Sallie Mae, DOJ Reach Student Loan Settlement

Student lender Sallie Mae has agreed to pay $60 million to resolve allegations that it charged military service members excessive interest rates on their student loans, the Justice Department announced today. Federal officials estimate that roughly 60,000 service members will be eligible for compensation as part of the settlement. An independent administrator will be assigned to distribute the reimbursements. As part of the deal, Sallie Mae also will ask the three major credit bureaus to delete negative credit histories resulting from the overcharges, WRCB News 3 reports.

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