Committee on Education and Labor : U.S. House of Representatives

Press Releases

Chairman Miller Statement on Potential Private Buyout of Sallie Mae

Friday, April 13, 2007

 

WASHINGTON, DC -- U.S. Rep. George Miller (D-CA), the chairman of the House Education and Labor Committee, issued the following statement today in response to reports that Sallie Mae, the nation's largest student loan company, is in negotiations to be bought out in a private equity deal. 

"It is abundantly clear that the lack of public disclosure required by both student lenders and schools has undermined the credibility of the student loan industry. In the wake of this investigation, the possibility of Sallie Mae - the largest student lender in the country - becoming a private company raises significant concerns that even less information will be disclosed to the public. The American people must be able to hold lenders and schools accountable to ensure that federal student aid dollars are being properly used to help students and families pay for college."

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