I signed up to attend what was reported to be a university in 1999. SLM Financial, which began in 1998, was reported to be the financial arm to attend this school. On the paperwork it states "SLM Financial Corporation", "a Sallie Mae company", with the name of the university. In this context, using the banner of "Sallie Mae" lends a respected name in the financial industry for federally subsidized student loans. With no other information than the banner with the logo "Sallie Mae" a person believes that one, the school is legit and two that SLM is providing a federally subsidized loan.
After a year "attending" the university I had an unexpected event when I went to take a test at a local university or college. It was a private residence and the "school" slowly dissolved into one bad dream after the other. I stopped paying on the loan and two years later I'm told I have a lifetime committment to Sallie Mae with no mention of SLM Financial.
At www.degree.net/html/diploma_mills.html I found the "school" I had been attending listed with over 300 other diploma mills operating in the USA.
At http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=4030830 I see that SLM Financial is now very, very small from what it use to be.
In that web site is the sentance of "SLM Financial Corporation operates as a subsidiary of SLM Corp." There is no mention that SLM is or was associated with Sallie Mae. If you click on www.slmfinancial.com you are transported to www.salliemae.com and there is nothing in the Sallie Mae site anymore concerning SLM Financial.
SLM Financial had been operating under the Sallie Mae umbrella. Sallie Mae operates under the Freddie Mae umbrella which we all know received our tax dollars in a bailout.
The FBI use to have a task force to catch the criminals behind diploma mills. My opinion is that the FBI soon realized they were trying to put out of operation the same diploma mills SLM was keeping in business. SLM isn't just suffering from the credit crunch, they are suffering from being sued for the same stupidity that brought down Lehman Brothers; GREED.
I suggest a class action suit against Sallie Mae for supporting the use of their name and resources in the perpetuation of diploma mills, a criminal activity. This is not a white collar crime, it affects every blue collar that ever attempted to further his or her education. Sallie Mae by association is perpetuating a crime that cannot go unpunished.
The only valid response is that all loans made for the purpose of funding a diploma mill be erased and that before a loan is made for educational purposes that the organization receiving the loan is evaluated by http://www.chea.org, the Council on Higher Education Accreditation or the Department of Education (http://www.ed.gov/offices/ope/accreditation)
Invested in truth