As you read this, the US Department of Education is looking for a servicer for federal student loans. The job is worth hundreds of millions of dollars in revenue. Earlier this month, the list was narrowed down to 6 finalists, among them are Sallie Mae, Nelnet, ACS, American Education Services, Great Lakes, and Wellsfargo.
The decision is slated to be made very soon, maybe even just weeks.
It is unclear how the Department of Education is making a determination as to which servicer it will use; however, we all have a duty to make sure it is one that will help all students.
As such, we need to speak up. Not just the students, but the lenders and schools too. If you work for one of the companies that made it to the final six, share with us here why your company should be chosen over the others. Tell us what you know about the other finalists that makes you believe they are not qualified to take on the role as servicer for federal loans.
There are 2 "contract specialists" in charge of the DOE's pick of a servicer. Share your thoughts,experiences,and opinions with them ASAP! The people to contact to share your opinions with are:
MIKE WHISLER, (202)377-3450 email
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NICHOLAS CHUNG, (202)377-3635 email
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We are interested in sharing ideas and knowledge and then using that information to help the Department of Education make an informed decision in picking which company will be used to service federal loans.
*The contract in question will be a 10-year contract for ALL Title IV (aka "federal") loans. The contract will be worth HUNDREDS OF MILLIONS OF DOLLARS to the company to which it is awarded. It looks like the Department of Education is trying to push a decision through by the end of the month. Time is of the essence in getting the word out about this! Please join the Facebook group: FINAL SIX - Student Loan Servicing Job Up For Grabs ( http://www.facebook.com/group.php?gid=60098379849) so that you can share your contact with the decision makers and tell other people about this very important issue. Contact Info | Website: | | | Office: | Consumer Warning Network | | Location: | Tampa, FL |
CWN Teams Up With Jesse Jackson to Fight Predatory Student Lending I thought this was supposed to be a fight for good. Why team up with such a bigot? I mean, he is one of the biggest hypocrites to ever live and we're teaming up with him? Please don't do this CWN. We don't need this ass-clown fighting on our behalf. I don't care what you say. He will end up fighting for only one part of our side in the end, and only in such a way that he receives good publicity.
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.
CWN ALERT Sallie Mae Misrepresenting Status of Student Loan
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! Allow me to make one thing clear. This site is not for people who chose not to make their payments. Choosing not to pay a debt is one's own fault. Sallie Mae, like many companies, makes mistakes. I don't fault them for that. What matters is how they resolve the problems. They did a terrible job resolving the mistakes they made with my account, and I found out that I was far from being the only person suffering because of THEIR mistakes. I also found that they allegedly prey on borrowers, trapping people into paying 2 to 3 times (sometimes significantly more) what they borrowed. There is simply no excuse for it. Turae on Student Loans
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.
Ad Council: Truth Serum
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