Opinion: Sallie Mae's student loan practices unfair

Published on:
12 September 2006 at 10:21 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00029298-opinion-sallie-maes-student-loan-practice/

Sallie Mae, America?s largest student loan lender, received some unwanted attention from protesters at a Sallie Mae-sponsored seminar on how to pay for college. According to a freelance writer, writing for the Pasadena Star News, the student loan giant is a predatory lender with no competition to rein it in. Other critics say, this lack of competition keeps borrowers from getting a better deal.

According to the opinion piece, student loans are the only consumer loans in America where it is almost impossible to refinance more than once. Known as the single holder rule, critics see it as the single most anti-competitive, anti- consumer law in the country. Single holder rules keep borrowers from moving loans from company to company, in search of better terms and lower interest rates.

You can read more about this story at Sallie Mae’s student loan practices unfair.