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Sallie Mae is wanting to jump start the revitalization of our economy and has deemed their student loan forgiveness program to be an efficient model in which they can distribute money back into the hands of the people. Sallie Mae currently houses 22 billion dollars in student loans and for one day only they are going to forgive/write-off up to 10 billion dollars (or almost half of their portfolio) for eligible students.
Jack Remondi, Chief Executive Officer at Sallie Mae, states: “This loan forgiveness program is the first of it’s kind and Sallie Mae is pleased to be at the forefront of this movement. We truly believe in promoting the well-being of our students and indirectly our economy at large. By forgiving these student loans, and the monthly payments associated, we anticipate that the collective discretionary income available to these students will approach $208 million dollars a month, each month, for the next 4 years. We suspect that two-thirds of this extra money will immediately be injected back into the economy through the purchase of consumer goods (Flat-Screen T.V.’s, Automobiles, iPads, etc…) The remaining one-third will probably be put into savings to help cover educational costs for future generations.”
The following are the eligibility requirements for the Sallie Mae Loan Forgiveness Program:
- You must have initiated your student loan with Sallie Mae after June 30th, 1985 and no later than July 1st, 2013
- Your loan must be in good standing
- You cannot currently be an enrolled student at a qualified institution
- Your loan debt can not exceed $100,000
- Sallie Mae must receive your application for the Student Loan Forgiveness Program today (office closes at 9pm est)
If you are interested in reducing/eliminating your student loan debt, you certainly should take advantage of this once in a lifetime opportunity provided by Sallie Mae. You can download the application form here. If you know of others that can benefit from this information, please use the “Share Tab” below to spread the word.
