Meet
Stef Gray, a recent graduate of a public college who took out private student
loans through Sallie Mae before the credit crunch. Despite her school's
relatively low tuition and her full-time job, she still needed the extra help
in order to pay for rent, utilities, and groceries because her parents had
passed away. Sallie Mae loaned her money with a 9.75 percent interest rate
because she didn't have anyone who could co-sign She graduated in May with
honors, but even with an advanced degree in a technical field, she still hasn't
found full-time work. She's doing everything she can to avoid defaulting on her
loans, but Sallie Mae has charged her hundreds of dollars in extra fees because
she's had to delay her payments (called forbearance). Federal loans allow the
unemployed to defer payments without any fees, so the same kindness is not too
much to ask from America's largest private lender.
Since
May, Stef has already had to pay $300 to Sallie Mae in "forbearance
fees." ($50 per loan for every 3 month block. Consolidation is not an
option.) Not a dime has gone to her loan principal. Meanwhile, the interest on
her loans keeps growing -- meaning that Sallie Mae will cash in two times --
once with the extra fees they're charging her, and again when she pays the
interest that accrues as she looks for work. As an unemployed person looking
for work, Stef needs every extra dollar she has to pay for rent, electricity
and groceries. But Sallie Mae is preying on people like Stef and cashing in on
the fact that those in the same boat as her need more time to find work before
they can repay their student loans.
If
she doesn't find full-time work before the end of November, Sallie Mae is going
to her another $150 in "forbearance fees" -- while her total debt
continues to grow by $500.
Once
you sign Stef's petition, be sure to share it to your Facebook, Twitter,
Google+ or any other profile you might have. Then. . .
Together,
let's make student loan debt a major issue of the 2012 campaign!
Thanks,
Rob
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