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NY grad takes a stand against loan company Sallie Mae

Sallie Mae claims to be the number one financial services company specializing in education, but one New York student has stood up to the company in order to alleviate what she believes to be an unfair fee.

When Stef Gray was 12 years old, both of her parents died. When she was 18 she, like most 18-year-olds, needed money for college. She took out private loans with Sallie Mae for the three years she attended school. When she graduated, she had three loans that she had to pay back. Each of these loans held almost 10 percent interest because she had no one to co-sign for her.

According to Sallie Mae spokesperson Patricia Christel, most loans have a co-signer, and the company actively encourages co-signers to help with payments.

Because Gray’s parents had died, she had no one to co-sign with her and had to make all of the payments herself. She had two years to find a job, and begin making these payments or else she would be charged a $50 forbearance fee per loan every three months.

The Student Loan Swindle | Dissident Voice | Scholarships-Finders.com

Mike Whitney : Is it probable to “walk away” from a tyro loan and announce bankruptcy?

Alan Nasser : No, it’s not probable for tyro debtors to shun financial extinction by dogmatic bankruptcy. This many elemental of consumer protections would have been accessible to tyro debtors were it not for legislation categorically designed to secrete a whole operation of simple protections from tyro borrowers. I’m not articulate usually about failure protection, though also law in lending requirements, principle of limitations, refinancing rights and even state usury laws – Congress has rendered all these protections impossible to federally guaranteed tyro loans. The same legislation also gave collection agencies hitherto unthinkable powers, for instance to ornament wages, taxation returns, Social Security advantages and — trust it or not — incapacity income. Twisting a knife, legislators done a cessation of state-issued veteran licenses, stop of open practice and rejection of confidence clearances legitimate measures to capacitate collection companies to wring financial blood from broke student-loan borrowers. Student loan debt is a many punishable of all forms of debt — many of those draconian measures are taken to credit label companies. (Maybe I’m being too harsh. Sallie Mae recently announced that it will after all pardon a debt underneath possibly of dual conditions: in box a borrower dies or becomes totally disabled.)