Skip to comments.Sallie Mae pays $100 million fine for overcharging military (Student loans)
Posted on 05/13/2014 4:30:36 PM PDT by Libloather
WASHINGTON (CNNMoney) Some 60,000 active-duty service members could their get money back from lender Sallie Mae Bank for overpaying on their student loans, the Department of Justice said Tuesday.
Sallie Mae agreed to pay nearly $100 million in fines to federal regulators for overcharging military members as far back as 2005 on government student loans. Federal law discounts interest rates on all student loans for active duty military service members, capping them at 6%.
Sallie Mae not only failed to discount the rates, but also made it tough for some service members to prove they qualified for the lower rate, according to U.S. Attorney General Eric Holder.
(Excerpt) Read more at wtvr.com ...
The measure of a man is what he does with power.
One government agency being over charged by a semi-government agency, lol
It is a federal law for any loans to service members who are deployed.
Service members Civil Relief Act
HAHA, the govey got the fines money, our troops get a t-shirt; “I was screwed by Sally May”.
Imagine if you will, ANY corporation trying to get away with this.
Nope. Not unless they wee very well connected.