Stop Sallie Mae student loan unfair practices!
- par: Student Loan Justice.org
- destinataire: 5,000
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! http://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!
Please read the recent news report on sallie Mae's active lobbying from the Associated pressm according to Student Loan Justice Org this brings sallie Mae's lbbying total to two million dollars, please read Associated Press's recent article below:
Sallie Mae spent $640K lobbying government in 2Q
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 owed $14,000 dollars. When I attempted to contact they were rude harrassing or I could not reach them at all.
Education is the key to making it in our soceity with companies like sallie Mae controlling student loans how will students ever be able to go to college or afford to pay it off. Many will spend the rest of their lives paying off their loans. Please visit Student Loan Justice Org. to read more student testimonials of financial hardshipt and support their efforts.
Sincererly,
Jennifer T. Grace, BA, RN, M.Ed.
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