Veterans Post

If you’ve heard of Sallie Mae, Fannie Mae and Freddie Mac, you’ve likely had a loan through one of them, perhaps a mortgage or student loan.

Did you have any problems? The Federal Deposit Insurance Corporation (FDIC) has plans to accuse Sallie Mae of discriminatory lending and violating deceptive practices laws in the area of student loans to veterans and active military. Not only that, but part of the complaints concern Sallie Mae violating the Service Members Civil Relief Act. Even better, the Department of Justice is doing a probe.

Among the problems detailed in congressional testimony by a member of the Office of Service Member Affairs: Debt collectors weren’t monitored, complaints weren’t tracked, interest rates weren’t lowered to the required 6 percent when a member of the family went on active duty, service members were told they must get a letter from their commanding officer when they go on active duty, officers who wrote those letters were told to provide an “end date” to the active duty service, and lenders automatically canceled the 6 percent interest at the end of one year.

Sallie Mae had to fess up in its recent quarterly earnings report that the FDIC was about to take formal action. Sallie Mae must have known the August reprimand was coming, because on June 27 it reported the launch of online resources for active duty and veterans families with student loans. The site, SallieMae.com/military, has information on special repayment options, options to defer, forms and FAQs.

If you are a service member, veteran, retiree or military spouse and are having problems with consumer financial products such as mortgage, credit card or student loan, help is available.

Go online to Consumerfinance.gov to file a complaint. You also can get help by calling 855-411-2372.

Freddy Groves regrets that he cannot personally answer reader questions, but will incorporate them into his column whenever possible. Send email to [email protected] © 2013 King Features Synd. Inc.