The Sallie Mae Trap » Company News http://www.slmtrap.com Disscussion on a vile company Wed, 03 Feb 2010 16:18:47 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 Sallie Mae launches new income-based repayment plan http://www.slmtrap.com/Posts/sallie-mae-launches-new-income-based-repayment-plan http://www.slmtrap.com/Posts/sallie-mae-launches-new-income-based-repayment-plan#comments Mon, 22 Jun 2009 01:56:01 +0000 Jeff http://www.slmtrap.com/Posts/sallie-mae-launches-new-income-based-repayment-plan The day that it was announced that Sallie Mae had been chosen to service the government loans (big surprise there) they also announced that they would be introducing a new payment option based a customer being deemed to be experiencing financial difficulties. The customer’s payment is capped at 15% of discretionary income and can be extended to 25 years. . After 25 years of repayment the balance will also be forgiven. The press release states that this was authorized by federal law to begin on July 1stThis can help students with the government loan debt but does nothing for any private student loan debt.

In regards to this repayment plan Albert lord (the CEO of Sallie Mae) is quoted in the press release as saying “Sallie Mae is committed to providing students not only with the resources needed to invest in higher education, but also with the tools to help them succeed afterward,”. So if he truly believes this he will be applying this to private loans also right?

The root cause of this problem still exists. The main problem is that people are going to school for $40,000 then when they are done with school all they can find is a minimum wage job in their selected field. The scenario I keep hearing about is culinary school. Some type of risk assessment needs to be done to see if you will be able to pay back student loans otherwise this has just become a subsidy to the crooks that push culinary degrees.

Sallie Mae has a calculator to see if the program would help you but the link is broken..

Sallie Mae launches new income-based repayment plan

]]> http://www.slmtrap.com/Posts/sallie-mae-launches-new-income-based-repayment-plan/feed 3 Sallie Mae Wins Government Pact To Service Federal Student Loans http://www.slmtrap.com/Posts/sallie-mae-wins-government-pact-to-service-federal-student-loans http://www.slmtrap.com/Posts/sallie-mae-wins-government-pact-to-service-federal-student-loans#comments Thu, 18 Jun 2009 16:50:42 +0000 Jeff http://www.slmtrap.com/Posts/sallie-mae-wins-government-pact-to-service-federal-student-loans Well….did anyone even doubt they would win this for a second? With all the money they dumped on both parties the government should be giving them a receipt for this contract. When Sallie said they were bringing jobs back to America around the time the Obama administration started talking about the reform it should have taken about a second to figure out what was going on. 

A terrible disservice was done to the American people with this because the chance of Sallie Mae being chosen with the interest of the American consumer/students is non existent. I am severely disappointed in the American government.

I would rather have a servicing company run by Charles Manson.

Sallie Mae Wins Government Pact To Service Federal Student Loans

]]> http://www.slmtrap.com/Posts/sallie-mae-wins-government-pact-to-service-federal-student-loans/feed 0 Sallie Mae execs want to save jobs | Wilkes-Barre News | The Times Leader http://www.slmtrap.com/Posts/sallie-mae-execs-want-to-save-jobs-wilkes-barre-news-the-times-leader http://www.slmtrap.com/Posts/sallie-mae-execs-want-to-save-jobs-wilkes-barre-news-the-times-leader#comments Wed, 13 May 2009 23:21:19 +0000 Jeff http://www.slmtrap.com/Posts/sallie-mae-execs-want-to-save-jobs-wilkes-barre-news-the-times-leader   Al Lord (or dark lord Al) met with a reporter to explain why they are not fighting the Obama administrations aspiration of cutting companies like Sallie Mae out of the loop in student loan lending. Sallie Mae is proposing to bring 2,000 jobs back to the US in blatant attempt to appease the Obama administration into negotiations for a student lending deal. Everybody understands that is a huge cost saving to have call centers over seas… so why else would they be doing it? I can see a  scene like from the Grinch who stole Christmas where they measure his heart and it breaks out off the scale… sha right. How is that personal 18 hole golf course Dark Lord Al?

Separated at birth?

AlLord Grinch2

 

Sallie Mae execs want to save jobs | Wilkes-Barre News | The Times Leader

]]> http://www.slmtrap.com/Posts/sallie-mae-execs-want-to-save-jobs-wilkes-barre-news-the-times-leader/feed 0 Is it wrong to own Sallie Mae Stock? http://www.slmtrap.com/Posts/is-it-wrong-to-own-sallie-mae-stock http://www.slmtrap.com/Posts/is-it-wrong-to-own-sallie-mae-stock#comments Sun, 10 May 2009 09:56:10 +0000 Jeff http://www.slmtrap.com/Posts/is-it-wrong-to-own-sallie-mae-stock I am really struggling with this one…  I am a pretty active investor and the recent come back in the financials has got me looking for investments. Since I look at Sallie Mae on a regular basis (because of my hatred for them) I keep fairly up to date as to what is going on.  It appears to me that the stock is probably going to come back strong in the next few years after the nose dive over the last two years. Looking at the chart for Sallie Mae you can see a huge run up in the last 10 years. Our post industrial society is in a place where we need more and more education and the demand for financing to fill the gap will  be high.  Also the demand for education increases in a recession because people are looking to obtain new skills.

Sallie-Mae-Chart

On the other side being in debt to Sallie Mae I see how they are making their profits. I have read plenty of stories that are sickening describing the lengths that they will go (such as lobbying government to strip away all consumer protections). I know that every month I stuff money into a cannon and fire it at Sallie Mae and some months none of it even lands in the area of principal so I know they have got to be making sick profits and it makes me want to invest in them to perhaps recapture some of my personal losses at their hands…. it seems like twisted logic as I type this …

I don’t know where I am going  with this , I personally blame government more for the Sallie Mae/student loan situation as Sallie is just doing their job (to make shareholders profits). Government is the one that is giving Sallie Mae the rubber stamp to do whatever the hell it wants.

 

But nothing can really be done until it is more clear what the student loan structure is going to be like going forward. Sallie Mae is not raising a big fuss over proposed changes so it makes me think they have an angle… and with their contributions and lobbying  I am sure they do.

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