Sallie Mae

The College Loan Corporation filed a lawsuit against the student loan provider regarding its practices in interpreting the single holder rule. This rule states that borrowers must first seek a consolidation loan before becoming a single lender under the Federal Family Education Loan Program. Sallie Mae did not admit liability or change their current practices but they did agree to pay a $14 million payment to the loan company. (May-20-05) [BUSINESS WEEK]

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