Stephen Burd
Recently, This new York Minutes got a wages facts throughout the legal actions one to the official Lawyer General from inside the Washington and you can Illinois enjoys recorded facing Navient, the personal student loan organization previously known as Sallie Mae. These legal actions accuse this business having produced subprime private funds to for-funds people while it knew that of them low-earnings and working-group people could not manage to outlay cash back. This might be a topic that I’m a bit always, given that We have created several times in the Sallie Mae’s predatory credit methods given that We joined Brand new America when you look at the 2007. For the sake of providing more records on this topic, listed below are some key parts I have written about the subject more than many years. (Editor’s Note: The links found in posts from our previous blog site Large Ed See no more really works.):
“Group Action Lawsuit Challenges Sallie Mae’s Subprime Credit Practices” (3/): Within Higher Ed See blog post, We blogged from the case you to definitely Sallie Mae shareholders lead against the organization. From the lawsuit, this new shareholders debated your education loan icon got “deceived him or her concerning amount of exposure the company is actually delivering in pressing high-cost individual money towards subprime consumers gonna poor-performing trade colleges.”