Anyone with a private student loan can testify how the high cost of secondary education and out-of-control student loan rates are making it difficult for middle class and low-income families to afford to go to college.
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Send us audio/video clips »Sallie Mae, the largest private lender in the nations is about to be bought out by a consortium of private equity firms led by JC Flowers, including Bank of America, and JPMorgan. The buyout industry is not interested in buying Sallie Mae to make it easier and more affordable for people to go to college. They want to buy Sallie Mae because they think there are easy profits to be made, and much of that profit could come at the expense of middle class and low-income borrowers in the form of higher rates and more aggressive debt collection.
Congress is debating legislation to make things better by capping student loan rates, putting an end to deceptive loan practices, predatory lending, and providing some relief for tapped-out borrowers.
If you have a student loan or any of your friends or family have a student loan, Congress and the buyout industry needs to hear from you now! Send your friends a link to this page, go to our MySpace page at myspace.com/talkaboutsalliemae or our Facebook page and add your voice to ours.
Tell us your story here and we will share it with members of Congress and with the buyout executives behind the deal. We’ll post some of the best stories on this site. So be creative, you can tell us your story by clicking here, or you can send us a You Tube link, or an audio file here.
Click here to sign the petition (or, download a paper copy) calling on J.C. Flowers, Bank of America, and J.P Morgan to commit to implementing reform at Sallie Mae to redress past problems with transparency about loan rates and terms, unfair debt collection policies, and to commit to cap interest rates on private loans, not to engage in overly aggressive collections practices, and to set aside a portion of the fees generated from this deal to loan forgiveness for students who work in the nonprofit sector after graduation.