Corporate greed seems to be the driving force behind many companies, and Sallie Mae is no exception. Sallie Mae was once about helping students that asked for it, but these days students asking for it when they ask Sallie Mae for help. A web search for "Sallie Mae sucks" will yield hundreds, if not thousands, of articles by people who have been screwed by Sallie Mae. Sallie Mae's treatment of borrowers is nothing short of dispicable and unjust.
This site was created to provide a public forum for everyone who had both good and bad experiences with Sallie Mae or any other student lender. Please join the forum and share your story with the world. We need to educate future borrowers so they can be prepared. They will be better off knowing ahead of time what we learned too late!
The following is an excerpt from StudentLoanJustice.ORG. Please be sure to visit StudentLoanJustice.ORG, as there is a wealth of great information that reinforces the claims of those negatively affected by the scummy practices of Sallie Mae.
Student loans have become the most profitable, uncompetitive, oppressive, and predatory type of debt of any in the nation. This has occurred due to legislation that was largely paid for by the the lobbying machine of Sallie Mae, the largest student loan company in America. Vast personal fortunes are being made by both Sallie Mae executives, and others who paid for this legislation, at the expense of decent citizens who were not able to capitalize on their education. This has effectively crippled MILLIONS of decent citizens who want to repay their original debt, but are prevented from doing so by staggeringly higher amounts being demanded from them by both "non-profit", and for-profit student loan companies. This has truly created a swath of economic destruction across our land.
SLM Corporation (NYSE:SLM), commonly known as Sallie Mae, today issued the following statement regarding implementation of the U.S. Department of Education's loan participation purchase program authorized under the "Ensuring Continued Access to Student Loans Act of 2008":
College students and their parents see higher education as a critical investment in the future, but according to a national study of college-going families released today by Sallie Mae and Gallup, many overlook the cost of college as they select their school and do not consider post-graduation income as they decide whether and how much to borrow to pay for college.
Shares of Sallie Mae tumbled Tuesday, skidding close to their 52-week lows, in a declining market anxious over the latest economic signposts and rebounding oil prices.
