Sallie mae taking forever to process my student loan?
P.S Yes i have heard the bad things about sallie mae.. i wouldn’t have applied for this loan from them if i didn’t have to.. so please spare me the “don’t go with sallie mae” talk.
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Sometimes the schools send information for many students at one time and only report one a week, two week, etc. So your FAO might be sitting on the information. Believe me, with a government -backed loan, the quicker they get the money out, the faster they can collect interest.
Once your information is received and processed the loan distribution is quick.
There are a few loans every semester that are distributed late and schools understand this and usually let you stay at your dorm and deduct the fees once your loan is sent to the school.
I would visit, not call your FAO, and nicely ask if they received all the information from you so that the application can be processed.
FYI, Sallie Mae is a great company and are very helpful, especially when you start paying the loan back. As long as you keep in contact with them, letting them know of your address changes and so forth, you will discover that they bend over backwards to help.
A couple I recommend for private student loans are Chase Bank, they have an online application you can submit anytime, even tonight. You can reach them through http://www.usadegrees.com/chase/ They’ll get you approved and have a check out to you in about 7 – 10 days.
Also try Student Loan Advisors at http://www.studentloanadvisors.com/ they also can get you a check within 7 to 10 days if something continues to hold up the money from Sallie Mae.
The last thing you want to happen is to have to try to find a place to live because a loan came in late. Good Luck!
I know you made comments about Sallie Mae and maybe the delay is a good thing. If your credit is good there are MUCH better choices for alternative loans on the market. Have you really checked the fees (repayment and origination) not to mention the interest rate? Sallie’s loans are among the highest. Sorry had to throw that in.
Good luck.
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About three brain cells. You don’t f— with Uncle Sallie.
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