Student loan company Sallie Mae has agreed to pay approximately $97 million to settle accusations by the Justice Department that it overcharged certain members of the military and by the Federal Deposit Insurance Corp. that it misled consumers about late fees.

Sallie Mae will pay $60 million in compensation to more than 60,000 members of the military to settle Justice's charges that it violated a federally mandated 6% cap on interest rates. The department also charged Sallie Mae with unfairly obtaining default judgments against servicemembers.

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