June 3, 2005
Sallie Mae Settles Competitor's Lawsuit
Sallie Mae has agreed to pay $14-million to settle a lawsuit filed by the College Loan Corporation, one of Sallie Mae's competitors in the federal program that allows college students to consolidate their loans.
The College Loan Corporation sued Sallie Mae in 2002, accusing the company of forcing students to use its loan-consolidation services. Sallie Mae is the country's largest provider of federal student loans. A jury sided with Sallie Mae, but in January a federal appeals court
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