January 28, 2008
After $600-Million Is Lost to Lender Loophole, U.S. Seeks $15-Million Back
Washington
More than four years after an Education Department researcher warned that loan companies were using a loophole to improperly claim more than $600-million in federal subsidies that had been intended to help students, the department has agreed to seek a repayment.
The amount: about $15-million.
The department sent a letter on Friday to the Pennsylvania Higher Education Assistance Agency, a nonprofit lender known as Pheaa, saying it agrees with part of a call for
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