Call for Government Intervention Regarding Sallie Mae's Unfair Lending Practices
- United States of America
My friend was 18 years old when he signed his first of two 14.95% interest student loan with Sallie Mae. He had never worked a full-time job in his life prior to his signature with Sallie Mae and at best could be described as a naive and optimistic college student. Sallie Mae could be described as giving a sub-prime loan to a student with no credit history. His principal balance after college came to $17,000.
So far he has paid Sallie Mae around $5,000. However, he owes $20,000 now as $3,000 more has accrued on his principal. Can someone tell me what is wrong with this scenario?
There are more people like him who have even higher balances on their loans. Student loans with Sallie Mae have become a type of indentured servitude. It is a trap! Where our young people should be working jobs they enjoy and saving money for a house, or to start a family, they are forced to pay back this greedy student loan lender.
The purpose of this petition is to present and raise this issue to the U.S. Congress. The student loan corporations are greedy and guilty of unfair lending practices.
They have charged high interest and have taken advantage of our young people. Action needs to be taken to assist debt-ridden graduates or action is necessary to force Sallie Mae to change its business policies!
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The Call for Government Intervention Regarding Sallie Mae's Unfair Lending Practices petition to Congress was written by Samantha and is in the category Human Rights at GoPetition.