Sallie Mae Will Take Over Loan Program:...
Sallie Mae Will Take Over Loan Program: The U.S. Department of Education said it plans to turn over the $9-billion portfolio of a financially troubled student-loan guarantee agency to Sallie Mae, the Student Loan Marketing Assn. Sallie Mae will handle the portfolio of the Higher Education Assistance Foundation, or HEAF, one of the largest guarantee agencies in the Guaranteed Student Loan program, officials said. HEAF is in financial difficulty because of a portfolio that included a high percentage of loans to vocational schools, whose students defaulted in large numbers. Officials said the amount in default was about $3 billion.
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