Sallie Mae Taking Forever To Process My Student Loan?
Posted by StudentLoan on February 19th, 2010 | 5 comments
I finished a tyro loan focus as well as was credit approved, they pronounced they only need to get a small report from my school. Well a been over 2 weeks as well as a focus is still deficient as well as i need a income straight away so i can compensate for my dorm or be forced to pierce out. Does any one know how prolonged this customarily takes?
P.S Yes i have listened a terrible things about sallie mae.. i wouldn’t have practical for this loan from them if i didn’t have to.. so greatfully gangling me a “don’t go with sallie mae” talk.
Comments
Have you discussed with your FAO regarding the missing information?
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 quicker 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 know 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 question if they received all the information from you so that the application can be processed.
FYI, Sallie Mae is a fantastic 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 learn that they bend over backwards to help.
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Shouldnt take that long, I work for the school. Try this number 1-888-272-4665
Ok, I won’t go into the sallie mae thing. But it doesn’t hurt to have a plot ‘b’. I’d suggest applying at some other lenders, since you’ve been credit approved, you can certainly get approved with the as well. If the money from Sallie shows up in time, you simply decline the other loan offers.
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. Excellent Luck!
If the loan is waiting to be certified then I would check with the school. They will still have to determine the amount you are actual eligible for based on your cost of attendance and the other aid you may have already received. Since this is still a peak time for financial aid offices with fall just starting, it could take time based on their work load. Again, check with your counselor see if they can rush it.
I know you made comments about Sallie Mae and maybe the delay is a excellent thing. If your credit is excellent 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.
Excellent luck.