Sallie Mae Sucks

[InMyCrossHairs]

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If you are getting ready to start professional school, and need private loans to subsidize what the fed wont cover, DONT USE Sallie Mae. Read carefully their terms. They are the only private lender that makes you pay $50 per loan you have, as "processing fee", when placing your loan in forebearance. If you are going to specialize, this will suck. And worse, you have to do this every six months. So every six months I write them a check for 300 dollars, just to be placed in foreberrance. My two other private lenders have placed me in deferment until 2011, no questions asked.

 

[blanche]

i'll second this. sallie mae is awful. they can (and will) mess up the simplest things possible. they will grant you forebearance/deferrment, then place your loans into repayment weeks after w/o notifying you.

they nickle and dime, are incompetent, adn if i could go back i would have never taken out loans from them.

 

[Daydreamer2008]

I must agree as well. I had borrowed some graduate Stafford loans through Sallie Mae and researched their benefits once I was ready to consolidate (back in 2005). I remember they didn't allow me as long of a grace period as Direct Loan, and they didn't have many of the other benefits. I quickly got out of Sallie Mae and consolidated with Direct Loan, which is so much more convenient with so many more benefits.

 

[DrIsoleucine]

Okay. So, which provider would you recommend?

 

[lucky lady]

Okay. So, which provider would you recommend?

Discover no fees.. great lakes

 

[southerndoc]

Sallie Mae mischaracterized one of my deferment requests, which caused me to lose my borrower benefits. However, when I sent them documentation that I was a resident during the time of the deferment, they recharacterized it back to a residency deferment which made me eligible for borrower benefits again (0.25% rate reduction for automatic debit, 1% cash back with 36 months consecutive on-time payments).

So far Sallie Mae has been good, minus my little temper tantrum I had with the mischaracterization of my deferment. That temper tantrum was entirely unwarranted it seems.

 

[xtractime]

what are most of you guys going with (other than the ones listed above)? citibank? bank of america?

 

[lealui]

[youtube]http://www.youtube.com/watch?v=BQ0vN_nx_a4[/youtube]