Sallie Mae LIES

[shuto]

This is a true story based on my experience, and all statements reflect my direct experience or opinion.

Five years ago, due to an illness, I had trouble with a student loan and it was referred to Sallie Mae. A representative told me that if I was able to make payments on time for a year, they would be able to transfer the loan -- and that if I did this, I would regain the ability to receive student loans in the future and that the negative item on my credit report would be erased.

I busted ass and dug deep, and I was able to financially dig my way out and make the on-time payments, and the loan was transferred and is current. It was very hard, but I did everything they said to do, for them things went perfectly.

When I pulled my credit report recently, the negative entry was still there. I wrote Sallie Mae and they told me to buzz off, in so many words.

Sallie Mae lied. I understand lying to collect a debt, it’s done every hour of every day. But when people find out you’re full of it, don’t be surprised when you’re called out.

If you are a person with a student loan, and you get into financial trouble, be warned by my experience: Sallie Mae will make deals they have no intention of honoring. Pay your student loans (obviously), but if you are in financial trouble make sure you take into account Sallie Mae’s dishonesty when prioritizing how you’re going to get out of debt. In other words, put the money where it will do the most good first, because Sallie Mae won’t do any good for you.

[southerndoc]

What was your trouble with the student loan? If you were behind in payments by 6 months, and were then on-time for 6 months, then you're still 6 months behind payments.

I'm assuming you have payments up to eliminate all past due amounts?

[Broken Arrow]

Welcome, shuto. Interesting name. Haven't heard that term since Karate classes from back in the day.

I'm not defending Sallie Mae in any way because I've heard them screwing other people but... for what it's worth, they were quite accommodating with us. However, we didn't request for a loan transfer, but rather, hardship deferments and forbearance. For better or worse, our credit history did reflect that accurately.

[Joan.of.the.Arch]

A representative told me that if I was able to make payments on time for a year, they would be able to transfer the loan -- and that if I did this, I would regain the ability to receive student loans in the future and that the negative item on my credit report would be erased.

What do you mean by Sallie Mare transferring the loan? Sorry, I just don't know what that means.

Since Sallie Mae does not generate the credit reports, I don't know if they could get previous notations on your credit report removed. Surely they could at least report to the credit report agencies that your loan is caught up and in good standing. Have they done that? I would think it is up to the credit report companies to ultimately determine what is added, remains, or is removed from the report, within the confines of the law, of course.

Would you have paid off your debts differently if you had thought from the beginning that this smudge on your credit report would not be removed?

[bjl584]

I had my loans thru Sallie Mae while I was in college. Their customer service was awful. I consolidated my loans with the Dept. of Education when I graduated and haven't had any problems since.

[sarah]

I've tried to work with Sallie Mae and found them harder to work with than any other group I've ever dealt with. I am not surprised that they lied to you. There may be a Sallie Mae ombudsman in your state. You can find them through the Sallie Mae website. They may be able to help. I finally had to use one to resolve a dispute that went on for over a year. Good Luck

[ceejay74]

Haven't had much dealings with Sallie Mae over the years on my partner's loans (beyond paying the bills), but I've done one consolidation and one deferment with them, and both of those were seamless, trouble-free processes.