November 2, 2007
Lenders Collected Subsidies Improperly, Newspaper Says
Lenders taking advantage of a loophole in the federal student-loan program may have improperly collected more than twice the $300-million in overpayments already identified by Education Department auditors, The Washington Post reported.
The Post, in an analysis of subsidy-payment records released by the department this past summer, said a group of 10 lenders collected "as much as $330-million in potential overpayments" beyond the amount to which they should have been legally
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