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Sallie Mae Compromises on Forbearance Fee

After 50,000 sign petition, company said it will apply good-faith payments to customer balance when on-time payments resume.

By Andrew Corselli | Updated on February 03, 2012

On the heels of more than  50,000 people signing an online petition asking Sallie Mae to stop charging fees for late student loan payments, the company has made the decision to update its forbearance policy for private education loans.

“We have been giving it careful consideration for some time, and will now apply the good-faith payment to the customers’ balance after they resume a track record of on-time payments,” Patricia Christel, spokesperson for Sallie Mae, said in an email to Credit Union Times. “The change will be retroactive to private loan forbearances granted on or after Jan. 1.”

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