Justice Department Reaches $60 Million Settlement with Sallie Mae to Resolve Allegations of Charging Military Servicemembers Excessive Rates on Student Loans

Settlement Resolves the Department’s First Lawsuit Against Student Loan Owners and Servicers for Violating the Rights of Servicemembers

Washington, DC—(ENEWSPF)—May 13, 2014. The Department of Justice today announced the federal government’s first lawsuit filed against owners and servicers of student loans for violating the rights of servicemembers eligible for benefits and protections under the Servicemembers Civil Relief Act (SCRA).  The United States’ complaint alleges that three defendants, collectively known as Sallie Mae, engaged in a…