Not A Happy Anniversary: Black Users Fire Back At Sallie Mae Tweet
The student loan giant Sallie Mae caused an eruption of disdain and hate on Twitter recently with what seemed like an innocent enough tweet, reports the Huffington Post. After posting a self-congratulatory message mentioning its 40th anniversary, angry, mostly black Twitter users hit back with all the firepower that 140 characters can hold.
Why did the Tweet rile black users? It could be because the percentage of tuition costs paid for through borrowed funds is higher among black students and their parents than that of their white counterparts, this according Sallie Mae and Ipsos’ 2012 study, “How America Pays For College.” Overall, The Daily Dot notes, Americans owe about $1 trillion in student loans.
Also, the company made news recently as The Huffington Post reported that some of the highly profitable company’s biggest investors are university endowments and teachers’ pension funds. “The previously unreported investments mean that education professionals are able to profit twice off the same student: first by hiking the cost of tuition, then through dividends and higher valuations on their holdings in Sallie Mae, the largest student lender and loan servicer in the country, which profits by charging relatively high interest rates on its loans and not refinancing high-rate loans after students graduate and get well-paying jobs,” found the report. What a racket!
So no, Sallie Mae, you’ll have to celebrate this anniversary alone.