Sallie Mae Review: Everything You Need To Know Before Applying

1. Fill out an application: The first step in applying for a loan through Sallie Mae Is to fill out an application. The application asks for information about you, such as your address and social security number, as well as your employment status, income, and assets. In addition, you’ll be asked to provide information about the program you’re planning to attend and its costs. You'll also need to provide the names and contact information for two references, other than your co-signer.
2. Undergo a credit check: Next, a lender from Sallie Mae will pull a copy of your credit report, as well as a copy of your co-signer’s if you're using one. This is a hard pull, which means it will be recorded on your credit report and can affect your score.
3. Receive a decision on your application: Once they have all of your financial information in hand, Sallie Mae says that they can provide you with a loan decision in as little as 15 minutes. Although, in some cases, they may ask for additional documentation before making a final determination.
4. Choose your loan terms: If your application is approved, you'll be given the option to choose your interest rate and repayment options.
5. Sign the loan agreement: Once you've selected your options, your lender will draw the paperwork, you'll be given a chance to review everything, and you will sign on the dotted line. If you're using a co-signer, your co-signer will need to sign the documents too.
6. Wait for them to verify your education information: Finally, Sallie Mae will reach out to your school or certificate program to verify your enrollment and any tuition information.

Sallie Mae Customer Support

You can contact Sallie Mae customer support via phone or live chat. The company provides separate numbers based on The product that you're calling about. New student loan applicants should call 855-756-5626 (855-SLM-LOAN) while existing borrowers can call 800-472-5543 (800-4-SALLIE).

In general, You can expect to be put in contact with an agent if you call between the hours of 8:00 AM. and 8:00 PM EST Monday through Friday. However, the company offers extended support, including weekend hours support for those trying to fill out a Sallie Mae loan application for the first time.

Unfortunately, customer service reviews of Sallie Mae from Trustpilot indicate that the loan servicer has a long way to go before providing quality customer service. Most of the reviews on the site are either one or two stars and the Sallie Mae customer service team seems to play a key role in borrowers’ unhappiness. They report getting hounding phone calls from the billing department when they’re late on payment, but not being able to get a response when they have a question of their own.

Sallie Mae Online Reviews

Sallie Mae has a 3.7 out of 5 star average rating on Consumer Affairs. The majority of the positive reviews revolved around Sallie Mae's flexible loan options and The wide range of educational programs that they will fund. However, The negative reviews report that there is a lack of transparency to the company’s loan terms and collection policies.

One reviewer had the following to say about their experience with Sallie Mae:

“They have exorbitant rates, no loan forgiveness or rate reduction paths for hardship, and generally use aggressive tactics to force uncomfortable payments. They claim to ‘work with you’ on modifications or relief, but in reality, they do nothing. This behavior is very similar to the mortgage market during the 2008-2010 recession.”

Sallie Mae Perks and Bonuses

Flexibility:

Although Sallie Mae offers plenty of flexibility In terms of their financing options, It seems that they are less flexible Once you've actually been approved for the loan. Notably, they do offer a 0.25% interest rate reduction for setting up auto pay and they offer to defer your loans for up to 48 months if you start another educational program or an internship. However, there is no option for payment deferral or forbearance if you're experiencing hardship and you won't have the opportunity to take advantage of Sallie Mae student loan refinancing.

Mentorship:

Sallie Mae does post a variety of educational content on its blog. That said, the blog content is the extent of the company’s educational services. There are no formal counseling or loan management assistance services available. If you're thinking of borrowing from them, it will be up to you to do your own research and to make sure that you understand the terms and conditions of your loan before signing on the dotted line.

Technology:

Lastly, Sallie Mae does have an app that works for both IOS and Android, making it so that it has more convenient payment options then some other lenders on the market. Alternatively, you can also make payments by automatic debit, online, by mail, or over the phone.

Final Thoughts

Sallie Mae's biggest benefit is its wide array of loan options. While many lenders shy away from lending to those who are considering certificate programs, Sallie Mae offers programs that make attending those programs a possibility. That said, borrowers who decide to go with one of Sallie Mae’s loan programs need to be sure to do their homework. This lender does not offer much in terms of educational content nor does it offer many options in the way of loan modification or forbearance options for those who are going through financial hardship. With that in mind, tread carefully before deciding to sign on the dotted line.