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The Tangled Web of Student Loans at Sallie Mae
Elaine Dowling at Consumer Law Updates has authored an eye-opening post on Sallie Mae and the impact of its capitalization policies. Briefly, it capitalizes interest on deferments - adding back in accrued interest so that you’re paying interest on a much higher balance. All well and good as far as it goes, but what about Elaine’s client who, despite having one deferment (only one) has TWO records of capitalized interest on her loan?
It’s a complicated subject and I wonder how well people without legal or financial backgrounds really understand their loans?
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