Thousands of complaints from borrowers about Sallie Mae's abusive and grossly mismanaged servicing and collection practices have been reported. These practices negatively impact millions and must be addressed by the Department of Education and the federal government for fraud.
Below are suggested changes that would help and protect borrowers from the abuse of these corporations.
Put a cap on the amount of interest Sallie Mae can charge on student loans for the life of the loan.
Allow student loans to be dischargeable in bankruptcy courts
loan life limit that would dissolve the balance of the loan after 15 years of payments
Investigate Sallie Mae for excessive harassing calls and "hidden late fee" policy, that results in Sallie Mae collecting principal, interest and late fees in excess
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