November 18th, 2016, by Editorial Team
Sallie Mae struck a deal with federal authorities to resolve allegations that the nation’s largest student loan company cheated student loan borrowers who were being charged late fees.
The Department of Justice, Federal Deposit Insurance Corp., and Consumer Financial Protection Bureau are among the agencies investigating whether the company violated federal consumer protection laws and statutes that prohibit discriminatory lending, and wrongfully processed borrowers’ monthly payments.
This is causing economic hardships for millions of Americans who are unable to pay back their student loans.
To make matters worse the compounding interest on this debt creates a snowballing effect that makes it next to impossible for millions of Americans to ever get out of this painful debt obligation.
This debt is keeping many Americans from owning a home, starting a family, and even moving out of their parents home.
Starting a family seems like an impossibility right now. I thought I was going to achieve the American dream this is an absolute nightmare.
“When I got the chance to go to college I jumped on it. I took out over $30,000 in Federal loans. I figured that if they were backed by the government there had to be some sort of safe guard for me.
After graduating I just wasn’t able to find a job in the field I studied for and I started getting harassing calls from Sallie Mae about my loans. I’m extremely embarrassed and ashamed.
My family was so proud when I graduated now the reality has sunk in that I’m in so much debt that I can’t start a family, own a home, or even buy a car. I stay up and cry every night because I don’t see anyway to change my situation any time soon.
My parents are getting older and I’m worried about how I’m going to be able to care for them with all of this debt.” Denise Rivera a marketing major told us.
What You Can Do About It
If you or a loved one is currently experiencing financial hardships because of overwhelming student loan payments you’re not alone.
Millions of Americans have fallen victim to predatory unmanageable student loan debts not unlike what happened with the financial mortgage meltdown of 2008. According to The Federal Reserve 37 million Americans currently have student loan debt.
The good news is that the American government has recently passed laws that will give millions of Americans currently struggling with student loan debt much needed relief. Call today to see if you qualify for lower monthly payments or student loan forgiveness today.