Grades are also broken down by the financial products offered be each institution. Sallie Mae is rated "A-" in Debt Collection, and "B-" in Student Loans. Click on any of the financial products to see how Sallie Mae compares.
Sallie Mae has received 106 consumer complaints since February, 2014 – more than 92% of other banks.
Of those complaints, 100% of complaints were resolved in a timely manner. The CFPB allows 60 days to resolve complaints before considering them 'untimely.' Sallie Mae meets the 60-day response deadline more frequently than 83% of other banks.
After companies respond to complaints, customers may dispute the response indicating that the issue was not resolved adequately. 7.5% of customers dispute Sallie Mae's response to complaints — better than 90.3% of other companies.
Most of Sallie Mae's customers complain about student loans with the primary issue being "dealing with my lender or servicer."
Sallie Mae is primarily a commercial bank with a consumer lending specialization. Sallie Mae is based in Salt Lake City, Utah and is the 72nd largest FDIC insured bank in America.
Naturally larger banks receive more customer complaints than smaller ones. This does not necessarily indicate that a bank is better than another in terms of service and customer support.
However, even after adjusting for bank size and number of customers, Sallie Mae receives far more complaints than most other banks. Sallie Mae recieves more complaints per customer than 98% of other banks – customers are significantly more likely to file complaints than customers of most other banks.
|#||Financial Product||Sub-Product||Complaint Issue||Complaint Count|
|1||Student loan||Non-federal student loan||Dealing with my lender or servicer||174|
|2||Student loan||Non-federal student loan||Can't repay my loan||90|
|3||Student loan||Non-federal student loan||Getting a loan||14|
|4||Debt collection||Non-federal student loan||Communication tactics||6|
|5||Debt collection||Federal student loan||Communication tactics||3|
|6||Bank account or service||Other bank product/service||Deposits and withdrawals||2|
|7||Debt collection||Non-federal student loan||Communication tactics||2|
|8||Debt collection||Federal student loan||Cont'd attempts collect debt not owed||1|
|9||Debt collection||Non-federal student loan||Cont'd attempts collect debt not owed||1|
|10||Debt collection||Non-federal student loan||Taking/threatening an illegal action||1|
|#||Company Response||Response Count||Timely Response Count||Disputed Count|
|1||Closed with explanation||222||222 (100%)||36 (16.2%)|
|2||Closed with monetary relief||39||39 (100%)||3 (7.7%)|
|3||Closed with non-monetary relief||28||28 (100%)||0 (0%)|
|4||In progress||8||7 (87.5%)||0 (0%)|