Anyone have PROBLEMS GETTING STUDENT LOANS from Sallie Mae & Wells Fargo?

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Hi,

Everything I have been reading on the loan thread has made it seem like it is sooo easy to get student loans for CRNA school. Sallie Mae Tuition Answer loan and Wells Fargo Connection Loan seemed like the best, so I applied.

I have been getting nothing but a HUGE runaround from both. Everytime I call they tell me I need something else and then say to call back in 48 hours. And they never call or email me to let me know that they need something new. The only people I can actually get to talk to me are reading directly off of a computer screen and tell me that I am unable to talk to the "processing department". "Call back in 48 hours when they have reviewed the new information and have made a decision".

I have A++ credit and have already paid back $100,000 in student loans in less than 3 years. One of the problems is my "debt to income ratio", because we have numerous mortgages on rental properties. We get income on all of these properties to more than pay the mortgages and costs, but on our income taxes we show a loss, so they claim that we have no income to cover the mortgages.

But, we are not allowed to talk to anyone at either Sallie Mae or Wells Fargo to go through each debt on our credit and explain. Every time I call, someone puts a note in the computer and tells me to call back in 48 hours. No one will let us talk to anyone who knows anything. The cycle is endless!:angryfire

Sorry for ranting and raving, but I am so frustrated. I NEVER in a million years thought that I would have trouble getting loans for grad school. It is really starting to worry me.

Has anyone had any problems like this and if so, how did you go about resolving it?

I was wondering if maybe I could go into an actual Wells Fargo office and sit down with someone to go over our finances. They are complicated and the loan offices are just doing simple computations.

Thanks for listening.

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Open an equity line on one of your mortgage. You might get a lower interest rate than a student loan. Right now student loan rate is 6.8%. Some equity lines have 5.25 or lower rates. Plus you can pull out as much or little money as you need.

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Specializes in CVICU.
Hi,

Everything I have been reading on the loan thread has made it seem like it is sooo easy to get student loans for CRNA school. Sallie Mae Tuition Answer loan and Wells Fargo Connection Loan seemed like the best, so I applied.

I have been getting nothing but a HUGE runaround from both. Everytime I call they tell me I need something else and then say to call back in 48 hours. And they never call or email me to let me know that they need something new. The only people I can actually get to talk to me are reading directly off of a computer screen and tell me that I am unable to talk to the "processing department". "Call back in 48 hours when they have reviewed the new information and have made a decision".

I have A++ credit and have already paid back $100,000 in student loans in less than 3 years. One of the problems is my "debt to income ratio", because we have numerous mortgages on rental properties. We get income on all of these properties to more than pay the mortgages and costs, but on our income taxes we show a loss, so they claim that we have no income to cover the mortgages.

But, we are not allowed to talk to anyone at either Sallie Mae or Wells Fargo to go through each debt on our credit and explain. Every time I call, someone puts a note in the computer and tells me to call back in 48 hours. No one will let us talk to anyone who knows anything. The cycle is endless!:angryfire

Sorry for ranting and raving, but I am so frustrated. I NEVER in a million years thought that I would have trouble getting loans for grad school. It is really starting to worry me.

Has anyone had any problems like this and if so, how did you go about resolving it?

I was wondering if maybe I could go into an actual Wells Fargo office and sit down with someone to go over our finances. They are complicated and the loan offices are just doing simple computations.

Thanks for listening.

Try not to sweat it... I applied for a private loan and got denied with a co-signer that didn't realize he had an unpaid credit card bill on his credit report (his ex didn't pay it as she was supposed to after their divorce.) I reapplied for the same loan as a full time student with a mortgage, car loan, other private loans and various credit cards and was accepted by showing my divorce statement. The divorce statement shows my ex husband should pay 500 dollars a month for child support. They asked for the divorce papers NO bank statements. The really sad thing is had they looked at bank statements they would see the deadbeat has not paid his 500 bucks a month in over 3 years...I was approved with my 500 dollar divorce statement as my only source of income. I had a high debt to income ratio and loan payments due each month that far far far exceeded the amount of income I was disclosing...

Good luck :)

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I didn't get my loans through them, but the process was a HUGE hassle. I was using a temp PO box right after I moved and they kept saying they couldn't process the loan until I gave a street address. I called FOUR separate times and gave it to another person, each of whom apologized profusely for the screwup. Finally, after school started I went to the financial aid office and had an advisor call, and she straightened it out in five minutes.

It was Nelnet, by the way. I can't recommend them.

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