The $4.2 billion Pennsylvania Employee Credit Union is getting out of the student loan business, but Harrisburg, Penn.-based credit union's decision isn't related to recent criticism directed at loan servicer Sallie Mae.
"We've referred several hundred of our members to Sallie Mae for loan servicing over the past year," said President/CEO Greg Smith. "I haven't heard any complaints from the borrowers, and believe me they would have let us know."
Those members may be in the minority according to a recent Consumer Financial Protection Bureau report. When it comes to servicing loans, the CFPB said Sallie Mae trails its competitors in several critical service areas.
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