Sallie Mae wants interest payments before graduation

Full story: Newsday

The running joke about student loans: Don't ever graduate, since you don't have to start paying them back until you do.
Comments
1 - 17 of 17 Comments Last updated Apr 11, 2009
crooks

Boynton Beach, FL

#1 Mar 20, 2009
those loans are legal loan sharking rates..... borrow 17 thou and pay back 45...yeah right...bail out for the thousands that can't pay.... why do they arrest people that loan money on street for less interest than that?

They should be called the sallymae mob family
YaFriendlyCEO

Montague, NJ

#2 Mar 20, 2009
Set yourself up as a bank and get your student loans directly from the Federal Reserve. Isn't the Fed's going rate is at 0 to 0.5%?

If you're friendly enough to the right people you might even get a healthy government bailout which you don't even have to pay a dime back till 2013.

When in doubt ask your neighborhood government bailout expert Goldman Sachs and the like for timely advices.
jingo

Nyack, NY

#3 Mar 20, 2009
How shortsighted is it to make getting an education more difficult in these tough economic times?
OhWellShitHappen s

Brooklyn, NY

#4 Mar 21, 2009
"Don't ever graduate, since you don't have to start paying them back until you do."

It was that greedy thought process that brought about this change. Too friggin' bad.
Rich

Lakeland, FL

#5 Mar 21, 2009
Maybe this will wake up some parents and quit forcing them to send their kid to college. So many kids go off to college, get in deep debt, then quit or graduate and then take a job that never needed a degree to start with. On top of that, they're saddled with this student loan that they can't get rid off, including bankruptcy.
Leave LI

Mastic, NY

#6 Mar 21, 2009
BO told you all this is what he was going to do. You all choose not to listen. If you are not low income they may even stop giving you these loans. WAKE UP AMERICA.
up the ante

New Rochelle, NY

#7 Mar 21, 2009
OhWellShitHappens wrote:
"Don't ever graduate, since you don't have to start paying them back until you do."
It was that greedy thought process that brought about this change. Too friggin' bad.
You are right on targedt. This is a good thing, that will weed out the deadbeats before they leach us taxpayers
Ice

Medford, NY

#8 Mar 21, 2009
up the ante wrote:
<quoted text>
You are right on targedt. This is a good thing, that will weed out the deadbeats before they leach us taxpayers
Deadbeats you say? Maybe you don't know, but you can't be a deadbeat on a studen loan. The loan must be paid back, or your wages will be forever garnished until the loan, as well as all the "fees" are paid back.

All this foolish move does is make it harder for the middle class to give our children a college education.

Why is it that the government and businesses all use us middle class as their personal atm machines?
chef ramsey

Milford, CT

#9 Mar 21, 2009
send more money to iraq
John Kova

Far Rockaway, NY

#10 Mar 21, 2009
For all the idiot college students who voted Obama--How do you like your change now? You get what you deserve when you vote a Liberal into office. There is no such thing as "he'll just tax the rich."
OhWellShitHappen s

Brooklyn, NY

#11 Mar 22, 2009
Ice wrote:
<quoted text>
Deadbeats you say? Maybe you don't know, but you can't be a deadbeat on a studen loan. The loan must be paid back, or your wages will be forever garnished until the loan, as well as all the "fees" are paid back.
All this foolish move does is make it harder for the middle class to give our children a college education.
Why is it that the government and businesses all use us middle class as their personal atm machines?
Only deadbeats get their salaries garnished. This “foolish move” as you call it might get students to take things more seriously and eliminate the laissez-faire attitude that so many have developed. There are still loans, tuition assistance and scholarships available for serious students and the middle-class can still afford state colleges.
Gamehenge

Bayport, NY

#13 Mar 22, 2009
Ice wrote:
<quoted text>
Deadbeats you say? Maybe you don't know, but you can't be a deadbeat on a studen loan. The loan must be paid back, or your wages will be forever garnished until the loan, as well as all the "fees" are paid back.
All this foolish move does is make it harder for the middle class to give our children a college education.
Why is it that the government and businesses all use us middle class as their personal atm machines?
Agree 110%. I will be paying back SM through 2027 and have paid religiously (and a little more each month) to these crooks at a fixed rate just over 6%. I have called religiously over the past 5 years to try and trim .25% from the interest and they won't do it...It makes me sick. What gets me crazy is that these loans are usually based on your credit score when you are 18-19 years old during a time when many a subject to a number of life's financial complexities for the first time. 10-15 years later you are still paying for the same MINOR mistakes. Felons get a better deal in this country...
Get Educated

Brooklyn, NY

#14 Mar 22, 2009
John Kova wrote:
For all the idiot college students who voted Obama--How do you like your change now? You get what you deserve when you vote a Liberal into office. There is no such thing as "he'll just tax the rich."
Don't blame Obama, this is not a federal program (anymore). This article talks about private loans, not federal loans.
"Sallie Mae was originally created in 1972 as a government-sponsored entity (GSE). The company began privatizing its operations in 1997, a process it completed at the end of 2004 when the company terminated its ties to the federal government."
bill p

Prineville, OR

#15 Mar 22, 2009
It's about time sanity prevails. Attention all you college bound students and your parents, college isn't for everybody! Once you get a job that requires higher education requirement, then go ahead and borrow!
Jimmy Crack Corn

Brooklyn, NY

#16 Mar 24, 2009
bill p wrote:
Once you get a job that requires higher education requirement, then go ahead and borrow!
You can't get the job until you have the education, numbnuts. In fact, you're lucky to get ANY job right now.
indy

Reston, VA

#17 Mar 27, 2009
Gamehenge wrote:
<quoted text>
Agree 110%. I will be paying back SM through 2027 and have paid religiously (and a little more each month) to these crooks at a fixed rate just over 6%. I have called religiously over the past 5 years to try and trim .25% from the interest and they won't do it...It makes me sick. What gets me crazy is that these loans are usually based on your credit score when you are 18-19 years old during a time when many a subject to a number of life's financial complexities for the first time. 10-15 years later you are still paying for the same MINOR mistakes. Felons get a better deal in this country...
This is total BS. Maybe you should have gone to a cheaper school? No one ever questions why it costs so much to college. IT'S A LOAN...NOT FREE MONEY...
Gamehenge

Bayport, NY

#18 Apr 11, 2009
indy wrote:
<quoted text> This is total BS. Maybe you should have gone to a cheaper school? No one ever questions why it costs so much to college. IT'S A LOAN...NOT FREE MONEY...
Good point and maybe I wasn't clear. I have no problem paying back a loan I took out in order to go to college. I have a problem with the way the system works for those of us who pay religiously and who watch those who don't obtain the benefits...that's all. Bottom line..any college regardless of where it's located it too expensive for any 18 year old these days unless they are getting by selling drugs or racketeering...SM is a monopoly

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