Sallie Mae or Wells Fargo

RunBabyRN · May 26, 2014

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.

Davis.M · May 26, 2014

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:)

goddess9 · May 27, 2014

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.

Davis.M · Jun 11, 2014

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.

dbr913 · Jun 11, 2014

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.

NurseGirl525, ASN, RN · Jun 11, 2014

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.

summerskiss88 · Jun 12, 2014

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

Davis.M · Jun 12, 2014

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.

Davis.M · Jun 12, 2014

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:)

nolanurse88 · Jun 12, 2014

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