Lawmakers press Obama administration on Sallie Mae contract renewal

By Elvina Nawaguna WASHINGTON (Reuters) – U.S. lawmakers on Thursday grilled an Obama administration official on the government’s decision to renew a contract with student loan servicing company SLM Corp, the subject of numerous government investigations. “Sallie Mae has repeatedly broken the rules and violated its contracts with the government, and yet Sallie Mae continues to make millions on its federal contracts with the Department of Education,” Warren said of SLM, popularly known as Sallie Mae. A spokeswoman for Sallie Mae, Patricia Christel, commented in an email to Reuters: “Americans with federal loans serviced by Sallie Mae are 30 percent less likely to default than others. Sallie Mae, the largest U.S. student loan provider, serviced 5.7 million student loan accounts on behalf of the U.S. Department of Education as of December 2013, according to a company spokeswoman.

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