• Report: #232968

Complaint Review: SLM Financial - Sallie Mae

  • Submitted: Sat, January 27, 2007
  • Updated: Sat, March 03, 2007

  • Reported By:richmond Virginia
SLM Financial - Sallie Mae
www.manageyourloans.com Internet U.S.A.
  • Phone:
  • Web:
  • Category: Loans

SLM Financial - Sallie Mae Career Loans, Student Loans ripoff Marlton Internet

*Consumer Comment: I repeat - credit can't be RUINED only damaged

*Consumer Suggestion: Doesn;t sound like a guaranteed student loan

*Consumer Suggestion: Student loans will ruin your credit.

*Author of original report: update to story

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SLM financial has called me a couple of days ago. They are willing to settle the debt with me. I have not made a payment in almost 2 years because I could not afford to. I owe 20,264.00 (plus interest and fees) and they have charged off the loan. They are willing to settle for 18,000.00. I only had a conversation over the phone - I will need to confirm said conversation with Ms Harrison and make sure the loan has a restrictive endorsement so they can not come back at me at a later date.

I know Sallie Mae/SLM Financial abuse their power. If they had made a settlement (I was offering 75 cent on the dollar) this wouldn't have gone this far. With that being said, I hope that I can be rid of them once and for all and will never do business with them at all.

richmond, Virginia

This report was posted on Ripoff Report on 01/27/2007 03:30 AM and is a permanent record located here: http://www.ripoffreport.com/r/SLM-Financial-Sallie-Mae/internet/SLM-Financial-Sallie-Mae-Career-Loans-Student-Loans-ripoff-Marlton-Internet-232968. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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Updates & Rebuttals

#1 Consumer Comment

I repeat - credit can't be RUINED only damaged

AUTHOR: Joy - (U.S.A.)

First of all it wasnt a government loan. It was a non secured private loan. Although it is on your credit report, companies tend to look at the last 2 years of payments - I used to work for a mortgage company that dealt with A paper loans. Even those that filed bankruptcy, we only looked at the last 2 years after the discharge.

As I stated earlier, don't let someone bully you by telling you your credit will be RUINED - no ones credit is RUINED forever.
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#2 Consumer Suggestion

Doesn;t sound like a guaranteed student loan

AUTHOR: Jake - (U.S.A.)

Guaranteed (FFELP) student loans get sent to the guarantor, and ultimately to DE after default, they do not remain with the original lender.

SLM financial issues private consumer loans, including education loans. Although their parent company, Sallie Mae, issues FFELP loans, they do not.

Private or "alternative" student loans are not Title IV financial aid, and are not governed by HEA like the loans you are talking about (Perkins, Stafford, etc.)
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#3 Consumer Suggestion

Student loans will ruin your credit.

AUTHOR: Nikki - (U.S.A.)

If you have a government backed student loan, it will ruin your credit. If you pay them, the bad mark, charge off, is still on your credit report for 7 years, and still a low credit score.

However, if you don't pay them, it will come back to haunt you over the next 7 years with almost anything worthwhile that you try to apply for. 7 years is a lonnnnng time! If you try to get a mortgage, they will make you pay off the student loans first. If you try to finance a car, you may get financing, but at a higher interest rate. Almost every creditor will use that as their reason to raise your interest rate.

Also, whether it be during the next 7 years, or forever, they can garnish your wages. Especially for that high of a loan amount. If you are able to pay them now, you should do it or you may later wish you did. A government student loan can always find out where you work through your W-2's.

Try to deal with Sallie Mae directly, or the US Dept of Education before you pay a collection agency. You may receive better terms and you will probably receive better customer service.

I am someone who had student loans follow me from 1984 through 2000 (paid off now), and it wasn't fun.
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#4 Author of original report

update to story

AUTHOR: Joy - (U.S.A.)

I have contacted slm financial. They are supposedly settling the deal. I have 30 days from the day the settlement was offered. Ms Harrison stated that the loan was charged off in Oct 25, 2005 and that it was on its way to the lawyers. Which is the second time they told me it was going to the lawyers.

The sallie mae website manageyourloans.com does not reflect that the loan was charged off and I'm not sure why they would wait over a year after charge off to send to a lawyer.

If you have any friends/relatives that are considering using SLM financial to finance their education, please let them know that SLM are liars and loan sharks. If you are in trouble stand your ground. Either try to get a loan with your bank or wait until they offer you a settlement offer.

Never let them intimidate you with their threats. Never let them scare you into thinking that they can "ruin" your credit - they can blemish for a minute, but do you know of anybody that has "ruined" credit in the long term?
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