Sallie Mae Sparks Student Protests - Largest Education Lender

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Sallie mae sparks student protests

At an April 27 Sallie Mae seminar in Los Angeles, Southern California students showed up to protest the education lending giant�s stand on the Single Holder Rule, which eliminates refinancing options for many college students and graduates.

Students called Sallie Mae �a predatory lender� and accused the company of discouraging competition through disingenuous means.

Sallie Mae is the largest education lender in the country. Its closest competitor is Citibank; still, Sallie Mae originates, holds, and consolidates more than four times the volume of loans that Citibank does.

The �Single Holder Rule� prohibits borrowers from choosing which company will consolidate their student loans if only one lender holds all education loans. For example, a student whose school automatically assigned her loans to Lender X and who did not actively decide to use a different lender may now not choose to consolidate her loans using Lender Y.

Since Sallie Mae is the only holder for many individuals� student loans, the company stands to gain billions now that the rule is being actively enforced. One protester called the rule �the single most anti-competitive, anti-consumer law in the country�

At the protest, one student carried a picket sign reading: �What Do Sallie Mae and Tanya Harding have in common? They both eliminated competition.�

Others displayed slogans such as �Sallie Mae is number one because she got rid of everyone,� and �Sallie does not have our best interest rate at heart.�

The group also distributed critical articles from Fortune, the New York Times, and nationally syndicated columnists.

	Article Title : Sallie mae sparks student protests
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