LAWMAKERS SHOULD STOP ACCEPTING CAMPAIGN CASH FROM SALLIE MAE – Additional Information

LAWMAKERS SHOULD STOP ACCEPTING CAMPAIGN CASH FROM SALLIE MAE – Additional Information

List of Sallie Mae’s War on the Taxpayers:

-Sallie Mae has spent $4,860,000 on lobbying 2011-12

-Accused of “Redlining” and discriminating against African American and Hispanic private student loan applicants by charging them high interest rates and fees.

-Partnered with For-Profit Colleges and issuing predatory student loans with interest rates and fees totaling more than 20 percent per year, to financially-needy students who normally wouldn’t qualify for them because of their subprime credit scores.

-Class action against Sallie Mae for securities fraud

-Used the Freedom of Information Act to gather information on current students

-Working with ALEC on tax issues

-Deliberately overcharged the U.S. government.over $22 million

-Fined millions for scandal for paying financial aid officers

-Lobbied to strip away bankruptcy protection from private student loans with 2005 Bankruptcy Act

-Spent $4 million to lobby against bill which would eliminate the role of private lenders in the federal student loan program and save government billions

-Lobbied to decrease Pell Grants

-Received government bailout

-Sallie Mae can make far more money when students default on their loans than when they remain in good stead. Under current federal law, Lenders are guaranteed nearly full payment for loans that go into default.

Click here to read the petition.