Last Friday, the Department of Education made a huge announcement that it’s cutting contracts with five private companies it had hired as debt collectors on defaulted student loans. For years, Jobs With Justice has worked closely with our allies, including the Student Labor Action Project, US Student Association, and the… Read More»
For the millions of Americans drowning in debt, non-payment is not an option, and student debt is the worst kind of debt to have. As Senator Elizabeth Warren once remarked, the powers of student-loan debt collectors “would make a mobster envious.” If you’re a company that holds student debt, on the… Read More»
Earlier today, federal regulators ordered Sallie Mae to pay $96.6 million in penalties and restitution to student loan borrowers harmed by the company’s lending practices. Sallie Mae agreed to settlements with both the U.S. Department of Justice (USDOJ) and the Federal Deposit Insurance Corp (FDIC) for violations of the following… Read More»
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On September 19, 2013 Senator Elizabeth Warren asked the Department of Education questions that many college graduates who took out loans have been asking for years about Sallie Mae. She wrote in a letter to the department: “While the government has been quite tolerant of Sallie Mae’s failings and helped… Read More»
In the past few days, a Sallie Mae instagram was created that said if you were one of the first 150,000 people to follow them they’d forgive your student debt. Unfortunately, not today. This is a fake account. It’s important that you do not share any personal information with them… Read More»
Sallie Mae has quit the American Legislative Exchange Council (ALEC) after months of growing pressure from Jobs with Justice/American Rights at Work, the U.S. Student Association, and the Student Labor Action Project. Sallie Mae is now the 50th corporation to leave the extremist, right-wing group that advances state legislation essentially… Read More»
Written by Daniela Bartlett Asenjo On July 1, college students and their parents all across the United States joined in a collective shudder as the news of subsidized Stafford loan interest rates doubling from 3.4% to 6.8% spread. While borrowers hoped that politicians in Washington would rise above the partisan… Read More»
Imagine this: Sallie Mae’s CEO, sitting at a table with 20 students discussing student debt forgiveness. Crazy, right? Sallie Mae has finally agreed to sit down with the Student Labor Action Project (SLAP) and US Student Association (USSA) to discuss how to make affordability for all students and graduates a… Read More»
Read these ten critical facts about Sallie Mae that exemplify the need for increased regulation in the private student loan industry. Download: Top 10 Things You Don’t Know About Sallie Mae (PDF)