Everyone is well aware while some sectors of our economy have begun to recover, most have not. Young people have felt the recession disproportionately and, as a result, many are left without a job or have been laid off and are unable to pay their loans on the designated schedule. Salle Mae charges a $150 fee (not applied to the loan) upfront in order to grant only 2 months of forbearance. After which another $150 must be paid or return to the regular schedule. Additionally, Sallie Mae refuses to negotiate loan terms once laid off, leaving young people in a near impossible position to navigate; either scramble to pay hundreds of dollars every month or waste $150 every two.
As a GOVERNMENT GUARANTEED NON-PROFIT Sallie Mae has a responsibility to work with people in tight spots above and beyond that of regular banks. It helps no one to force young people into default and destroyed credit. Please help me tell them, and our elected officials, to come up with a solution to this issue which promotes repayment as well as understanding in these very tough times.
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