January 14, 2005

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

By STEPHEN BURD

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

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