Sallie Mae’s Incompetence

I just came across this press release from last May from Sallie Mae, urging students to check out the company they are going to consolidate to. The presence of borrower benefits can greatly affect the overall payment. The underlying tone of the article is that some companies are unscrupulous and may do bad things with your loans. One of those company’s is Sallie Mae, if you need proof just spend some time reading this blog and the others I have been adding to the blogroll on the right.

Good Advice and Humor:

“Don’t be short-sighted. Consolidating your student loans will lengthen your repayment term, creating a long-term relationship with your lender, so it’s important to also consider lenders that can offer flexible repayment options, life-of-loan servicing, and a single point of contact,” says Scherschel.

Good

• Warning students about bad lenders
• Noting that a consolidation lengthens the payment period

Bad

• Sallie Mae is as flexible as an arthritic osteoporothis ridden old man.
• Sallie Mae will provide life of loan servicing, they will have your loan until you die.
• Sallie Mae cannot provide a single point of contact, each call no matter if it is your 1st or 50th regarding the same problem nets you another person with no vested interest in solving your problem.  From our experience it is ussualy someone who has half a grasp on the english language as well, which doesn’t work when your job is to deal with angry english speaking student loan borrowers.

Sallie Mae Cautions Students about Lender Practices, Irony not Lost