“Do I Owe Sallie Mae Or Do I Owe The Mob?”: Actress Rewrites Beyonce’s “Partition” As “Tuition”
Chanel Carroll — “Actress. Pop Culture Enthusiast. Professional Award Show Commentator. Star on the Rise.” — has taken a tweak to Beyonce’s “Partition” and created “Tuition.”
“For four whole years I was at the club. Now I’m out of grace and that interest up.” Sing it, girl.
In related news, Sallie Mae reported an 18 percent drop in first quarter profits yesterday in large part due to the costs related to its loan management company Navient. Net income for Sallie Mae fell to $279 million, but on a high note for us, delinquency on loans fell to 3.4 percent, the lowest rate since 2008.
On a not-so-positive note, new expert analysis says that repayment programs based on income may not really save borrowers in the long run.
“If income-driven repayment were mandatory, some borrowers would end up carrying debt for many more years and paying more over the life of their loans,” said Lauren Asher, president of TICAS, in a statement. There’s a move now to make the income-based option the default for borrowers, which, TICAS warns, would not be to the borrower’s benefit. Having that debt could prompt many to delay things like homeownership as well, says US News & World Report.
Further research shows “low-income students who attended more expensive colleges would receive a disproportionate share of benefits because more of their debt would be forgiven.”
Sigh… “Oh Sallie Sallie.”