Sallie Mae Forced to Pay Back $200 Million to Student Borrowers – UPTOWN Magazine

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Sallie Mae Forced to Pay Back $200 Million to Student Borrowers – Chocolate Informed

According to UPTOWN Magazine

Sallie Mae and the federal government have struck a deal to resolve accusations that the nation’s largest student loan lender cheated student loan borrowers who were being charged pricey late fees. In addition to the government, the Consumer Financial Protection Bureau is investigating whether the company violated federal consumer protection laws that prohibit discriminatory lending while wrongfully processing borrowers’ monthly payments. Because of the never-ending charges and hefty fees, it’s become increasingly difficult for college grads to pay off student loan debts, causing a lifetime of financial obligations to the lender.

College grads, rejoice. Your prayers for forgiveness just may have been answered.

Under the Service Members Civil Relief Act, loan organizations must lessen the interest rate on student loans to six percent or less upon request for active duty soldiers. The law extended beyond private student loans in 2008 to incorporate federal student loans. In recent years, the Justice Department started enforcing the law, as student loan companies have been slow to follow its statutes.

 

 

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