- Joined
- Dec 7, 2017
- Messages
- 2,015
- Reaction score
- 1,752
Hi everyone,
I wanted to share my recent (and ongoing) experience with Sallie Mae as a warning to other medical students who may be considering using their Residency Relocation Loan.
I took out the loan to cover moving expenses and to help secure housing for my family and me ahead of starting residency. Sallie Mae disbursed the funds in mid-April by check, and I received a tracking number that estimated delivery in 4 days. That date came and went—no check. The tracking information still shows the check “in transit” in Texas.
I immediately contacted Sallie Mae and was told I needed to wait 10–12 business days before they could do anything. I followed up on the 10th, 12th, and finally 13th business day. On the 13th day, they informed me the check had been cashed—not by me.
I was understandably panicked. I filed a dispute immediately and requested a new check or direct deposit. Sallie Mae said they needed to get a fraud claim form from their bank (PNC) and once I filled that out, they might be able to reissue the funds via direct deposit.
That was over a week ago. I’ve been following up regularly, and the only update I get is that they're “waiting on the form from PNC.” Meanwhile, I’m supposed to move into our new home on May 23rd, and the loan I needed for this has been fraudulently cashed, is accruing interest, and I still have no access to the funds. It’s incredibly frustrating and stressful, especially during an already chaotic transition period into residency. What’s more confusing is why Sallie Mae can’t simply reissue the funds when the original check was clearly never delivered (and tracked as such).
Just a heads up to anyone considering using this loan product—be very cautious. If something goes wrong, you may be stuck in a slow-moving, bureaucratic nightmare with little urgency on their part to fix it.
Please, please, please exhaust every option before you attempt to get a loan through Sallie Mae. I will update this thread as my journey with them continues.
I wanted to share my recent (and ongoing) experience with Sallie Mae as a warning to other medical students who may be considering using their Residency Relocation Loan.
I took out the loan to cover moving expenses and to help secure housing for my family and me ahead of starting residency. Sallie Mae disbursed the funds in mid-April by check, and I received a tracking number that estimated delivery in 4 days. That date came and went—no check. The tracking information still shows the check “in transit” in Texas.
I immediately contacted Sallie Mae and was told I needed to wait 10–12 business days before they could do anything. I followed up on the 10th, 12th, and finally 13th business day. On the 13th day, they informed me the check had been cashed—not by me.
I was understandably panicked. I filed a dispute immediately and requested a new check or direct deposit. Sallie Mae said they needed to get a fraud claim form from their bank (PNC) and once I filled that out, they might be able to reissue the funds via direct deposit.
That was over a week ago. I’ve been following up regularly, and the only update I get is that they're “waiting on the form from PNC.” Meanwhile, I’m supposed to move into our new home on May 23rd, and the loan I needed for this has been fraudulently cashed, is accruing interest, and I still have no access to the funds. It’s incredibly frustrating and stressful, especially during an already chaotic transition period into residency. What’s more confusing is why Sallie Mae can’t simply reissue the funds when the original check was clearly never delivered (and tracked as such).
Just a heads up to anyone considering using this loan product—be very cautious. If something goes wrong, you may be stuck in a slow-moving, bureaucratic nightmare with little urgency on their part to fix it.
Please, please, please exhaust every option before you attempt to get a loan through Sallie Mae. I will update this thread as my journey with them continues.
