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.)
- Unemployed Criticize Sallie Mae 'Forbearance Fee'
- Sallie Mae Alters Policy on Fee for Borrowers in Forbearance
- New book on the politics of higher education
- Colleges increasingly switching from quarters to semesters
- Movers and Shakers: Albright College, National Student Clearinghouse, Nova Southeastern U., 2tor, U. of Dayton, U. of Kansas
- Education Department raises hackles over clock hour definition
- Academic Minute: Long-Term Effects of Spanking
- Virginia governor seeks to cap use of tuition revenue for financial aid
Search for Jobs