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8.5 million student-loan borrowers can ‘breathe a sigh of relief’ after major loan company shuts down, says Elizabeth Warren

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A company that handles 8.5 million Americans’ student loans is shutting down after lawmakers like Elizabeth Warren accused it of misleading borrowers, lying to Congress, and failing to properly issue loan forgiveness.

The Pennsylvania Higher Education Assistance Agency (PHEAA) notified the Education Department on Thursday that it will not extend its 12-year-old federal contract beyond December 14 of this year, as first reported by Politico.

Borrowers who have applied for forgiveness in exchange for years of working as a teacher, in a nonprofit, or other public interest jobs might know PHEAA for its administration of the details ⇒

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