Sallie Mae exports U.S. jobs to Asia, Where It Overcharges Our Military
Today brings the news that Sallie Mae may be bilking our military — the Federal Deposit Insurance Corp. will accuse the student lending firm of charging more than the 6 percent it is allowed, according to the N.Y. Times story.
But Sallie Mae has long been a bad citizen. For at least a decade, as U.S students and their parents labor under a high debt load (much of it to Sallie Mae) and suffer from a high unemployment rate, Sallie Mae has exported jobs to Asia. A decade ago it employed Indians as customer service representatives, now they is more likely to be Filipinos. Why not employ Americans who labor to pay off Sallie Mae? I think even organized crime understands the logic of this. Return Sallie Mae jobs to the U.S. and give them to young people and their parents. Hapless Americans are plagued by high unemployment, and are burdened by long-term debt to Sallie Mae. Western New York State would be an excellent place to set up call service centers.
I know about the reps because I was foolish enough to take out a Sallie Mae loan a dozen years ago to help finance graduate school. I have been dealing with their reps, many of them impossible to understand, especially when the discussion is about numbers, for years. I have written about this to New York Sen. Charles Schumer and Kristen Gillibrand, as well as to Sallie Mae CEO and president John F. Remondi. No response from any of them, although I first contacted the senators months ago. A garbled boiler plate response saying your-concerns-are-my-concerns from Schumer’s people might have been his reply. Impossible to tell. I recently sent a letter to Sen. Elizabeth Warren of Massachusetts who may be less beholden to Wall Street lobbyists. It’s time U.S. citizens received value from our debt. Cheap labor from Chad and Chloe in the Philippines is not helping Americans or its economy which has been sacrificed for multi-national corporations who own the ears and conscience of our politicians.