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Unemployed grad launches online campaign against Sallie Mae fee

Stef. G, hopes what an online campaign did to get rid of Bank of America’s $5 debit card fee will work with Sallie Mae.

The New Yorker says she graduated in May and hasn’t been able to land full-time work. Her three loans from Sallie Mae are now in forbearance, which costs $150 — $50 per loan — for every three months of suspended payments.

She writes: “But Sallie Mae is preying on people like me and cashing in on the fact that we need more time to find work before we can repay our student loans…. Meanwhile, the interest on my loans keeps growing -- meaning that Sallie Mae will cash in two times -- once with the extra fees they're charging me, and again when I pay the interest that accrues as I look for work.”

She adds: “Federal loans allow the unemployed to defer payments without any fees, so the same kindness is not too much to ask from America's largest private lender.”

So far, more than 66,000 have signed her online petition.

Sallie Mae spokeswoman Martha Holler said: “When customers ask for a concession to suspend required payments, we in turn as for a good faith deposit that acknowledges the importance of the commitment to resuming payments in the future.”

The private lender says about 4 percent of its borrowers are in forbearance, and others have found ways to keep payments up.

Although Stef G. has thousands of supporters, I have my doubts that she will sway the mega private lender to behave more like the federal government.

What do you think?

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