Sally Mae and the Student Loan Swindle Message Board

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Non-Tech : Sally Mae and the Student Loan Swindle

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From: Grandk	9/12/2007 5:53:08 PM
	of 63

As much as I dislike Sally Mae I hate this new bill that is being passed. I love how the government robs from us and does it with a smile on their face as if they are looking out for our best interests. I grabbed this off of craigslist. Stop HR Bill 2669 -------------------------------------------------------------------------------- Reply to: cgee@studentlsc.com Date: 2007-09-05, 5:13PM EDT Please send this letter out to congress to stop HR Bill 2669! www.studentloanprimer.com; www.studentlsc.com Current proposed legislation, in both the Senate and House of Representatives, will change the student loan consolidation industry forever! HR BILL 2669 PUTS ALL STUDENTS AT RISK OF LOSING CONSOLIDATION INCENTIVES! • 1% rate reduction may no longer be offered to students wishing to consolidate their loans due to the rate cuts currently proposed. • $18 BILLION in cuts is being proposed which will inevitably be passed on to the borrowers in lost incentives. • The proposed effective date is October 1, 2007 and may eliminate the incentives currently offered to borrowers whose consolidation has not been completed by that date. Independent research shows that these cuts will lower the borrower's payments by only $18 per month for the average graduate and end up costing thousands in lost incentives. "A report by the Congressional Research Service finds that the House bill would cut the typical graduate's monthly loan payments by about $18 a month." (Source: Godfrey, John. "Little Relief From Proposed Student Loan Rate Cut" August 3, 2007. Dow Jones Newswires.) 1% RATE REDUCTIONS ARE AN IMMEDIATE BENNEFIT TO THE BORROWER. THESE WILL BE LOST IF THIS BILL PASSES! STAND UP FOR YOUR RIGHTS AS A CONSUMER! CONGRESS NEEDS TO KNOW THAT THEIR PROPOSED BILL WILL COST BORROWERS THOUSANDS! You have the power and the right to contact your Senators and Congresspeople in order to influence their decision. Below are the links that will provide you the names and contact information for your State Representatives and local Congresspeople. Find your Senators and Congresspeople: usa.gov Dear Sir/Madam, I am writing in regards to imminent and adverse legislative action in connection with the Federal Education Loan Program that has passed initial votes in the Senate and House of Representatives, HR 2669. This legislation is currently in reconciliation prior to being passed into law. This legislation, as it is currently written, will be a detriment to recent graduate consumers seeking to consolidate their student loan debt into a more manageable payment schedule while providing only minimal relief for future student loan borrowers. The current highly competitive consolidation market allows consumers like myself access to benefits and incentives such as a 1% interest rate reduction or even a 3% Cash Back Rebate. Offers such as these put significantly more money than $18 per month back into our hands so that it can be spent on other items at a time when our overall economy is searching for more solid ground. The current legislation will have a tremendously negative financial impact on consolidation companies, which will either prevent them from offering these types of incentives in the future or force them out of the marketplace entirely. As a consumer who feels consolidating student loan debt and reducing monthly payments to make life more affordable is a necessary step, I urge you to vote against this legislation. Minimally someone needs to take action to ensure the implementation date is delayed until July 1st so that consumers who have already applied may complete the consolidation process and receive the current industry benefits and incentives. The FFELP has been a very successful partnership since its inception in 1965 and has helped millions of Americans obtain the loans that they need to afford to go to college. The legislative actions being proposed will result in the loss of the current competitive atmosphere within this historic program and a drastic reduction in the cost saving incentives currently offered to borrowers such as myself. I respectfully urge you to carefully consider the long-term ramifications of the proposed legislation before casting your vote. Thank you for your time and consideration.

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