Student Loans & Sallie Mae

I am growing increasingly concerned about the levels of student loan debt students are owing. It is all the more sad as people are accruing debt to improve themselves and start new careers.

I have given this advice to college students who have asked me for college/graduate school advice: please be prudent about taking out student loans (less is better). The loans must be repaid with interest.

It is not easy to borrow little given the increases in tuition costs. I want the students to owe as little as possible to the gluttonous Sallie Mae.

Regarding Sallie Mae, the large educational loan monster company, I have no respect for this organization. Sallie Mae’s business practices are often in direct conflict with the borrower’s interest.

For example, the rule making it illegal to refinance Sallie Mae’s consolidation loans is nothing less than a demonstration of naked avarice despicable. Sallie Mae’s lobbying for the measure is all the more galling. (Google: Alan Collinge, Student Loans: A Cash Cow for Industry, Ball and Chain for Students).

If interest rates on a home mortgage go down, the borrower can refinance the mortgage to take advantage of the lower interest rate.

My concerns with the rising student loan debt burden and the absolute greed of loan companies like Sallie Mae are the reasons why I have linked to studentloanjustice.org in my blogroll.