im guessing your prime rate when you pulled the loans was 8.25% plus your margin *this depends on your credit* oct the prime rate went to 7.75 one or two weeks later went down .25 percent and then last i heard *three weeks ago prime was at lowest ever at 7.25% . If this doesnt help you then I would suggest to look for another company, just because if you are not happy with the service you are getting then go some where else. And that my friend would be what i would have told any of the people i would have spoken to.

Oh yeah you could TRY and speak wth a supervisor.

I hope all who read this comment do not agree. Suing Sallie Mae is the best idea EVER! They have bad debt and collection practices and should be reported. I don't think that individually suing them would be best but I do think a Class Action Lawsuit would bring attention to their company and hopefully Washington can step in and review their organization like they did those other crooked businesses.

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Percy Thomas Jr in Panama City, Florida

72 months ago

Hello Laura, at the time I made this comment, my wife was a loyal and what I felt was an upcoming employee at Sallie Mae. We are a family that depends on both salaries and we were hoping that things would turn around and that her job would be saved. However, that did not happen and my wife found another job and resign the day before her job was eliminated. I have often asked my wife if she had heard the comments about the company that she worked for, especially on this forum. Her comments at the time was no not really. As I started to dig further into some of the companies practices, I would bring other things to her attention. We would argue about the hands that would help feed us.
I know you and others, including myself may not agree with this, but here was her answer. "Sallie Mae was there for you when you needed a loan for school. We did not force anyone to sign on the dotted line. You signed and took the loan service and furthered your education. Like most young people there concern is about getting into school. Did they read the terms of the contract"?(most of us don't) If we all file class action law suits....We would be suing the banks, and most loan institutes. Did you get a bad deal! Yes! Were you taken advantage of,here is where the answer to that question may be answered. Did you read the full terms of the contract? That's where they are going to get you everytime. Was that your name on the bottom of the contract? Were you forced to sign it? My wife has moved on, but we all pay a price for decisions we make. Good luck with your class-action. I wish you the best and I hope that you can come to some kind of settlement with them. No matter how angry we get; and my aim was not to anger you and seem indifferent to your struggle, but the reality is Sallie Mae is going to try to hold you and others to the term of the contract. Good Luck Laura

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Lauraslham2007 in Dallas, Texas

72 months ago

Hello Percy, thank you for your reply; I apologize but I had just spoken with a Sallie Mae rep and they anger me each and everytime I speak with them. Yes, I did sign on the dotted line to further my education but quite frankly, SM has most states cornered in their market and not too many other options are available. Although I understand what you are saying, please understand what I am saying because it would be horrible of me to witness such bad business practices and not tell someone "before" they sign on the dotted line. Yes I agreed to accept their financial assistance but I did NOT sign on a line telling me how rude and unfair they would be to me and many many others. This Sallie Mae loan is not the first educational loan I ever had but they are by far the worst. I was set up on a payment plan with the other loan that "actually" came to an end, Sallie Mae does not. They use tactics to manuever your loan structure knowing they have every intention on adding additional fees for their benefit. I still believe they should be sued and by many!

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robert hudson in San Diego, California

67 months ago

Sallie Mae is horrible, i got a grant that i had to process through the school to pay them. and on 3 separate occasions sallie mae told myself and my wife and the director of financial aid at my school that the payment would be accepted as a payment and bring our account current. then they turned around and applied 3000 dollars to the principle, and say that we still owe, basically they tell me that it is ok for an employee and representative of the company to give a customer false information, and hold them to it afterwards, that is so retarded, i am currently taking them to small claims court because i've got proof that we came to them asking if the grant would be a payment and the financial aid advisor asked before cutting them the check. i tried to have it settled with them, but then they revert to either transfering me to another department in an endless cycle where i am told they cant help me, then they will submit these bogus "requests" and say to check back in 3-5 business days, and when i call back they either say it was sent incorrectly or they have no record of one being submitted, this happened 5 times already. So whos got the class action lawsuit going? i've got proof of all this, and proof of several other violations of the FDCPA that i plan on suing for.

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sidney W in Panama City, Florida

67 months ago

Are you saying that the payemnt you made at your school would be excepted and then they turned around and tagged the payment to your balance? If, that is the case then that is actually unlawful and you could actually prosecute them for corporate thieft then a civil lawsuit I prosume. I am sure their are many unhappy fokes I would go to your local law enforcement facility and have some kind of charges brought against the directors or the CFO and see what they can be procecuted for. Maybe securities or whom ever are responsible for were your monies are allocated.

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ME in Mountain Top, Pennsylvania

64 months ago

Host said: What do you think -- is this company going to survive and thrive? Are they looking to expand their staff, or do you think layoffs are inevitable?

Any of you know about WILKES BARRE, pA?

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ME in Mountain Top, Pennsylvania

64 months ago

Holly LeJeune in Indianapolis, Indiana said: Wilkes-barre, PA is the main payment processing center. Almost all correspondence for SallieMae goes to Wilkes-barre. For instance, you would mail payments there. You mail deferments, general letters, and any other documentation they request, as well. Be careful, though. They have different P.O. Boxes depending on which service you're mailing something for.

Additionally, Wilkes-Barre is also the location of a call center. They do almost as many services as the Indianapolis location does, and it's increasing every year.

Furthermore, Wilkes-barre does a lot of loan processing, claims resolve, and several other services.

In summary, if you have to mail something there, you're in better hands. They are very well organized, practice good lender due diligence, and process payments.

If you have any other questions about SallieMae loans, locations, or employment, feel free to let me know.

Holly L.
Former Employee

Well THANK you, I am wondering I like many am UN employed, That is the facility I am due to go in...Are the expections reasonabble or is this an in and out the door company? NO I am not collecting but need a job....Jobs like anywhere are hard to find...I am suppose to go to the section where you prepare, MAIL correspondance, they have not really explained the job ., interview was just prepare 2 letters and a small talk...Gee benefits relatively...I am concerned but really dont have options .., talk to me about this>?

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ME in Mountain Top, Pennsylvania

64 months ago

So are you saying they let allot of people go? Are you familiar with the job I will attempt to do? I do have 1 week to think about it, where else would i come up with a job in a week, this economy still bites, i dont care what anyone says...is it meet the quota or OUT?

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