While many student borrowers are declaring bankruptcy, loan company, Sallie Mae flew over 100 employees and their families to Hawaii to celebrate $5 billion in sales to 374,000 people.
“We said, ‘Hey, look, Maui is a pretty nice spot.’ And so if you wanted to stay a few days or want to bring family, that’s up to you,” Ray Quinlan, Sallie Mae’s CEO said. He added that it’s a “get-together” for all of Sallie Mae’s salespeople.
The irony is thick and bitter with this one, however, as Sallie Mae is quite literally destroying the lives of borrowers all across the country who have now reached $1.6 trillion in student loan debt. Between the practice of affording loans to those who are unable to pay them back (an issue primarily affecting marginalized groups and female students) and private student loans, Sallie Mae is driving people to bankruptcy–making their riches on the financial destruction of young people.
As the Sallie Mae crew enjoys Maui at the expense of so many borrowers, faith in humanity dies just a little more with it.