<p>Having just learned that I will not be getting any financial aid from Columbia, where I was admited I'm desperately looking for a lender (with student-minded interest rates and payment plans).</p>
<p>Aside from Banks, does anyone know of any organizations that lend to internationals/Canadians?</p>
<p>Does anyone have any experience with SallieMae?</p>
<p>Lionheaded,
It is interesting you are writing as a Canadian National considering SMC loans. Insofar as the Canadian government recently made substantial moves to try to reform its student loan system and the attendant debt laws. Quite a few in the US are considering immigration to Canada, in part because of the problems inherent to the manner in which the student loan system is structured here in the US. Until recently I lived on the US Canada border and enough US teachers had applied for Canadian teaching jobs that some areas were specifically limiting applicants to Canadian nationals. And Montana actually floated a proposal to deny drivers licenses to those who owed the
edudebt companies money-it seems a few too many Montana people had been
planning to leave and not come back. </p>
<p>And one of the companies which has been instrumental in causing this debacle has been SMC. They have been one of the more problematic lenders for student loans, and quite truthfully are probably one of the most aggressive or outright abusive lenders in regards to enhanced fees, late charges and non willingness to negotiate with borrowers. Many in academia have been subjected to their problematic way of doing business, but often are constrained in saying much about the matter because of institutional pressures. So ask a prof or two and they might whisper some insider information, but most are reluctant to comment too overtly. </p>
<p>NEA:</a> My Debt, My Life - Student Loan Debt - 44k The NEA has written exposes about the problems with SL's as it affects their teachers. And in their expose one of the major players SMC was clearly indicted as being a major problem. </p>
<p>Rip-off</a> Report: Salle Mae Aka SLM Financial Aka Sallie Mae Servicing Defamation Suit Fails Reston Nationwide Lists various investigative reports and individual stories of those troubled by SMC's often questionable business practices. </p>
<p>Friends</a> in High Places Deliver Big for Sallie Mae Behind the Scenes | The New America Foundation - 28k Stephen Burd's report on Higher Education Watch (higheredwatch.org concerning how SMC is using subsidiaries and shadow companies to collect enhanced fees not allowed them by current law and regulations. </p>
<p>And this essay was written by Alan Collinge the head of the predominant student loan rights organization in the US. One which was largely formed because of the thousands of students who've had problems with SMC and other like companies. Granted Collinge does write with an agenda, but his agenda and the support for his organization wouldn't exist if the need were not so evident. </p>
<p>"By Alan Collinge</p>
<p>The East County News, Feb 2, 2007, Updated Feb 2, 2007 (1 Reader comment)</p>
<p>With lots of fanfare, Congress recently made student loans slightly less expensive for future students.</p>
<p>But they completely ignored the biggest abuses in the student loan program, abuses that make student loans the most lucrative to collect and the most onerous debts to carry.</p>
<p>The process can be so bad for borrowers that Harvard Professor Elizabeth Warren told the Wall Street Journal, student loan debt collectors have power that would make a mobster envious.</p>
<p>And no one makes the mobsters greener than Al Lord and his Student Loan Marketing Corporation, the largest student loan provider in the country. Its also known as Sallie Mae - one of the most profitable companies in America.</p>
<p>As the founder of the largest student loan borrower group in America, Student Loan Justice recently began our nationwide tour to reform student loan abuses by visiting the offices of Congressman David Wu in Portland.</p>
<p>Wu will be among a handful of congressional leaders who will reform student loans.</p>
<p>The problem with student loans began ten years ago when Congress privatized student loans, largely through a strange arrangement with Sallie Mae.</p>
<p>Sallie Mae assumed all the rewards, but the federal government took all the risks. In addition to legislating draconian collection powers, outlawing bankruptcy protection and imposing huge penalties for delinquent debt, Sallie Mae convinced Congress to outlaw re-financing and other forms of competition for student loans.</p>
<p>With these powers and protection from competition, Sallie Maes stock price increased nearly 2000 percent in 10 years, with its robust profits coming from collecting penalties on defaulted student loans. Meanwhile, the borrowers suffer.</p>
<p>Student Loan Justice (StudentLoanJustice.ORG-</a> THANK YOU) has received thousands of stories from citizens whose lives have been shattered by their student loans. These stories are from decent citizens who have been forced to live off the grid, had their livelihoods taken away, been forced to postpone marriage and children. Some have gone so far as fleeing the country and committing suicide.</p>
<p>Such borrowers quickly find themselves unable to function in society, and are faced with a decision to either continue the paralysis and live in fear, or begin making payments on a massively inflated amount often three or four times more than what they originally borrowed.</p>
<p>That is why Student Loan Justice is working to:</p>
<ol>
<li><p>Pass legislation which allows borrowers who have been in default for 5 years or more to repay what the government paid for their loan (which includes principle plus interest), and get on with their lives.</p></li>
<li><p>Give borrowers the right to refinance their debt with lenders willing to give better terms.</p></li>
<li><p>Ban school as lender programs, where universities steer students to certain lenders due to financial incentives. In the business world, that is called kickbacks.</p></li>
<li><p>Return standard consumer protections to student loans.</p></li>
<li><p>Make student loan repayments tax deductible</p></li>
</ol>
<p>Almost all of these steps could be accomplished with Senator Hillary Clintons Student Borrower Bill of Rights.</p>
<p>The present situation is not what Congress intended when it created the student loan program, and Congress must undo the program if we are ever to make student loans a stepping stone for middle class opportunity not a cash cow for Sallie Mae.</p>
<p>As one of the most influential members of the Education Committee, Congressman Wu is in a unique and important position to restore sanity and equity to the student loan program. That is what we need him to do."</p>
<p>In general if you serve around you'll find quite a few reasonable people who have been treated less than fairly by SMC, and some who've had their lives irrevocably wrecked. SMC doesn't exactly cause fond remembrances for most of those who've been subject to their genteel clutches.
Really if you can find another means you might do better not getting involved with SMC.</p>