Stop Sallie Mae student loan unfair practices!
Target:
5,000
Sponsored by:
To whom it may concern:
I am writing to express my deep concern regarding the student loan crisis, this compares to the destruction of the home loan industry and directly affects millions of student loan borrowers and graduates! As the banks fail this will affect student loan borrowers!
Currently there are approximately 500 billion dollars in student loan debt, the credit card industry is 900 billion in debt. According to the NEA article: My Debt My Life, 2008 edition, tuition costs have risen 42% in the past five years and wages have slowed down. The previous congress increased interest rates on student loans and cut 12 billion dollars from the Federal Student aid program.
Because of the increases students are forced to turn to private lenders for less favorable terms. 10 years ago the private student loan industry comprised 5% of the market now it represents 20%, a $17.3 billion dollar industry. Sallie Mae one of the largest private lenders reported $1 billion dollars in profits last year.
According to Student Loan Justice.Org student loan defaults are expected to rise to approximately 25%, unfortunately Sallie Mae is owned by some of the largest banks, for example Chase Manhattan they have powerful Washington lobbies and fight heavily against student loan reforms! Congress is not taking action for student loan borrowers and siding with the banks! The fact that that some of the largest banks own a majority of the student loan industry is significant, due to the current housing crisis and economic downturn, if they fail and lose money this will directly affect student loan borrowers!
Personally this affects me, in 1993 I took a loan with Sallie Mae for $13,000, at 7%, after graduating form nursing school I suffered personal and financial hardships, I had to defer, sign a forbearance and consolidate my loan several times. Fifteen years later I still owe 13,000 ! I spent years attempting to contact Sallie Mae for some resolution, either I could not reach them and when I did they offered no solutions or alternatives. They were ruthless and harassing when I had difficulty paying. A few years ago there was feature on 60 minutes regarding the student loan industry featuring Sallie Mae, Student Loan Justice.Org was interviewed, Alan Collindge who organizes this group was interviewed.. Please visit their website, they represent thousands of student loan borrowers who will never recover form their student loan debt! www.studentloanjustice.org
I feel that children are our number one resource and education is the key to our future. With the student loans in crisis how will today's children go to college? Our government needs to address this immediately and offer student consumer protections and resources!
Sincerely,
Jennifer T. Grace, BA,RN, M.Ed.
To whom it may concern:
I am writing to express my deep concern regarding the student loan crisis, this compares to the destruction of the home loan industry and directly affects millions of student loan borrowers and graduates! As the banks fail this will affect student loan borrowers!
Currently there are approximately 500 billion dollars in student loan debt, the credit card industry is 900 billion in debt. According to the NEA article: My Debt My Life, 2008 edition, tuition costs have risen 42% in the past five years and wages have slowed down. The previous congress increased interest rates on student loans and cut 12 billion dollars from the Federal Student aid program.
Because of the increases students are forced to turn to private lenders for less favorable terms. 10 years ago the private student loan industry comprised 5% of the market now it represents 20%, a $17.3 billion dollar industry. Sallie Mae one of the largest private lenders reported $1 billion dollars in profits last year.
According to Student Loan Justice.Org student loan defaults are expected to rise to approximately 25%, unfortunately Sallie Mae is owned by some of the largest banks, for example Chase Manhattan they have powerful Washington lobbies and fight heavily against student loan reforms! Congress is not taking action for student loan borrowers and siding with the banks! The fact that that some of the largest banks own a majority of the student loan industry is significant, due to the current housing crisis and economic downturn, if they fail and lose money this will directly affect student loan borrowers!
Personally this affects me, in 1993 I took a loan with Sallie Mae for $13,000, at 7%, after graduating form nursing school I suffered personal and financial hardships, I had to defer, sign a forbearance and consolidate my loan several times. Fifteen years later I still owe 13,000 ! I spent years attempting to contact Sallie Mae for some resolution, either I could not reach them and when I did they offered no solutions or alternatives. They were ruthless and harassing when I had difficulty paying. A few years ago there was feature on 60 minutes regarding the student loan industry featuring Sallie Mae, Student Loan Justice.Org was interviewed, Alan Collindge who organizes this group was interviewed.. Please visit their website, they represent thousands of student loan borrowers who will never recover form their student loan debt! www.studentloanjustice.org
I feel that children are our number one resource and education is the key to our future. With the student loans in crisis how will today's children go to college? Our government needs to address this immediately and offer student consumer protections and resources!
Sincerely,
Jennifer T. Grace, BA,RN, M.Ed.
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We signed the "Stop Sallie Mae student loan unfair practices!" petition!
# 37:
1:50 pm PDT, Aug 19,
Name not displayed, Indiana
My Sallie Mae student loan tripled in 10 years after deferments and forebearances due to financial hardship. It went from $11,000 to over $30,000! Now they tell me that I no longer am eligible for either one and I am currently defaulted. How will I ever repay it?
My Sallie Mae student loan tripled in 10 years after deferments and forebearances due to financial hardship. It went from $11,000 to over $30,000! Now they tell me that I no longer am eligible for either one and I am currently defaulted. How will I ever repay it?
# 36:
10:13 am PDT, Aug 17,
Name not displayed, Georgia
I, too, have been attempting to pay back a loan that keeps growing and growing. I had already paid off a huge amount of a loan, yet the one I consolidated at 8% (higher than my mortgage) I can't get on good footing with to pay off. I've had this loan now for almost 15 years! At the rate I'm going, because the payments are so high and I can't pay them, I will never be out of debt with these loans. After already paying off thousands, I think it's time for a settlement of some sort.
I, too, have been attempting to pay back a loan that keeps growing and growing. I had already paid off a huge amount of a loan, yet the one I consolidated at 8% (higher than my mortgage) I can't get on good footing with to pay off. I've had this loan now for almost 15 years! At the rate I'm going, because the payments are so high and I can't pay them, I will never be out of debt with these loans. After already paying off thousands, I think it's time for a settlement of some sort.
# 35:
9:15 am PDT, Aug 16,
Kristen Waclo, Pennsylvania
# 34:
6:54 am PDT, Aug 12,
Name not displayed, California
Get on the band wagon to force Salliemae into proper, legal, and ethical lending practices. Let's add one to the old saying. There are not two, but three things certain in life; Death, Taxes, and College Loan Debt payments.
Get on the band wagon to force Salliemae into proper, legal, and ethical lending practices. Let's add one to the old saying. There are not two, but three things certain in life; Death, Taxes, and College Loan Debt payments.
# 33:
4:01 pm PDT, Aug 10,
Mark Dorgan, Massachusetts
To whom it may concern: I am writing to express my deep concern regarding the student loan crisis, this compares to the destruction of the home loan industry and directly affects millions of student loan borrowers and graduates! As the banks fail this will affect student loan borrowers! Currently there are approximately 500 billion dollars in student loan debt, the credit card industry is 900 billion in debt. According to the NEA article: My Debt My Life, 2008 edition, tuition costs have risen 42% in the past five years and wages have slowed down. The previous congress increased interest rates on student loans and cut 12 billion dollars from the Federal Student aid program. Because of the increases students are forced to turn to private lenders for less favorable terms. 10 years ago the private student loan industry comprised 5% of the market now it represents 20%, a $17.3 billion dollar industry. Sallie Mae one of the largest private lenders reported $1 billion dollars in profits last year. According to Student Loan Justice.Org student loan defaults are expected to rise to approximately 25%, unfortunately Sallie Mae is owned by some of the largest banks, for example Chase Manhattan they have powerful Washington lobbies and fight heavily against student loan reforms! Congress is not taking action for student loan borrowers and siding with the banks! The fact that that some of the largest banks own a majority of the student loan industry is significant, due to the current housing crisis and economic downturn, if they fail and lose money this will directly affect student loan borrowers! Personally this affects me, in 1993 I took a loan with Sallie Mae for $13,000, at 7%, after graduating form nursing school I suffered personal and financial hardships, I had to defer, sign a forbearance and consolidate my loan several times. Fifteen years later I still owe 13,000 ! I spent years attempting to contact Sallie Mae for some resolution, either I could not reach them and when I did they offered no solutions or alternatives. They were ruthless and harassing when I had difficulty paying. A few years ago there was feature on 60 minutes regarding the student loan industry featuring Sallie Mae, Student Loan Justice.Org was interviewed, Alan Collindge who organizes this group was interviewed.. Please visit their website, they represent thousands of student loan borrowers who will never recover form their student loan debt! www.studentloanjustice.org I feel that children are our number one resource and education is the key to our future. With the student loans in crisis how will today's children go to college? Our government needs to address this immediately and offer student consumer protections and resources!
To whom it may concern: I am writing to express my deep concern regarding the student loan crisis, this compares to the destruction of the home loan industry and directly affects millions of student loan borrowers and graduates! As the banks fail this will affect student loan borrowers! Currently there are approximately 500 billion dollars in student loan debt, the credit card industry is 900 billion in debt. According to the NEA article: My Debt My Life, 2008 edition, tuition costs have risen 42% in the past five years and wages have slowed down. The previous congress increased interest rates on student loans and cut 12 billion dollars from the Federal Student aid program. Because of the increases students are forced to turn to private lenders for less favorable terms. 10 years ago the private student loan industry comprised 5% of the market now it represents 20%, a $17.3 billion dollar industry. Sallie Mae one of the largest private lenders reported $1 billion dollars in profits last year. According to Student Loan Justice.Org student loan defaults are expected to rise to approximately 25%, unfortunately Sallie Mae is owned by some of the largest banks, for example Chase Manhattan they have powerful Washington lobbies and fight heavily against student loan reforms! Congress is not taking action for student loan borrowers and siding with the banks! The fact that that some of the largest banks own a majority of the student loan industry is significant, due to the current housing crisis and economic downturn, if they fail and lose money this will directly affect student loan borrowers! Personally this affects me, in 1993 I took a loan with Sallie Mae for $13,000, at 7%, after graduating form nursing school I suffered personal and financial hardships, I had to defer, sign a forbearance and consolidate my loan several times. Fifteen years later I still owe 13,000 ! I spent years attempting to contact Sallie Mae for some resolution, either I could not reach them and when I did they offered no solutions or alternatives. They were ruthless and harassing when I had difficulty paying. A few years ago there was feature on 60 minutes regarding the student loan industry featuring Sallie Mae, Student Loan Justice.Org was interviewed, Alan Collindge who organizes this group was interviewed.. Please visit their website, they represent thousands of student loan borrowers who will never recover form their student loan debt! www.studentloanjustice.org I feel that children are our number one resource and education is the key to our future. With the student loans in crisis how will today's children go to college? Our government needs to address this immediately and offer student consumer protections and resources!
# 32:
11:55 am PDT, Aug 7,
Joseph Edward, Utah
# 31:
7:14 am PDT, Aug 2,
Andi Alnwick, New York
# 30:
10:23 pm PDT, Jul 31,
Lisette BC Abbott, Texas
I am incensed at the usury of the student loan industry and I am fearful that my son will inherit my debt. I'm positive that I'm not the only student-loan bearing parent out there who feels the same way. We must do something about the outstanding student loans that many contributing-to-society citizens are saddled with, and we must do something to protect future college students. We cannot continue to have this widening two-tier system wherein the wealthy can afford college and, thus, be able to start life without debt while the middle class and working class must take out loans in order to attend college, thereby insuring lives of debt.
I am incensed at the usury of the student loan industry and I am fearful that my son will inherit my debt. I'm positive that I'm not the only student-loan bearing parent out there who feels the same way. We must do something about the outstanding student loans that many contributing-to-society citizens are saddled with, and we must do something to protect future college students. We cannot continue to have this widening two-tier system wherein the wealthy can afford college and, thus, be able to start life without debt while the middle class and working class must take out loans in order to attend college, thereby insuring lives of debt.
# 29:
7:09 pm PDT, Jul 31,
Betty Jacobs, Texas
Student loans = racketeering and usury. The majority of people who default on their loans are NOT deadbeats they are respectable, hard working citizens who attempted to get an education and took out loans in good faith. Many find their loan balances triple and quadruple the original loan amount because of unfair lending practices that our own government sanctions. Congress needs to step up or move out. These rapacious lenders need to be stopped and even prosecuted for their crimes against the American people. It is time for citizens to stand up and take back our rights, our dignity ,our country.
Student loans = racketeering and usury. The majority of people who default on their loans are NOT deadbeats they are respectable, hard working citizens who attempted to get an education and took out loans in good faith. Many find their loan balances triple and quadruple the original loan amount because of unfair lending practices that our own government sanctions. Congress needs to step up or move out. These rapacious lenders need to be stopped and even prosecuted for their crimes against the American people. It is time for citizens to stand up and take back our rights, our dignity ,our country.
# 28:
5:23 pm PDT, Jul 31,
L. Powell, Georgia
Sallie Mae has threatened me with default and with taking money out of my account. They have a number that they say to call if you are unable to pay your loans, then they charge you 50.00 for a forebearance, they lie and are rude. They do not work with you and they charge a high interest.
Sallie Mae has threatened me with default and with taking money out of my account. They have a number that they say to call if you are unable to pay your loans, then they charge you 50.00 for a forebearance, they lie and are rude. They do not work with you and they charge a high interest.
# 27:
7:34 pm PDT, Jul 30,
Samantha DeFazio, Pennsylvania
I went to college because I thought it would improve the quality of my life but now I feel I have made a huge mistake in getting an education. I can not find a job in my field that pays more than 8 dollars an hour and I don't know how I would ever pay off my $1300 a month combined student loan payment. The loan gains more in interest a month than I make working in a month. I feel lost, angry, cheated and confused. How am I supposed to pay my bills if they expect me to work just to pay them. If I don't have a place to live or a car to get to work I am not going to be able to keep my job anyway. What am I supposed to tell my son in 18 years when he wants to go to college. Mommy can't help you pay for college because she is still paying her student loans.
I went to college because I thought it would improve the quality of my life but now I feel I have made a huge mistake in getting an education. I can not find a job in my field that pays more than 8 dollars an hour and I don't know how I would ever pay off my $1300 a month combined student loan payment. The loan gains more in interest a month than I make working in a month. I feel lost, angry, cheated and confused. How am I supposed to pay my bills if they expect me to work just to pay them. If I don't have a place to live or a car to get to work I am not going to be able to keep my job anyway. What am I supposed to tell my son in 18 years when he wants to go to college. Mommy can't help you pay for college because she is still paying her student loans.
# 26:
9:34 am PDT, Jul 29,
Elizabeth Clifton, Maryland
This is true and absolutely absurd. Please read this... I am currently 23 and was forced to take out a student loan in my name. I then and now have a credit score of 710...SALLIE MAE GAVE ME 21% APR. I checked with other banks and they were all the same. I hope they know they are completely encouraging people to rack up tuition bills on credit cards (which by the way mine are 8% - 11% apr) and file for bankruptcy after graduating. Ridiculous. And then they have the audacity to throw parties and ask for government help...? And this is still legal...what a great country we live in.
This is true and absolutely absurd. Please read this... I am currently 23 and was forced to take out a student loan in my name. I then and now have a credit score of 710...SALLIE MAE GAVE ME 21% APR. I checked with other banks and they were all the same. I hope they know they are completely encouraging people to rack up tuition bills on credit cards (which by the way mine are 8% - 11% apr) and file for bankruptcy after graduating. Ridiculous. And then they have the audacity to throw parties and ask for government help...? And this is still legal...what a great country we live in.
# 25:
12:27 pm PDT, Jul 23,
Steven Reed Jr, California
# 24:
12:27 pm PDT, Jul 23,
Steven Reed Jr, California
# 23:
11:01 am PDT, Jul 23,
Alban Janku, Oregon
To whom it may concern! It is sad that I have to leave this country, my fiance and my family so I could just be free. America the land of dreams - no longer. How could the government support the illegal immigrants, the criminals but forget about us, the students, the future of this country. I feel like a prisoner at times as I have to think about putting food on my table or paying back my student loans. I do not have a life, I work 3 jobs and still not able to afford the $1200 payment a month. I tried many times to negotiate a smaller payment so i could actually have some money left and eat. They do not care about a thing or how much money you make. It is sad. Well I hope the new president takes a different stance at this issue and stop the criminals from ruining young peoples lives. Sincerely, ALBAN
To whom it may concern! It is sad that I have to leave this country, my fiance and my family so I could just be free. America the land of dreams - no longer. How could the government support the illegal immigrants, the criminals but forget about us, the students, the future of this country. I feel like a prisoner at times as I have to think about putting food on my table or paying back my student loans. I do not have a life, I work 3 jobs and still not able to afford the $1200 payment a month. I tried many times to negotiate a smaller payment so i could actually have some money left and eat. They do not care about a thing or how much money you make. It is sad. Well I hope the new president takes a different stance at this issue and stop the criminals from ruining young peoples lives. Sincerely, ALBAN
# 22:
7:49 pm PDT, Jul 22,
Name not displayed, Maryland
# 21:
1:33 pm PDT, Jul 21,
Name not displayed, New York
I am in the same position. I owe $18,000 and will never get it paid down. I am permanently disabled and I have called them until I am blue in the face and there is nothing I can do. I also saw the 60 minute segment on what a scam SallieMae runs. I guess we are stuck with the bill until we die.
I am in the same position. I owe $18,000 and will never get it paid down. I am permanently disabled and I have called them until I am blue in the face and there is nothing I can do. I also saw the 60 minute segment on what a scam SallieMae runs. I guess we are stuck with the bill until we die.
# 20:
4:16 pm PDT, Jul 18,
Christy Eckstein, Indiana
In march 08, I owed $3900...at present (July 08) I now owe $4800. It's amazing how fast a debt grows with Sallie Mae. I never intended to not pay my student loan. Some major medical expenses and recent unemployment really hit my family hard recently. I was up front with the hardship my family was facing, but Sallie Mae and the collection company couldn't care less! I asked if I could pay $200/month to catch up on missed payments and to pay off my loan, no one would give me an address to send the money to! Two days ago, I received a phone call saying they were going to garnish my wages. ($1500/month) This seems a bit excessive since my income is $18/hr with this being the only income for a 4 person family. To add to it, I was told the federal government would take away my nursing license if I did not cooperate with this collection company. I explained my situation, letting the collection company know that I fully intend to repay my student loan, good lord...it's only $4000. These are the most ruthless, vindictive people I have ever talked to!
In march 08, I owed $3900...at present (July 08) I now owe $4800. It's amazing how fast a debt grows with Sallie Mae. I never intended to not pay my student loan. Some major medical expenses and recent unemployment really hit my family hard recently. I was up front with the hardship my family was facing, but Sallie Mae and the collection company couldn't care less! I asked if I could pay $200/month to catch up on missed payments and to pay off my loan, no one would give me an address to send the money to! Two days ago, I received a phone call saying they were going to garnish my wages. ($1500/month) This seems a bit excessive since my income is $18/hr with this being the only income for a 4 person family. To add to it, I was told the federal government would take away my nursing license if I did not cooperate with this collection company. I explained my situation, letting the collection company know that I fully intend to repay my student loan, good lord...it's only $4000. These are the most ruthless, vindictive people I have ever talked to!
# 19:
11:32 am PDT, Jul 16,
Name not displayed, Missouri
# 18:
3:29 pm PDT, Jul 10,
Jennifer Grace, Massachusetts
Please support this petition and raise awareness about the student loan industry. Thousands of student loan borrowers are victims of companies like Sallie Mae. Please sign the petition and forward to a friend.
Please support this petition and raise awareness about the student loan industry. Thousands of student loan borrowers are victims of companies like Sallie Mae. Please sign the petition and forward to a friend.
# 17:
7:47 am PDT, Jul 7,
Bridget Hopper, Kentucky
# 16:
6:41 pm PDT, Jul 6,
Neil Freytag, Colorado
I am a victim of predatory lending.
I am a victim of predatory lending.
# 15:
2:59 am PDT, Jul 3,
Steve Klein, Canada
# 14:
12:36 pm PDT, Jul 2,
Wylie Irving, Georgia
The student loan industry hides behind the fact they don't have to go befor a real judge to start garnishment of your wages and income tax's and it is hard to find a lawyer that is will to work for you on a real suit against the collection comp. and banks.
The student loan industry hides behind the fact they don't have to go befor a real judge to start garnishment of your wages and income tax's and it is hard to find a lawyer that is will to work for you on a real suit against the collection comp. and banks.
# 13:
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7:20 am PDT, Jul 2,
Candace Penner, California
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# 12:
6:10 am PDT, Jul 2,
Name not displayed, Germany
# 11:
11:19 pm PDT, Jul 1,
David Dunkleberger, Pennsylvania
# 10:
11:52 am PDT, Jul 1,
KIM KELLY, Pennsylvania
I HAVE EXCELLENT CREDIT, BUT NOT PERFECT. MY SCORE IS 743 AND I HAVE JUST BEEN TURNED DOWN BY SALLIE MAE. MY DAUGHTER HAS ALREADY COMPLETED ONE AND 1/2 YEARS AT AN EXPENSIVE COLLEGE AND NOW WILL NOT BE ABLE TO FINISH HER DEGREE. MANY PEOPLE WILL BE AFFECTED BY THIS. SALLIE MAE TOLD ME THEY ARE CURRENTLY ENFORCING STRICT CREDIT SCREENING DUE TO HIGHER GAS AND FOOD COSTS!!! GREAT!
I HAVE EXCELLENT CREDIT, BUT NOT PERFECT. MY SCORE IS 743 AND I HAVE JUST BEEN TURNED DOWN BY SALLIE MAE. MY DAUGHTER HAS ALREADY COMPLETED ONE AND 1/2 YEARS AT AN EXPENSIVE COLLEGE AND NOW WILL NOT BE ABLE TO FINISH HER DEGREE. MANY PEOPLE WILL BE AFFECTED BY THIS. SALLIE MAE TOLD ME THEY ARE CURRENTLY ENFORCING STRICT CREDIT SCREENING DUE TO HIGHER GAS AND FOOD COSTS!!! GREAT!
# 9:
10:55 am PDT, Jul 1,
Cherry Marrone, Arizona
# 8:
8:50 am PDT, Jul 1,
Megan Wynn, Oklahoma
# 7:
12:27 am PDT, Jul 1,
Panagiotis Rigopoulos, Greece
# 6:
4:46 pm PDT, Jun 30,
Christine Nall, Virginia
I'm doing to get this loan in the fall for school, so I would like to see the loan become more fair.
I'm doing to get this loan in the fall for school, so I would like to see the loan become more fair.
# 5:
1:37 pm PDT, Jun 30,
Cara Gubrud, Minnesota
# 4:
12:58 pm PDT, Jun 30,
Kitty Kat, New York
# 3:
7:25 am PDT, Jun 30,
Name not displayed, New York
# 2:
1:26 am PDT, Jun 30,
Rachel Strzelecki, Missouri
# 1:
10:47 pm PDT, Jun 29,
Pam Boland, Georgia
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