http://studentlabor.org/2012/02/06/come-out-come-out-wherever-you-are/ A project of Jobs with Justice Tue, 03 Mar 2015 19:53:05 +0000 hourly 1 https://wordpress.org/?v=4.1.28 http://studentlabor.org/2012/02/06/come-out-come-out-wherever-you-are/#comment-3597 Mon, 12 Mar 2012 17:52:32 +0000 http://www.studentlabor.org/?p=720#comment-3597 Predatory lenders took advantage of needy students by charging them interest rates of 14% and higher. These loans have now ballooned, and doubled. There are NO conumer protections for borrowers of private student loans. These students were expoloited by preditory lenders.
The current lending system (for private student loans) invites profiteering on behalf of the banks. Many students are defaulting on their private loans because the payments were too high- due to the fact that their loan doubled in size.
The new class action law suit tells the whole story. Al Lord (CEO of Sallie Mae) relaxed underwriting requirements to give out private student loans at high interest rates- and defaulted and delinquent loans were pushed into forbearance to hide the delinquencies.

]]> http://studentlabor.org/2012/02/06/come-out-come-out-wherever-you-are/#comment-3263 Tue, 07 Feb 2012 00:24:09 +0000 http://www.studentlabor.org/?p=720#comment-3263 Proud to be there that day at Sallie Mae! Keep me updated on the rousing of the rabble. See ya soon.

]]>