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Sallie Mae: Students
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On October 10, 2007, documents surfaced that Sallie Mae was attempting to force colleges to turn over students' personal information using the Freedom of Information Act as justification. The university involved, the State University of New York system, is expected to decline the request and then be forced to defend its position in court.
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Sallie Mae supports proposals in Congress to simplify the FAFSA and to make it quicker and easier for students and parents to apply for financial aid for college. "Efforts to simplify the FAFSA will help many families, especially those with first-generation college students who have never been through the process," said Holler. "In the meantime, every family should know that free help and resources are available."
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Sallie Mae advises customers to weigh the benefits and drawbacks of consolidating their federal student loans. Recent legislative changes created fixed interest rates for Federal Stafford and PLUS loans (6.8 percent and 8.5 percent, respectively), eliminating the need to consolidate federal student loans as a way to lock in interest rates. By consolidating, customers stand to lose the flexibility to prepay individual loans as well as the borrower benefits offered as part of their Stafford or Graduate PLUS loans. Even if customers opt against consolidation, Sallie Mae will combine billing statements, ensuring them the convenience of a single monthly payment.
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Sallie Mae was originally founded in 1972 as a way to provide government-backed student loans at below market rates. Its stated purpose was to enable greater access to higher education for students from low-income families. Sallie Mae’s Web site proclaims its mission as “Helping millions of Americans achieve the dream of higher education.”
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Sallie Mae may be hampered by its own success as it tries to fend off multiple threats this year, several student lender lobbyists said. The one-time quasi-federal agency, which began the process of spinning off from the government in 1997, has become the poster child for an industry that many Democrats believe lines the pockets of corporate bigwigs at the expense of taxpayers and students.
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California investigators are looking at Sallie Mae's private loans to schools that did not have accreditation, the lender's relation with the schools and whether students were misled about private loans that Sallie Mae offers. Investigators are looking into whether students had the differences between those loans and federally-backed loans Sallie Mae services explained to them. CNN Money (October 26, 2004)
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