forbearance

forbearance

College Grad Protests Sallie Mae Fees

student loansStudent loan borrowers are furious at Sallie Mae. The largest provider of student loans in the U.S. charges a $50 forbearance fee to unemployed borrowers. Those who can’t pay the $50 are put into default.

The unemployment fee has college grads and students fighting the system with a popular petition. With 50,000 supporters in all 50 states, the campaign at Change.org has the country listening.

Stef Gray, a student loan borrower through Sallie Mae and a recent grad from a public college, heads the campaign at Change.org.

“What Sallie Mae is doing is wrong,” Gray said. “My loan already grows by more than $1,000 in interest every three months when it’s in forbearance, and I pay almost 10% in interest because my parents weren’t alive to cosign my loans.”

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