Department of Education to Contact Federal Student Loan Borrowers, Explain Repayment Options
As first reported, September 3, in The Huffington Post in an article co-authored by Shahien Nasiripour and Joy Resmovits, Sallie Mae, the nation's largest servicer of federal student loans, is failing to enroll many of its distressed borrowers into income-driven repayment plans. "Sallie Mae, a.k.a. SLM Corp., has enrolled relatively few borrowers into the Income-Based Repayment program. Sallie Mae dominates the now-discontinued Federal Family Education Loan Program, owning between 37 and 40 percent of the outstanding…
Sallie Mae Needs To Do More to Educate Borrowers on Repayment Options
Sallie Mae, the nation's largest servicer of federal student loans, is failing to enroll many of its distressed borrowers into income-driven repayment plans, critics say. According to documents obtained by The Huffington Post, "Sallie Mae, a.k.a. SLM Corp., has enrolled relatively few borrowers into the Income-Based Repayment program. Sallie Mae dominates the now-discontinued Federal Family Education Loan Program, owning between 37 and 40 percent of the outstanding FFELP debt held by the private sector. But its share of FFELP borrowers…
