The Student Loan Marketing Association scored a victory last week in its legal challenge of a government-imposed fee on securitized student loans.

The U.S. Court of Appeals for the District of Columbia Circuit ruled Friday that the Department of Education used the wrong legal theory when it imposed a 30-basis-point fee on student loans that Sallie Mae acquired after Aug. 10, 1993.

The federal appeals court sent the case back to a lower court here with instructions to return it to the Department of Education.

- Bill McConnell and Olaf de Senerpont Domis

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