Unemployment Penalty Applied to Student Loans by Sallie Mae

Student loan giant Sallie Mae defended itself from a popular campaign on Change.org demanding the company stop charging jobless borrowers a $50 fee on their student loans, drawing a sharp response from the campaign’s creator Stef Gray. More than 60,000 people have joined the campaign since its launch.

In Sallie Mae’s response to Gray’s petition, spokesperson Patricia Christel described the fee as “a good faith deposit that acknowledges the importance of and commitment to resuming payments in the future.” Continue Reading