Summary Box: Sallie Mae changes policy on loan fee (AP)

THE NEWS: Private student lender Sallie Mae is changing how it handles a fee that struggling borrowers must pay to temporarily suspend payments.

THE BACKGROUND: A three-month reprieve on payments comes with a $50 fee that Sallie Mae previously did not apply to the loan balance. Now Sallie Mae says it will credit the money toward the loan if borrowers resume on-time payments for six months straight.

WHY NOW: A petition on Change.org asking the company to drop the fee had more than 77,000 signatures as of Thursday. The company said that confirmed its thinking that a change was needed.

Source: http://us.rd.yahoo.com/dailynews/rss/education/*http%3A//news.yahoo.com/s/ap/20120202/ap_on_bi_ge/us_student_loan_fee_summary_box

ipad accessories derrick rose port charlotte florida kit homes boxing day radio shack bethany hamilton