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Stef Gray, a recent graduate who started the petition on Change.org, said she's not satisfied with the new policy and wants the Sallie Mae to drop the fee altogether. "It's still a fee that I can't afford to pay right now," said Gray, who is unemployed and said she's barely getting by with the help of family and friends. Gray says she's already paid $300 to the company since May in forbearance fees. She says her loans are now in delinquency after she missed a deadline to pay another $150 to extend her forbearance by three more months. She also noted that her loans of $40,000 have already ballooned to $65,000 over about two years because of interest costs. Sallie Mae says that only 4 percent of its loans are in forbearance and that the vast majority of those borrowers eventually begin repaying their loans. The company also notes that it encourages borrowers to first consider a modified payment plan, which can be requested without incurring a fee. Modified payment plans lower monthly payments, but drive up the total loan amount because interest continues to accrue.
[Associated
Press;
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