NEW YORK (TheStreet) -- Student loan lender Sallie Mae or SLM Corp (SLM) reached a $60 million settlement with the Justice Department over allegations the company violated the rights of service members by overcharging them on interest rates, the Associated Press reports.
The government lawsuit against the company accused Sallie Mae of charging military students interest on loans above the 6% allowed by federal law and then seeking default actions against the students.
Shares of Sallie Mae are up 0.17% to $9.02 on Wednesday.
SLM data by YCharts
STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV