NAICU - Online Campaign Prompts Sallie Mae to Change Fee Policy for Loan Suspensions

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Online Campaign Prompts Sallie Mae to Change Fee Policy for Loan Suspensions

New York Times

February 3, 2012

On Thursday, three months after Bank of America backed down from imposing a $5 monthly debit card fee in response to an online petition, Sallie Mae changed its fee policy in response to an online petition. For years, Sallie Mae had required unemployed people who could not afford their monthly payments to pay a $50-per-loan fee every three months to suspend their payments temporarily, even as interest charges mounted. Sallie Mae called this forbearance fee a "good faith deposit" - but it was neither credited to the borrower's account nor refunded.

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