Sallie Mae Named in Suit Over Hidden Late Fees

Student Loans
Sallie Mae Named in Suit

August 30, 2000
A class action lawsuit has been filed in Los Angeles Superior Court alleging deceptive conduct with respect to "hidden late fees" in student loan accounts held by Sallie Mae Servicing Corporation.

Sallie Mae is the nation's largest private source of funding and servicing support for higher education loans.

The lawsuit alleges that Sallie Mae systematically fails to disclose to borrowers that a late fee has been charged against their account when, in fact, numerous late fees have been assessed against the borrower.

The suit alleges that the "hidden late fee" policy results in Sallie Mae collecting principal, interest and late fees which exceed those authorized by Sallie Mae's standard form Promissory Note.

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