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Sallie Mae Cheated Students… and Still Wins

Sallie Mae Student Loans

Sallie Mae cheated active-duty military on their federal student loans and violated the Service Members Civil Relief Act, according to federal investigators. This law caps student loan interest rates for service members at 6%. Sallie Mae and others have ignored the law for years and lent to service members at higher rates.

Even worse, the federal government knew about this scam at least two months before renewing its very lucrative contract with Sallie Mae as its resident student loan collector.

According to Huffington Post: “The department [of Education] said in December that it had declined to levy fines on Sallie Mae, despite previously secret determinations over the past 10 years alleging the company had harmed borrowers and incorrectly billed the department.”

If you are a service member that is being charged more than a 6% interest rate on Sallie Mae student loans or just experiencing plain harassment or mistreatment, then contact an attorney who can protect your rights and help eliminate the underlying loan. If you are not a service member, but still experiencing harassment or mistreatment from Sallie Mae, there are laws that protect your rights as well. Contact an attorney to find out more.

 

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Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.