Student-loan Groups Will Not Join, For Now

Billion-dollar offer expires after eight contentious months

By Jason Schwartz

The nation’s largest provider of student loans, may have given up its $1 billion bid to buy the Pennsylvania Higher Education Assistance Agency, but the mud-slinging has not stopped.

PHEAA is the state agency that guarantees and services the majority of Penn students’ loans. As one of the largest state student-aid organizations in the country, it serves more than four million borrowers and manages more than $56.5 billion in assets.

Sallie Mae’s offer expired Aug. 31, eight months after it was first offered. PHEAA spokesman Keith New said that the offer never generated significant interest from the Pennsylvania legislators who serve on PHEAA’s board of directors.

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