Sallie Mae Loan Forgiveness
For Private Student Loans
Timeline of Events
Sallie Mae was founded.
Former employee Michael Zahara filed a lawsuit against Sallie Mae alleging it had a pattern and practice of granting forbearance in a purposeful effort to increase total student loan debt.
A 60 Minutes special ran that examined Sallie Mae and its business practices.
New York Attorney General Mario Cuomo launches an investigation into alleged deceptive lending practices by student loan providers including Sallie Mae.
Documents surface showing Sallie Mae attempted to use the Freedom of Information Act to force colleges to turn over student personal information.
Class action lawsuit is brought against Sallie Mae alleging the company discriminated against African American and Hispanic private student loan applicants by charging them high interest rates.
Lawsuit is settled and Sallie Mae agrees to make a $500,000 donation to the United Negro College Fund.
Attorney General Lisa Madigan announces an investigation into Sallie Mae’s debt collection practices and loan servicing practices will open.
Sallie Mae is forced to pay $3.3 million back to student loan borrowers.
In cases of for-profit school closures: You may qualify for one of the private student loan forgiveness programs.
If you went to a for-profit college and took out a loan via Sallie Mae, you may qualify to have your loan invalidated.