Sallie Mae, Navient To Pay $97M To Settle Servicemember Student Loan Violations

Sallie Mae, Navient To Pay $97M To Settle Servicemember Student Loan Violations

Taking advantage of members of the military isn’t looked upon lightly by federal regulators. This idea was driven home today by the Depts. of Education and Justice, and the Federal Deposit Insurance Corp., who jointly announced a sizable settlement against student loan servicers Sallie Mae and Navient for overcharging and imposing excessive fees to military members.
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Walmart, Koch, McDonald’s All Move On To Round Two Of Worst Company Tournament

Walmart, Koch, McDonald’s All Move On To Round Two Of Worst Company Tournament

Two of today’s WCIA battles were dominated by household names, proving that being the biggest doesn’t mean you’re the best. Another showdown featured companies that aren’t necessarily on the tip of everyones’ tongues, but are no less hated than the big brand names. [More]

Have Fun Breaking Down This Year’s Worst Company In America Bracket

Have Fun Breaking Down This Year’s Worst Company In America Bracket


The above bracket will be updated at the end of each day of WCIA competition to reflect that day’s results.
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After going through all of your nominations, then having y’all rank the contenders and eliminate the chaff from the wheat, we’re proud to present the first round match-ups for this year’s Worst Company in America tournament! [More]

Here Are Your Worst Company Contenders For 2014 — Help Us Seed The Brackets!

Here Are Your Worst Company Contenders For 2014 — Help Us Seed The Brackets!

After sorting through a mountain of nomination e-mails, we’ve whittled down the field of competitors for this year’s Worst Company In America tournament to 40 bad businesses. Here’s your chance to have your say on how these players will square off in the bracket, and which bubble teams will get left out in the cold. [More]

Sallie Mae Wants Me To Pay Down Debt By Opening Up A Credit Card

Sallie Mae Wants Me To Pay Down Debt By Opening Up A Credit Card

On the surface, this e-mail that reader S. received from Sallie Mae doesn’t seem like a bad idea. It’s offering a new credit card, which maybe you were going to get anyway. You can use the card’s cash-back rewards to save for a loved one’s college education, or to pay off your own student loans. Yet it doesn’t sit right with S. [More]

Sallie Mae’s Federal Loan Business Is Now Navient. What’s A Navient?

Sallie Mae’s Federal Loan Business Is Now Navient. What’s A Navient?

Sallie Mae is the country’s largest originator and servicer of student loans and a regular contender in our Worst Company in America tournament. They’re about to become two much-hated companies, spinning off their loan servicing, loan management, and collections as a new company called Navient. [More]

(Donkey Hotey)

From Start To Finish, The Student Loan Industry Is In Need Of Massive Overhaul

Student loan debt in the U.S. has passed the $1 trillion mark while the cost of an education continues to outpace inflation, meaning tomorrow’s students will need to take on even more debt than the millions of graduates who already owe money. A new report from our coworkers at Consumers Union shows just how screwed up and unbalanced the student loan system is at every step of the way. [More]

Worst Company In America Round 2: Sallie Mae Vs. Ticketmaster

Worst Company In America Round 2: Sallie Mae Vs. Ticketmaster


No better way to ruin a good Friday afternoon than to bring up two companies people simply hate giving their money to. Thankfully, only one of these bad businesses will survive. [More]

Meet Your Worst Company In America Not-So-Sweet 16!

Meet Your Worst Company In America Not-So-Sweet 16!

Last week, 32 terrible titans of industry stepped on to the blood-stained mat of WCIA Death-and-Dismemberment Arena, but only 16 remain in this bestial battle royale to take home the treasured Golden Poo. [More]

Worst Company In America Round 1: PayPal Vs. Sallie Mae

Worst Company In America Round 1: PayPal Vs. Sallie Mae


Ready or not, it’s time to start Day 2 of bloodthirsty competition in the Worst Company In America tournament. Kicking things off for today is a match-up between two companies that love processing your payments, but don’t really show the love when you call to complain. [More]

(floozefactor)

New Bill Would Take Income-Based Student Loan Payments Straight From Your Paycheck

Student Loan debt in the U.S. recently crossed the $1 trillion mark, with a good chunk of that owed to the U.S. government. In an attempt to streamline the whole process, a soon-to-be-introduced bill would replace the current system of debt collection with automatic payroll deductions tied to the borrower’s income. [More]

(phildesignart)

Sallie Mae The Subject Of Nearly Half Of Student Loan-Related Complaints

The recently released annual report by the Consumer Financial Protection Bureau’s Student Loan Ombudsman looks at the variety and nature of complaints filed with the CFPB’s student loan complaint portal since it launched earlier this year. Not surprisingly to many people with these loans, Sallie Mae’s name comes up in almost half the complaints. [More]

Sallie Mae Can't Add, Thinks I Can't Pay My Bill

Sallie Mae Can't Add, Thinks I Can't Pay My Bill

Reader Vanessa is paying her student loans on time. Really, she is. The problem is that she can’t manage the full amount herself right now, so the payment comes in two parts: one from her, and one from her mom. This is too difficult for our friend Sallie to understand, and they keep sending delinquency notices to Vanessa even though the monthly bill gets paid in full. No matter how many times she contcats the company about the problem, no one can figure out how to make it stop. [More]

We Cosigned Our Unemployed Son's Student Loans. Now We're Screwed

We Cosigned Our Unemployed Son's Student Loans. Now We're Screwed

If you retain one piece of information from reading this site, let it be this one: never co-sign anyone’s student loans. Not your spouse’s student loans. Not your best friend’s student loans. Not your nephew’s student loans. Not even your own child’s student loans. It is the worst possible kind of debt to assume on behalf of someone else. The balances can be huge, the debt can’t be discharged in bankruptcy, and there’s nothing to repossess. That’s what anonymous parents M and D have learned, the very hard way. [More]

Sallie Mae Bank Can’t Write You A Check, Despite Being A Bank And All

Sallie Mae Bank Can’t Write You A Check, Despite Being A Bank And All

Sure, online-only banking is easy and convenient, but there are strange things that happen while the world gets used to this different way of banking. For example: JB received a call from Sallie Mae Bank that they couldn’t send him the balance of his matured certificate of deposit because they don’t have the capability to send checks to customers. Let me again emphasize that they are a bank. [More]

Sallie Mae Opts Not To Go After Family Of Dead Woman For $120K In Student Loans

Sallie Mae Opts Not To Go After Family Of Dead Woman For $120K In Student Loans

As we wrote last week, while many parents consider it a no-brainer to co-sign their children’s student loans, that decision can come back to bite them later. And if that child passes away, there’s little stopping loan servicers from piling debt on the parents’ grief. But here’s one story where Sallie Mae ultimately opted to not go that route. [More]

Which Worst Company Contenders Force Customers Into Mandatory Arbitration?

Which Worst Company Contenders Force Customers Into Mandatory Arbitration?

As we sifted through the mountain of nominations for this year’s Worst Company In America tournament, we noticed a trend of readers who cited companies’ mandatory binding arbitration clauses as a reason for nominating. And while it’s businesses like AT&T and Sony that have made all the headlines for effectively banning class action lawsuits, there are a lot of other WCIA contenders who are forcing customers into signing away their rights. [More]

Worst Company In America Round One: Sallie Mae Vs. Ticketmaster

Worst Company In America Round One: Sallie Mae Vs. Ticketmaster

For today’s afternoon bout, two companies that probably avoid walking down dark alleys for fear of being beaten up by angry consumers get a chance to kick each other in the teeth. [More]