Valued Member
spooky
Posts: 62
Registered: ‎08-26-2008
Bail-out for Sallae Mae? When ?
I didn't realize SM had a bail out in the past! Why then do they not make better  arraingments with those of us that are looking heading for a crash?? Seems like they haven't learned. I have very high loans with 16 % int, we told them that we cant make these payments, and they offer nothing! I would think that after a failed history that they would be a bit more willing to work something out BEFORE we get behind, were not behind, never have been, but the writing is on the wall. Anyone  ??
Established Contributor
jesslyn
Posts: 945
Registered: ‎06-13-2008
Re: Bail-out for Sallae Mae? When ?

I'm not aware of any bail out given to Sallie Mae.  I'm interested in hearing about one.

 

Sallie Mae was begun as a government sponsored enterprise in the 1970's.  It privatized itself into a publicly traded corporation beginning in 1997.  They've generally been a very lucrative business because of the government's subsidies for student loans--SM has benefited most from these.  The last news I really knew about SM was when the deal for JP Morgan Chase to purchase SM fell through in late 2007--and they blamed that on the tightening of the credit markets and the WSJ called it the end of the mega deal.  I think I read somewhere that they did get some financing of BoA, but I didn't read that as a bail out.

 

Am I missing something?

Frequent Contributor
niecey89
Posts: 401
Registered: ‎05-01-2007
Re: Bail-out for Sallae Mae? When ?

Last I knew was they did not fall under the bail-out,  they no longer under the Feds "financing". From my understanding that are doing very well under the circumstances. I wish they will get rid of my loans but we know that is not going to happen. But do know is that even with me making payments they still harass me. if only they would disappear like a ghost

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