[ohio_eric]

Sallie boss warns of student loan ‘train wreck’ - Earnings - MSNBC.com

Sallie Mae cannot write money-losing student loans indefinitely.

Top executives are holding “daily deliberations” about just how long the nation’s largest student lender can afford to sacrifice its bottom line for the sake of college-bound Americans, Sallie Mae CEO Albert J. Lord said Thursday.

Experts said that, unless the government intervenes or market conditions rapidly improve, Sallie Mae could have no choice but to stop writing new federally backed loans.Lord told analysts on an earlier conference call: “We’ve been predicting something of a train wreck” in mid-2008 without prompt changes in a market hit by fallout from the subprime mortgage crisis and cuts last year in federal subsidies to student lenders.

[bostjan]

Shit, meet fan.

The colleges and universities have known this could (and most likely would) happen. Mortgage lending companies announced today that they would be cutting jobs by another 10% after record lossed.

It's common knowledge that close to 30% of college graduates in the midwest and southeast parts of the USA are not getting careers in the discipline of their degrees.

For instance, I have a friend who is a registered nurse and works at the post office, because it pays better and has better benefits than working at a hospital.

[telecaster90]

Originally Posted by bostjan

Shit, meet fan.

Shit meet fan indeed. Fuck, I hope I can get loans for school next year

[kristallin]

My wife only got a third of her needed loans for the next year, she's a year out from her BA and we've already had to go with private loans. Shit already hit fan, the spatter's already heading our way.

[bostjan]

As someone who's paycheck relies on the fact that young people and older people alike get student loans to go to school, I can tell you that I already have gotten to feel it quite strongly over the last five years or so, I've gone from teaching two classes and making good money to teaching five classes and making ends meet to teaching three classes, living off credit and looking for another job.

[Vegetta]

I have a student loan with sallie mae and if they could clean out some of their horrendous operating costs/procedures and streamline their customer support they would save a lot of money.

They have 2 separate phone help centers 1 based in the US that is anything but helpful (I actually asked one of their operators what they actually could do once...) and another based in India that will help you but you typically get disconnected at least 3 times trying ot iron out a problem. (after navigating through their horrendous phone menu system)

If you only receive information from them via snail mail they bombard you you with so many letter you cannot really tell what you need and what you can toss.

they do not offer payment coupon books - again they will either mail you your bill each month or require you to pay it online (and you better hope their website is actually working - it goes down a lot) and then charge you 9.99 for the privilege of making a payment over the phone...

I actually have 2 loans through them - one is a federal loan and one is a Cal loan (private loan) and when they mailed the bills they always mailed them separately. Plus having 2 accounts basically doubles the bullshit letters you get from them as well...

Sallie Mae can die in a fucking fire - I'm tired of all of these shit corporations that run themselves into the ground shafting everyone for it...