A Quote by Lisa Madigan
Navient/Sallie Mae treated student loan borrowers unfairly from start to finish.
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My investigation found Sallie Mae put student borrowers into expensive subprime loans that it knew were going to fail.
Navient's actions have led to student borrowers needlessly carrying billions of dollars in debt, and the company must be held accountable.
When you start to confuse Freddie Mac, Sallie Mae and Fannie Mae with members of your family, and you remember 2,000 stock symbols but forget the children's birthdays, there's a good chance you've become too wrapped up in your work.
The most important loan to pay is your student loan. It's more important than your mortgage, car and credit card payments. You cannot discharge student loan debt in the majority of cases.
If your appraisal comes back too low - you don't have at least 10% equity for a conforming loan or 20% for a jumbo loan - you might not be able to refinance at all, at least with a loan that's packaged and sold to Fannie Mae and Freddie Mac. That means you may have to pay a much higher rate.
The student-loan crisis has an underappreciated emotional valence too: The debt makes people miserable. In one survey, more than half of borrowers said that they have experienced depression because of their debt. Nine in 10 reported experiencing anxiety.
Fannie Mae has traditionally only bought and sold mortgages. But when a loan held by the company goes into foreclosure, Fannie Mae gains ownership of the underlying property until it is resold to new investors.
As our nation's student debt crisis has reached a breaking point, we've been hearing lots of talk about student loan forgiveness. It's taken me 20 years to forgive myself for my loan - and just as long to pay it off.
There were absolutely circumstances where Sallie Mae was working hand-in-hand with for-profit schools and other schools in offering and putting students into risky expensive subprime loans.
Unfortunately, this will have a ripple effect in the economy. People carrying heavy student-loan debt won't buy houses, start families, or start businesses. This will hurt the future economy.
Sallie Mae sounds like a naive and barefoot hillbilly girl but in fact they are a ruthless and aggressive conglomeration of bullies located in a tall brick building somewhere in Kansas. I picture it to be the tallest building in that state and I have decided they hire their employees straight out of prison.
The fact that you have government-guaranteed student loans has created a whole new sector in the American economy that didn't really exist before - private for-profit universities that sell junk degrees that don't help the students. They promise the students, "We'll help you get a better job. We'll arrange a loan so that you don't have to pay a penny for this education." Their pet bank gets them the government-guaranteed loan, and the student may get the junk degree, but doesn't get a job, so they don't pay the loan.
Beware leverage in all its forms. Borrowers - individual, corporate, or government - should always match fund their liabilities against the duration of their assets. Borrowers must always remember that capital markets can be extremely fickle, and that it is never safe to assume a maturing loan can be rolled over. Even if you are unleveraged, the leverage employed by others can drive dramatic price and valuation swings; sudden unavailability of leverage in the economy may trigger an economic downturn.
Learn a lot about the world and finish things, even if it is just a short story. Finish it before you start something else. Finish it before you start rewriting it. That's really important.
It's to find out if you're going to be a writer or not, because that's one of the most important lessons.
Most, maybe 90% of people, will start writing and never finish what they started. If you want to be a writer that's the hardest and most important lesson: Finish it. Then go back to fix it.
High school seniors should receive help in how to think about a student loan and how to make sure that the education bought with the loan offers good prospects for repayment.
What I want to do first with education is my student loan idea. Basically, if you go into teaching and teach for five years, your student loans should be forgiven. It doesn't cost that much.
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