Money College: Sallie Mae preys on eager high school graduates

Sallie Mae
Sallie Mae

Many people seem to be confused about my last post about Sallie Mae and student loans. I am not asking for a hand-out. I am asking that loans with interest rates above 7% (I will even concede to 8%) be deemed illegal.

You heard me: ILLEGAL.

There is absolutely no good reason why any loan taken out from any bank should have an interest rate approaching 10%. The interest rate for my loan should NOT be similar tothe current unemployment rate in America. That high interest rate can be described as criminal in today's job market.