New York probe targets Sallie Mae
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SLM Corp., the biggest U.S. student lender, said it received a subpoena from New York’s attorney general for information related to its direct-to-consumer Tuition Answer loan.
SLM, also known as Sallie Mae, received the subpoena Feb. 11, the Reston, Va., company said in a filing. SLM said it would cooperate with the investigation.
The Tuition Answer product allows the company to originate and purchase loans away from “the traditional financial aid processes,” the firm said in the filing with the Securities and Exchange Commission.
Sallie Mae officials didn’t return calls seeking comment.
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