warning about Sallie Mae

heartICU · Aug 3, 2006

Just thought I would share my story of never-ending frustration so that others could make a better-educated decision in loans. I read the loan thread, and decided to go with BankofAmerica's education maximizer and Sallie Mae's tuition answer loan for my outside-of-school costs. As for pre-qualifying, sallie mae was easier and faster. Then the troubles started. I've had the BofA money for several weeks now; the rest of their process was very simple and straightforward.
I kept checking online into my loan status, and for several weeks it said incomplete. After two weeks I called, and suddenly they informed me that I was supposed to send a copy of my drivers license and a copy of a bill with my address on it. This was never mentioned anywhere on the app. So, the next day I faxed those in. The website says to allow 3-7 business days to process new stuff. I gave them a week, called, they said I was early by a day, and to call back then. The guy also said he wasn't sure why they had even asked me to send it, it looked like it wasn't even needed. So, I called back in 3 days. This person also said she wasn't sure why they requested that info, but the last time I called the guy put in a notice, which flagged the app for MORE processing, and they needed 7 business days from the last time I called! So, I called today (couldn't call exactly a week from then because I was working), and NOW they say the copy of my drivers license which they didn't even need, they can't read my signature and they need me to send another better copy. AHHHHHH!!!:trout::angryfire:angryfire And school starts in 2 weeks, and I'll have to allow another 7 business days to process this!
Has anyone else had this kind of trouble????

Yes. I have tried to consolidate my loans twice with them - first time was no problem. Second time, this has been a mess. Multiple phone calls, new applications being sent to me that I did not request. Bunch of crap. And their website is not easy to follow. Billing groups, loan summary, etc. Blah. If I coudl do it again, I would have gotten my federal loans through my bank.

dfk, RN, CRNA · Aug 3, 2006

i too did the sallie mae tution answer loan.. and yes, my app said incomplete too. i called and they told me they needed a copy of my license as well. i faxed it. i called next day to see if they got it and they did. said to check back in a few days. i did. was approved and my acct on the website says loan was disbursed already (8/1/06) - just waiting now. up to this point, no problems. the only thing i was disgusted with was when i received my 'truth in lending disclosure statement' - it gave my amount financed (40K), finance charge, apr (a gross 9.53%), and total amount payments would equal after 30 yrs of scheduled payments (135,349K) - i almost fell over when i read this, and i was laying down :uhoh3:

i can assure you i will not take 30 yrs to pay this off-

this is perhaps now another motivation to get thru the program !!!!!

Lorus · Aug 3, 2006

I've had the same problems with sallie mae (getting grad loans and consolidating undergrad loans). I would tell anyone going after their grad loans to-

-Apply as early as possible so you have time to deal with their bs well before school starts..

-Make sure your application is PERFECT.

-Call them frequently, checking your status online is not enough.

-Keep track of the dates you called, everything youve faxed them, etc..

Good luck..

fungirl · Aug 4, 2006

Just thought I would share my story of never-ending frustration so that others could make a better-educated decision in loans. I read the loan thread, and decided to go with BankofAmerica's education maximizer and Sallie Mae's tuition answer loan for my outside-of-school costs. As for pre-qualifying, sallie mae was easier and faster. Then the troubles started. I've had the BofA money for several weeks now; the rest of their process was very simple and straightforward.
I kept checking online into my loan status, and for several weeks it said incomplete. After two weeks I called, and suddenly they informed me that I was supposed to send a copy of my drivers license and a copy of a bill with my address on it. This was never mentioned anywhere on the app. So, the next day I faxed those in. The website says to allow 3-7 business days to process new stuff. I gave them a week, called, they said I was early by a day, and to call back then. The guy also said he wasn't sure why they had even asked me to send it, it looked like it wasn't even needed. So, I called back in 3 days. This person also said she wasn't sure why they requested that info, but the last time I called the guy put in a notice, which flagged the app for MORE processing, and they needed 7 business days from the last time I called! So, I called today (couldn't call exactly a week from then because I was working), and NOW they say the copy of my drivers license which they didn't even need, they can't read my signature and they need me to send another better copy. AHHHHHH!!!:trout::angryfire:angryfire And school starts in 2 weeks, and I'll have to allow another 7 business days to process this!
Has anyone else had this kind of trouble????

I have had serious problems with Wells Fargo, can't even complete my app until we enroll!!! Added stress to an already stressful time is well STRESSFUL...............I had to send them an enlarged copy of my driver's license b/c it too was too blurry...............Yea, that's pretty!!!! ha ha, see ya soon!!

Sirena922 · Aug 4, 2006

What is the tution answer loan by Sallie Mae?

Fox · Aug 4, 2006

I agree you should apply early.

dfk, RN, CRNA · Aug 4, 2006

What is the tution answer loan by Sallie Mae?

it's another type of alternative loan if you need extra cash for college expenses.. the money goes directly to you, bypassing the college, so they never know. check out the link below -

http://www.salliemae.com/content/tuitionanswer/index.html

Sunshine0425 · Aug 4, 2006

I would NEVER EVER EVER suggest Sallie Mae to ANYONE!!!!!!!! They gave me so much crap and were extremely unwillingly to work with me until I told them I was consolidating my loans with another company. Their customer service is the WORST. When I go to grad school I will look everywhere else but them for a loan.

dfk, RN, CRNA · Aug 5, 2006

i actually received my check today.. really didn't experience any problems.. rather smooth actually.

Sirena922 · Aug 6, 2006

DFK, did Salliemae do a credit check on you before they gave you the loan?

dfk, RN, CRNA · Aug 6, 2006

DFK, did Salliemae do a credit check on you before they gave you the loan?

i'm not sure, but probably. i can't recall a specific statement on the application, but all one needs is a social security #. i think that's how they come up with the apr%, which usually improves with a cosigner.