What does DEPT OF ED/SALLIE MAE mean on my credit report?

Learn about DEPT OF ED/SALLIE MAE, an creditor offering loans for financial assistance. Check the impact to your credit report and financial status.

Updated January 1, 2023
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What is DEPT OF ED/SALLIE MAE?

DEPT OF ED/SALLIE MAE is shorthand for Sallie Mae, with the company name being Sallie Mae Inc

DEPT OF ED/SALLIE MAE is a Creditor provider. They could be on your report for a number of reasons, for example:

  • ⚫ You missed a repayment.

  • ⚫ You opened an account with Sallie Mae.

  • ⚫ You opened a credit card / loan / mortgage with this company.

  • ⚫ Someone fraudulently opened a credit line under your name.

About the account

The account is classified under the following METRO2 categories:

  • ⚫ Education

How do I contact them?

Here is the current contact details for Sallie Mae:

Address:

  • P.O. Box 3319 Wilmington, DE 19804-4319

Website:

Email:

Phone:

Payments

Customers can make payments by mail, online, or enroll in auto debit. You can also make payments by phone, using a mobile app, or with a prepaid debit card. Wire transfers are also an option. If payments are late, there are additional fees and interest.

Question Answer
Do they offer a monthly payment plan? No
Can I make payments over the phone? Yes
Can I make payments online? Yes
Do they offer a discount for automatic payments? No
Can I make a payment using a mobile app? Yes
Can I make a payment using a prepaid debit card? Yes
Can I make a payment using a wire transfer? Yes

Forgiveness and Cancellation

they do not offer loan forgiveness or consolidation. To qualify for loan forgiveness, you must go through the student loan application process and make sure to follow the steps after the loan is approved. Additionally, you must make sure you send payments to the correct address, make sure your life change updates are processed, and check the status of your deferment request.

Question Answer
Do they offer loan forgiveness? No
Do they offer loan consolidation? No

How to Apply

It is possible to apply for a loan online, over the phone, or in person. You can also use a mobile app to apply for a loan. If you need help understanding the application process, there are details available online. You can also contact us at 800-472-5543.

Question Answer
Can I apply for a loan online? Yes
Can I apply for a loan over a phone call? No
Can I apply for a loan in person? Yes
Can I apply for a loan using a mobile app? Yes
Can I apply for a loan with a cosigner? Yes

IdentityIQ Report Example

  • This is an example of what this creditor will look like on your IdentityIQ report.

DEPT OF ED/SALLIE MAE IdentityIQ Report

Will this affect my credit score?

Whether this account affects your credit score depends on a variety of factors, such as:

  • Account Open Date: If you opened this account recently it will impact your credit, the only way to prevent this from impacting your credit score is to remove the account from your report.
  • Derogatory Markings: If this account has any derogatory markings such as: Lates, Charge Offs, Collections and others.

However, there are could be some potential positive aspects to this account which could lead to improving your credit score, such as:

  • Account Age: If your account is quite old, then the age of it will positively impact your credit score
  • Repayment History: If the account has no Late Payments, Charge off Payments, then it may reflect a positive impact onto your credit score.

Can it be removed from my credit report?

Yes, with the right strategy, you will be able to remove any account from your report. But you have to be careful to ensure that the account is negative to begin with, or it will negatively impact your credit score.

However, removing a negative account will positively impact your credit score, allowing you to open new credit lines and potentially removing bad debt.

How do I remove DEPT OF ED/SALLIE MAE from my credit report?

You can send a dispute letter to the credit bureaus to remove this account from your report. You must send a dispute letter to all three credit bureaus, as they are legally required to remove the account from your report if it is found to be inaccurate. For best results you should send a dispute letter to the credit bureaus via certified mail, this will ensure that you have a legal record of the communication.