Jan 18, 2014 11:28 AM EST By Russell Westerholm, UniversityHerald Reporter

In light of several government investigations to their business dealings, Sallie Mae said it expects to spend $70 million in relation to the ongoing probes, the Huffington Post reported.

Three major government agencies - the Federal Deposit Insurance Commission (FDIC), the Department of Justice and the Consumer Financial Protection Bureau (CFPB) - are all currently investigating potential wrongdoings committed by Sallie Mae.

Despite these allegations, the Education Department (ED) renewed its contract with the nation's largest student loan company while the probes were ongoing. Perhaps no one, person or institution, has been more outspokenly critical of the ED than Sen. Elizabeth Warren (D-Mass.).

In early Dec., she warned the ED against becoming Sallie Mae's "lapdogs" and urged secretary Arne Duncan to address the issue. Among Sallie Mae's accused violations is discriminatory lending, overcharging active-duty members of the military and purposefully delaying payments to incur late fees. The company has consistently been the ED's preferred student loan lender.

In a new release Thursday, Sallie Mae disclosed the amount of money it expected to spend settling the probes for the first time.

The $70 million Sallie Mae set aside will be for "expected compliance remediation efforts relating to pending regulatory inquiries," spokeswoman Martha Holler, said in the release. "We're constructively engaged with our regulators and the Department of Justice in resolving these matters. We hope to resolve them very soon and we plan no further comment until these matters are resolved."

Sallie Mae has maintained the public criticism against it does not properly represent the company. President and CEO Jack Remondi told reporters including the HP on a conference call that loan defaults are nearing a record low point, adding their rates are about 30 percent below the national average. He also said his company placed more than two million borrowers in repayment plans that help them avoid defaulting.

"In 2014, our top priority remains to provide the quality service and innovative tools our customers need to successfully manage their loans and avoid the devastating consequences of default," Remondi said.

Rohit Chopra, the assistant director and student loan ombudsman for the CFPB, said borrowers' main concerns are with their payments being properly applied to their accounts. He said "opaque" payment processing systems often cause borrowers to run into "stumbling blocks, snags and surprises."

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