Sallie Mae or Wells Fargo

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Hey everyone. I am researching Sallie Mae loans and Wells Fargo Medcap for nursing school. I am reading terrible reviews about Sallie Mae. I have read that the customer service is terrible and that they hide information regarding interest rates and being charged when in deferment. I am also looking into WellsFargo. I haven't read many bad reviews about them. Has anyone gotten loans from Sallie Mae or WellsFargo and can share their experiences with me. Thank You so much.

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Specializes in L&D, infusion, urology.

Are you basically asking about federal versus private student loans? DO NOT do private loans if you can avoid them AT ALL. There are a lot of people here who can explain why better than I can.

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Hey RunBabyRun, I received aid and grants from the government but not enough to cover the cost of tuition which is 32,000. I have to take a private loan in order to cover the costs. I am finding the information confusing and need some input regarding which loan would be best? I hear bad things about Sallie Mae and I am leaning towards Wells Fargo. I also read that Wells Fargo you need a co-signer( which I am trying to avoid). Thanks for your help RunBabyRun:)

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Sallie Mae is the spawn of the devil. I deal with them for two loans and they are seriously frustrating! Private loans don't assure you the rights that federal loans do... They don't have to grant you in-school deferment or hardships. They get to dictate their policy on forbearance. Sallie Mae will let me forebear for a total of 48 months out of the 30 year loan term.

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I was not approved with Wells Fargo but I was approved with Sallie Mae with an insanely high interest rate. So now I am in search for another bank that will give me a private loan but I am worried about my credit score being affected with every application I submit.

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Specializes in Cardiology IR.

The MOST important thing in applying for student loans is to fill out the FAFSA application. You may think you don't qualify for any sort of aid and it will be a waste of time but this is how you obtain government subsidized versus unsubsidized loans. When my oldest child went to college I didn't bother to fill out FAFSA because I thought "we'll never qualify for any sort of aid." You cannot consolidate Sallie Mae loans. Each year is a new loan. If you think about any sort of loan forgiveness program...Sallie Mae loans are not included in this.

Well now.. I too believe "Sallie Mae is the spawn of the devil."

I strongly discourage you to have any sort of dealings with Sallie Mae because at some point in your life...you WILL be sorry and it will be very, very difficult to ever pay them off.

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Specializes in ICU.

I went through Sallie Mae many years ago. I think it was when they were still federal. Then they went to private while I was paying them off. Never had an issue with them. I simply made my payment on time every month. But that was my experience. I don't know a whole lot about Wells Fargo except that they are the company my ex used when he had customers that needed to finance the work he did for them. I used to help him with the paperwork and they seemed very difficult to use. They just made it difficult for my ex to get his money. But I don't know anything from the people that borrowed.

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Try Chase. I think you have to have a checking/credit card with them first, but I like this bank well enough.

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Thanks for your advice, I have applied to financial aid through FAFSA, and received some aid but not enough to cover the cost. I am trying to avoid Sallie Mae because of the interest rate I was offered, and the fact that you can not consolidate and do not accept loan forgiveness programs.

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Try Chase. I think you have to have a checking/credit card with them first, but I like this bank well enough.
Unfortuntly Chase no longer provides student loans. Thanks for the advice thou:)
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Specializes in med-surg.

Try discover. I unfortunately have to appeal my fin aid so if I don't get it I will be going through discover.

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