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Fight over "Forbearance Fees" Now On Facebook

Fight over "Forbearance Fees" Now On Facebook
February 7, 2012

Protests against Sallie Mae's $50 "forbearance fees," which the lender charges to borrowers who cannot pay their loans and opt to let the funds accumulate interest, unpaid, rather than defaulting, have spread to Facebook. Thursday, Sallie Mae changed its policy after a petition to end the fees gained more than 75,000 signatures: after the borrowers have begun repaying the loan, the $50 fee will be applied against the loan's balance rather than pocketed by the company.

But that wasn't enough for many who wanted to see the fees vanish entirely, and many commented on the Facebook page for Sallie Mae's Upromise accounts asking that the policy be changed. The company later removed the Facebook posts, according to before and after screenshots. The "before" screenshot was provided by Change.org, the website where the petition started. (By Monday evening, more comments had appeared. Sallie Mae representatives did not respond to a request for comment from Inside Higher Ed.)

 

 

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