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Sallie Mae flies more than 100 employees to Hawaii to celebrate $5 billion in sales while student debt crisis tops $1.6 trillion
- Thread starter Loudninja
- Start date
User Banned (1 Day): Advocating property damage and arson.
Disgusting. We should burn these peoples houses to the ground.
They aren't really the problem. If college education was subsidized there wouldn't even be a need for them to exist.
Celebrating profits while people can't afford basic shit because of their student loans? I mean, it's really telling when your company makes 5 billion at the detriment of others. It speaks more loudly about the problem with the system present.
I mean they offer low interest loans. Not exactly an ethical issue. The problem is why do people need the loans in the first place.
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They are celebrating the fact that they make money off of people in debt like it's something to be proud of while being part of a system that preys on youth with barely any financial knowledge straight out of high school who then have to pay off those garbage loans all their life.
The present system is not their fault. Their business is to give out loans that give students opportunities for higher education. If the system wasn't so rigged to begin with students wouldn't need high cost loans.
The company is allowed to celebrate being successful at what they do.
If it weren't for lenders, most students wouldn't even be able to go to college. I think your anger is seriously misplaced. You should be angry with the institutions that continually raise their pricing year after year after year.
You're right. They should just get out of the business of giving low cost loans. Higher education opportunities for youth be damned. Who the fuck needs an education anyway.
Why do you think the world is the way it is? Apathy, passivity, and a heaping pile of "fuck you, got mine".
I guess I understand why people are angry, I just don't see how having a sales conference for 100 people in Hawaii to celebrate profits is any different from any other bank or credit card company or any company in general with a sales staff.
If you want to complain about them making a profit, I guess I understand. This seems like a blip though. I definitely understand people drowning in student debt being upset, but that seems irrational.
I guess my question is, do you believe that lending money for a profit is immoral?
OP
OP
What do you want them to do? Pay off the loans they gave out with the money they are using to treat their employees? What is the solution you are looking for here?
Uh I'm very happy about my student loan. I got a degree and it led me to a successful career. Without that I'd be working at the mall. Again the problem isn't the lender it's the system that causes there to be a need for massive student loans in the first place.
Yup, I would have never been able to attend college under the current system without low interest loans.
Loans early in my adult life when I had no credit score is one (of many) reasons why I have my career and car and house today.
student loan debt sucks, but the issue is ever increasing costs and text books and living expenses compounded with people chasing worthless degrees. Not 7% loans that have automatic deferred payments for four years...
What would you ask of this company? They provide low interest loans to people who need them.
The problem is that people need them.
I was reading about buying Sallie Mae houses the other day ironically because I found several bargains on Hawaii- they aren't as complex to purchase as bank sales or probate deals but it's stricter and weirder- typically they don't go for that much less but in places where they abut or are inside luxury neighborhoods they can be good deeds.
for Europe especially uk readers- it's like buying a flat from the Council - restrictions but cheaper than the private market for low income families with help for mortgage payments. When the owners resell they go back into the private sector.
for Europe especially uk readers- it's like buying a flat from the Council - restrictions but cheaper than the private market for low income families with help for mortgage payments. When the owners resell they go back into the private sector.
If it weren't for lenders, the colleges would have to lower the cost of tuition to get students and their collective $542 billion in sitting in endowment might go down to a reasonable figure.
I have no idea what their rates are like these days, but at the time the person in this article borrowed their money Sallie Mae was offering $40,000 annual loans to undergraduate students at upwards of 14%+prime interest rates.
Yes, this is truly the issue! Loans are an inevitability and we should applaud these corporations for providing them! What a completely room temperature take!
OP
OP
Its crazy how some think they lenders are not a big part of this whole goddamn mess.
Very awesome of them to do that for their sales team. Curious if Tech companies do the same for their employees.
I mean if your argument is "If you have a problem with Sallie Mae, you have a problem with the very bedrock of capitalist economies" that's not so much a gotcha as exactly the point I want people to internalize and rally around
No one said they weren't, just like we're allowed to be angry at them capitalizing off of a fucked system.
No no no, you misunderstand.
It's 14+prime rate, so it's really in the range of 17-21%.
And it can't be forgiven by bankruptcy.
Wait was I supposed to make it sound better I think I did this wrong
Then change the system. Don't be angry at them celebrating their success.
Calling for people to get their heads chopped off over student loans?
We're not talking about a subprime crisis where people lose their homes, defaulting on student payments doesn't suddenly mean your homeless or involve a crash of the economy because of reckless greed.
Mine is at 4% and their rates on their site now are between 3-12% depending on what you are looking for.
It's completely normal to offer "achievers clubs" vacation spots. I've gone to places like Puerto Rico, Miami, and Hawaii for achievers club.
What's not normal is the fact that organization/company exists in the first place. Not that they give sales people an award for hitting their numbers.
What's not normal is the fact that organization/company exists in the first place. Not that they give sales people an award for hitting their numbers.
I can do both, thank you very much, especially since lenders more than play their part in perpetuating the current system.
What the fuck?
It is astounding to me that anyone's anger at this needs to be explained.
Nah fuck em, I don't give a fuck about the law what they do is immoral
Ok, what's your solution? Eliminate lenders to drive down cost of education? Do you think that will honestly work and not fuck over an entire generation in the meantime? The system fucking sucks but lenders are an unfortunate reality when education costs are so high. They are allowed to do what they want for their employees with the profits.
You can complain about that all you want but overall there is no obvious solution present unless you want them to use the money for the retreat to forgive some loans?
I love how student loans can't be forgiven in a bankruptcy. Because student loans are never the cause of any bankruptcy.
this is the same sallie mae that charged minorities with higher interest rates and loan fees right? The same one that was sued by the state of Washington in 2017 for allegedly cheating borrowers out of their repayment rights? Since breaking off from the govt they have faced class action lawsuits almost every single year for predatory lending practices.
generally sales teams at many companies have this sort of "retreat" to strategize and plan at really nice locations but its really just a wink-wink-nudge-nudge way of celebrating a good year.
In other departments usually the quid-pro-quo is sending people to "training" to Vegas, California, Florida, etc where sure there are definitely things to learn but you also have a bit of a company vacation on their time. Then there are education/industry events and a bunch of other similar things, sometimes with awards and industry stuff and sometimes a bit more independent.
The anger at this is a bit weird, its very common in many industries. Yeah, I guess you can get mad that they are celebrating making money off young adults who burden themselves with massive debt, but I'm sure any industry you find distasteful - military industrial complex, prison, police departments, drug companies, etc - has pretty much the exact same thing, the only difference being what the locations are and what kind of freebies people may end up getting. Oscar nominees end up with gift bags worth $200k+ each year.
Get mad at these industries for making such insane amounts of money in a way that seems wrong, but focusing so narrowly on one aspect of it probably isn't going to help that much. If Sallie Mae issued a press statement saying "We won't send our sales teams to hawaii anymore" it wouldn't really fix anything.