Sallie Mae Phone Number Student Loans

Sallie Mae Phone Number Student Loans

9 min read


Sallie Mae

Sallie Mae is a student loan company operating out of the United States, and is owned by Bank of America. The company was founded in 1989 as a subsidiary of NationsBank Corporation. In 1990, the company became independent after acquisition by Banc One Capital Markets Inc. (now known as Ally Financial).

Loan Officers

Loan officers work directly with students and parents. A loan officer may provide information about financial aid programs, loans, grants, housing assistance, and scholarships. Loan officers help people choose the best possible repayment plan based on their financial situation and future goals.

Credit Scores

Credit scores range from 300-850. Your credit score reflects how responsible you are paying back debts. Higher credit scores mean you pay off your debts faster and lower credit scores indicate greater risk of not repaying lenders. Most lenders use FICO scores (Fair Isaac Company) for determining whether borrowers qualify for certain types of loans. Lenders often use different scoring systems, however. So the actual number used by lenders might vary.

Types of Loans

Loans come in many forms. Here are some of the most popular types of loans:

Fixed rate loans, where the interest rates stay the same throughout the term of the loan

Adjustable rate loans, where the initial interest rate is fixed and then changes periodically over time

Lines of credit, or revolving accounts, where you have access to a certain amount of money each month

Home improvement loans, often called home equity lines of credit (HELOC), where you borrow money to make improvements to your house

Repayment Plans

The length of repayment plans varies widely depending on type of loan. Typically, the longer the period, the higher the monthly payment will be.

Sallie Mae Phone Number Student Loans

Sallie Mae Phone number student loans are not dischargeable in bankruptcy under any circumstances. In fact, just about everyone who goes bankrupt these days owes money to Sallie Mae – for school loans, credit card debt, medical bills, car payments, and much more.

If a person has a loan with Sallie Mae, they may want to try and get out of paying back those debts. You might have heard people say that if you file for bankruptcy, you’ll never pay off your debt. That’s simply not true. If you file for Chapter 7 bankruptcy (liquidation), you still owe all of your debts, but the court doesn’t order what you need to pay back. Instead of getting paid pennies on the dollar like you would in a Chapter 13 bankruptcy filing, you’ll end up owing even more.

Chapter 11 Bankruptcy is when you go before a judge and ask him to allow you to reorganize your finances and keep some assets. Most often, however, a bankruptcy attorney will recommend that you file for Chapter 7 instead. If you’re going to file for bankruptcy, do it right. Get help from a professional. Don’t let yourself fall victim to fraud. There are many scammers out there looking to take advantage of unsuspecting people. Take the time to learn how to protect yourself and find a reputable lawyer.

In California, the law states that if you default on your student loans and don’t repay them, you could lose your driver’s license. In New Jersey, you could lose your job. And in Massachusetts, you could lose your home.

You Could Lose Your Job

You could also lose your job if you don’t pay back your student loans. Federal law stipulates that any employer who fires someone after being notified by their bank that they are delinquent on their federal student loan payments is committing a crime.

The Department of Education holds private companies responsible for performing background checks on employees and terminating anyone who has been delinquent on their loans. Not only does this put employers at risk of violating federal laws, but it puts students at risk of losing their jobs. The problem isn’t necessarily the amount of money owed; the problem lies in the fact that you’ve missed three months of payments.

According to a study conducted by UCLA, nearly half of all college graduates have at least one student loan. By the time you graduate, you could owe anywhere between $25,000-$65,000.

You Could Lose Home Ownership

While Chapter 7 Bankruptcy won’t automatically strip you of your home, it will make it impossible for you to refinance your mortgage. Many people think that once they declare bankruptcy, everything will be okay. But it’s actually harder than ever to become a homeowner again.

It’s possible for a judge to grant you permission to sell your house, but only if you can prove that the value of your home has dropped significantly since you bought it. If you’ve lost your job or gotten divorced while you were juggling student loan payments, that drop in income could invalidate your claim to having suffered a decrease in financial condition.

You Might Be Forced To Pay Off More Than You Owe

Even though you might be able to get rid of some of your debt during a bankruptcy hearing, you might end up owing more than you originally did before. Since a bankruptcy petition can affect your credit report, it might be difficult to borrow money later on down the line, especially if you have bad credit because of unpaid student loans.

For example, if you have a total of $10,000 in debt, you might qualify for a $2000 tax refund each year. However, if you fail to make payment on your student loans, the IRS could hold that money back until you’ve repaid all of your outstanding obligations.

Sallie Mae Phone Number Student Loans

What is Sallie Mae?

Sallie Mae is an American financial services company that provides student loans. Its motto is “Serving Students since 1920”.

When did Sallie Mae start?

It began in 1920 as a small bank in Memphis Tennessee. In 1997 the company was bought by Bank One. Since then the company has grown exponentially.

How much do they loan out students?

In 2017 they had $16 billion in outstanding balances. On average it takes 1-1/2 years for a person to pay off their debt.

What types of loan does it offer?

The most popular type is the Federal Family Education Loan (FFEL). Another is the Direct Subsidized or Unsubsidized Federal Stafford Loan and Private Alternative Loan Program. There are also special education loans as well.

Where are these loans taken out?

Students can take them out at any college in the country. All states have laws that protect students from being charged excessive interest rates. Even if they don’t, many colleges give out low interest rate options.

Why would someone choose to use a loan instead of taking out money from friends and family?

Many people want to avoid having their parents worry about paying for school expenses. Many also need some extra cash for emergencies.

Does the government help pay back these loans?

If the borrower is still in school full time and working while making payments, they may qualify for federal assistance. If not, they may be able to get deferments or forbearances.

Sallie Mae Phone Number Student Loans

Sallie Mae

Sallie Mae (NYSE: SLM) is the nation’s largest student loan servicer. Our mission is to help students succeed financially after they’ve earned their degrees. We provide loans, facilitate payments and work with education institutions to ensure our customers have access to good-value financial products and services. Sallie Mae is headquartered in McLean, VA. 2. Fannie Mae

Fannie Mae (OTCBB: FNMA) provides financing solutions by offering residential mortgages, home equity conversion mortgages, and mortgage-backed securities. The company operates through two business segments: Consumer Finance and Business & Industrial finance. Its Consumer Finance segment offers consumer mortgage lending, including single-family and multifamily housing loans; home equity loans, including reverse mortgages; and credit cards, auto  loans, small balance installment loans, personal loans, and prepaid card products. Fannie Mae’s Business & Industrial finance segment provides commercial real estate debt and equity offerings; mortgage banking activities; and asset management and investment sales. In addition, the company’s Government Securities group issues collateralized debt obligations (CDOs), agency bonds, and Treasury bills. 3. Bank of America Corp.

Bank of America Corporation is a bank holding company incorporated under the laws of Delaware, USA. The Company operates primarily in four segments: Retail Banking, Commercial Banking, Global Transaction Services, and Wealth Management. The Retail Banking segment conducts retail banking activities through its domestic operations. The Corporate and Investment Bank provides wholesale funding, prime brokerage, and other financial advisory services to corporations, institutional investors, high net worth individuals, broker/dealers, other intermediaries, and private wealth managers. The Commercial Banking segment engages in various traditional banking activities, including lending, deposit taking, and cash management activities. Global Transaction Services provides payment processing and settlement services globally. The Wealth Management segment consists of certain assets and liabilities of Bank of America NML Capital, Inc., including cash and investments held at third party custodians, mutual funds, annuities, insurance contracts, and trust accounts. The Company serves individual consumers, businesses, governmental entities, and nonprofit organizations. 4. Wells Fargo & Co.

Wells Fargo & Company is the second largest community bank in the United States, and was founded in 1852. 5. Citigroup Inc.

Citigroup Inc. is an American multinational financial services corporation based in New York City. It is the world’s leading provider of global financial services, offering consumers, corporations, governments and institutions a broad range of financial products and services including consumer banking, corporate and investment banking, securities brokerage, transaction execution and risk management, and wealth management. As of December 31, 2015, the company had $2.9 trillion in total consolidated assets. Citigroup is a founding member of the Federal Reserve System and was among the first major Wall Street firms to develop a comprehensive computer system for monitoring the interest rate market. As of June 30, 2016, Citi had approximately 1.75 million employees worldwide, including 1.5 million in North America, Europe, Asia Pacific, Latin America, Africa, and the Middle East. In 2014, the company paid $14 billion in federal income taxes, down sharply from a peak of $33.8 billion in 2009. In the fourth quarter of 2015, Citi reported net income of $4.1 billion, or $1.56 per share, compared to a loss of $10.5 billion, or $3.49 per share, in the same period a year earlier. After accounting for non-recurring items, the adjusted profit equaled $1.54 per share. 6. JPMorgan Chase & Co.

JPMorgan Chase & Co., commonly known simply as JPMorgan Chase, is an American multinational banking and financial services conglomerate based in New York City with headquarters at 200 Park Avenue. Founded in 1865 as a cotton exchange house, JPMorgan Chase remains family owned and run to this day. In 2013, the firm became the first bank to reach a valuation of US$2 trillion. In 2015, the company began trading stock options on the New York Stock Exchange, making it the first company to trade publicly on both NASDAQ and NYSE simultaneously. The company ranked number 11 on the Fortune 500 list of the biggest companies in the U.S. and number 12 in the World’s Most Admired Companies. It also ranks sixth on the Forbes Global 2000 list of the world’s largest public companies. JPMorgan Chase is the parent company of numerous subsidiaries, including Bank One Corporation, BNY Mellon, Canary Wharf Group PLC, Citibank NA, Credit Suisse AG, First State Bankshares, Goldman Sachs & Co., Health Care Financial Solutions LLC, HSBC Holdings plc, JPMorgan Chase Bank, National Association, Northern Trust Corporation, Sovereign Bancorp, UniCredit Bank AG, and Wachovia Corporation. 7. Ally Financial

Ally Financial, Inc. is a financial holding company whose principal subsidiary, Ally Bank, is one of the five largest automotive lenders in the United States. The company focuses on automobile financing as well as providing other financial services like checking and savings account, online banking, money markets, and certificates of deposits.

Sallie Mae Phone Number Student Loans

A student loan is any money borrowed to pay for school-related expenses, including tuition, fees, books, housing, food, clothing, transportation, etc. In the United States, federal student loans are regulated by the U.S. Department of Education. After graduation, students may have difficulty paying off their loans if they choose not to make payments. According to Sallie Mae’s “Student Loan Fact Book,” the average undergraduate college graduate has about $30,000 in debt. Not having enough money to pay back the loan can cause problems for students who go to school after taking out loans.

The following questions/answers were developed specifically for our website ( If you need help finding information on how to get out of debt, visit

Q: What are some reasons people don’t pay their student loans? A: People often don’t think about repaying their loans until they are already heavily in debt. Another reason is that many borrowers believe that repayment plans are only for those who cannot afford to repay their loans. However, most borrowers who are eligible for these plans do not take advantage of them. Borrowers who are struggling financially may find it hard to take advantage of a repayment program. Some programs, such as income based repayment (IBR), require borrowers to send monthly payments regardless of whether they earn enough money to cover the payment. Others require borrowers to send payments even if they do not have the means to meet the minimum requirements. Repayment plans are designed to help borrowers manage their finances by making payments easier to handle.

Q. Can I qualify for financial aid? A. Yes. You may qualify for government financial aid (such as Pell Grants) that could reduce the total amount of your loan payments. Your eligibility for aid is determined according to your family’s income, assets, and expenses. Financial aid is awarded through the Federal Family Educational Loan Program (FFELP). Students and parents should apply for financial aid early to ensure that they receive financial assistance before enrolling at a school. To learn more, contact the school you plan to attend and ask for the admissions office.

Visit the student loan fact book at

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