Sallie Mae Pushes $1-Billion Offer to Take Over State-Run Pennsylvania Lender

Sallie Mae, the nation's largest provider of federal student loans, has set its sights on the lucrative student-loan market in Pennsylvania, and money appears to be no object.

In a move that stunned many in the student-loan industry, Sallie Mae last month offered the state $1-billion to take over the Pennsylvania Higher Education Assistance Agency, the state-run student-loan agency that is commonly known as Pheaa. Under the proposed deal, the state would continue to run Pheaa's grant

Digital or Print Subscription

Already have an account? Log In Now.