SLM Corporation (Sallie Mae) is one of many financial institutions that prey on students who need loans to afford tuition and fees by offering private loans with high interest rates (10% and above & contingent on the market) that are easy to qualify for. After graduation, Sallie Mae's private student loans can be lowered by only $20-$40 - sometimes, not at all. However, Sallie Mae is often a student's last option to pay their tuition and fees, including the spiraling cost of books.
Education is a civil right, not a privilege. I urge President Obama and Congress to collaborate on legislation that allows students to cover the costs of their tuition and fees with non-predatory private loans that include income-contingent repayment plans, payment-lowering options, and fixed interest rates.