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The Story of Sallie Mae

January 29, 2014 | Adam S. Minsky, Esq. Articles

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When people say “student loans,” many immediately think “Sallie Mae.” Indeed, the growth of Sallie Mae over the past two decades into the behemoth that it has become closely parallels the explosion of crippling student loan debt in this country.

Sallie Mae was created by the federal government in the 1970’s to use U.S. Treasury money to buy government-backed student loans from banks. For the past 30 years, the company has grown enormously and has maintained a close connection to the federal government. Now, Sallie Mae not only handles government-backed loans, but also is a major contractor servicing the U.S. Dept. of Education Direct federal loan program, and it is one of the largest (if not *the* largest) private student loan lenders in the world. Both Sallie Mae and the federal government have reaped enormous profits from their mutually beneficial ongoing relationship.

The National Consumer Law Center (NCLC) recently came out with a new report exploring the history of Sallie Mae and analyzing the dangers of granting for-profit entities such enormous control over student loan borrowers. The report recommends, among other things, significantly more rigorous oversight by state and federal government, and holding companies like Sallie Mae accountable for poor customer services and violations of federal regulations. I can’t say I disagree.

To read the report, click here.

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About Adam S. Minsky, Esq.

Adam S. Minsky founded the first law office in Massachusetts devoted entirely to assisting student loan borrowers, and he is one of the only attorneys in the country practicing in this area of law. He provides counsel, legal assistance, and direct advocacy for borrowers on a variety of student loan-related matters. He regularly speaks to students, graduates, and advocates about the latest developments in higher education financing.

Books by Adam S. Minsky

The Student Loan Handbook for Law Students and Attorneys

The Student Loan Handbook for Law Students and Attorneys

Student Loan Debt 101

Student Loan Debt 101: The Definitive Guide to Understanding and Managing Your Student Loans

Student Loans for Parents and Cosigners

The Student Loan Guide for Parents and Cosigners

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asminsky@minsky-law.com
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Boston, MA 02110

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