NEW YORK (TheStreet) -- Student loan lender Sallie Mae or SLM Corp (SLM - Get Report) 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.

Over 60,000 members of the military are said to be eligible for restitution from the settlement.

Must Read:
 Warren Buffett's 10 Favorite Growth Stocks

Shares of Sallie Mae are up 0.17% to $9.02 on Wednesday.

SLM Chart
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.