Recently I heard about Sallie Mae's "Unemployment Penalty". This is a $50.00 fee applied every three months per loan to those who have student loans that they need to pause payments on because they are out of work. This strikes a personal chord with me since I have student loans through Sallie Mae as well as many of my friends.
This is a tough economy with a frustrating and for some, crushing job market. Life is uncertain, especially now. You never know what will happen and anyone can find themselves without a job. Loan companies already make money off of interest, this added fee punishing those who can least afford it is greed at it's simplest.
Per Change.org "...the company administers federally-funded loans too, but those are subject to additional regulation that means people can pause repayment without penalty. The forbearance fee charged to private loan customers is just extra profit for Sallie Mae..." Click below to sign the petition on Change.org to have this penalty fee removed. If enough people get involved, change can happen.
Thanks in advance for your help!