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Under criticism that it has been lax in policing the $85 billion student loan industry, the federal Education Department announced yesterday that the chief official responsible for overseeing the loan program is stepping down, the New York Times reports. The resignation of the official, Theresa S. Shaw, was made public two days before Education Secretary Margaret Spellings is to testify to a Congressional committee. Spellings is expected to face tough questions about the oversight of lenders' practices and her department's enforcement of policies against conflicts of interest. Investigations by lawmakers and by attorneys general have uncovered evidence that lenders
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