Department of Education chooses Sallie Mae for loan-servicing contract

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The U.S. Department of Education has chosen Reston-based Sallie Mae and three other companies to service $550 billion in federal student loans owned by the government.

The five-year contract is scheduled to begin in August. The government has options to extend the contract.

The government has not divvied up the loan amounts. The move is part of the government’s plan to directly give loans to students rather than subsidize other loans.

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