List of Sallie Mae’s War on the Taxpayers:
-Sallie Mae has spent $4,860,000 on lobbying 2011-12
-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.
-Used the Freedom of Information Act to gather information on current students
–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.