ComplaintsforSallie Mae

• Initial Complaint

  12/17/2021

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I recently applied to Sallie Mae as a co-signer for my nephew who is starting higher education. My credit rating is 801 with a payment history of 100% as far back as the credit agencies report. The fixed interest rates on the Sallie Mae website range from under 2% to a high of over 12%. When I submitted my co-signer application in less than one second I was assigned the highest possible interest rate. I contacted their client services number and could not get an explanation of why this happened and what made me such a poor risk. It was impossible for them to have researched me in such a short period of time. I have recently been approved for a home refinance at a rate of 2.75%. It appears that the system is programmed to automatically apply the highest possible rate regardless of the credit history of the borrower.

  

  Business response

  12/23/2021

  Thank you for your message.  In the interest of protecting the privacy of our customers, the Office of the Customer Advocate responded directly to the customer via US Postal Service on December 23, 2021.  Please allow sufficient time for postal delivery.

  Customer response

  12/31/2021

  Better Business Bureau:

  I have reviewed the response made by the business in reference to my complaint and have determined that this does not resolve my  issue.  For your reference, details of the offer I reviewed appear below.

  **In order for the bureau to continue to assist you, you MUST provide your view on the matter or your complaint will be closed as answered.
  
  I did get a letter from Sallie Mae; but, it did not answer the specific question that I asked. I received documents that told me what I had to do to complete and approve the release the funds to the University of Miami at an interest rate of 12.65%. I asked them to explain to me what in my application as co-signer told them that I represented the highest possible risk for repayment. It appears that it was a canned response and that they did not even take the time to read my complaint and request for resolution. Further, I don’t understand how the issue of confidentiality applies, since I am asking for information about myself. 
  
  
  Regards,

  Complaint ID: 16376782

   

   

   

  

  Business response

  01/10/2022

  Thank you for your message.  In the interest of protecting the privacy of our customers, the Office of the Customer Advocate responded directly to the customer via US Postal Service on
  January 10, 2022.  Please allow sufficient time for postal delivery.

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩