I recently learned that last year a government agency was set up to look at the student loan industry including private loans. Here is the website http://www.consumerfinance. Gov/
They also are also taking comments regarding private loans until August 13 at the following site
https://www.federalregister. Gov/articles/06/14-14588/request-for-information-regarding-complaints-from-private-education-loan-borrowers#p-8
I only see 4 comments to date... Please check it out and spread the word. I have been asking for awhile if there is any government agency looking into private loans and Sallie Mae doesnt seem to want to share. I am formatting a comment to add to the site and it would be sad if only four comments are there to form a recommendation to congress regarding private loans.
I am upset that private loans have all the privileges and protections of a normal government loan IE does not have to follow fair credit debt collection practices, cannot be included in bankruptcy, etc., however, they get the additional freedom of not having the regulations regarding working with the borrower and arranging fair payment practices. I am now in my sixth month of my loan showing delinquent in that each month I have set up an arrangement with Sallie Mae to bring the loan to a current status and each month Sallie Mae customer service admits their representatives did not dot an i or cross a t and we need to start the paperwork again. They need some type of regulation and outside agency we can bring our grievances to for a fair investigation. I think I just formed my comment:)
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