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Sallie Mae, Justice Department in $60-million settlement
Los Angeles Times: Student lender Sallie Mae has agreed to pay $60 million to the federal government to resolve allegations it charged military service members excessive interest rates on their student loans, the Justice Department said Tuesday.
The deal settles a government lawsuit that asserted that the student loan giant violated the rights of service members by imposing interest rates above the 6% permitted by federal law and by improperly seeking default judgments against them. The lawsuit was the Justice Department's first against owners of student loans.
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