Pennsylvania Agency Rejects Sallie Mae Offer

The Pennsylvania Higher Education Assistance Agency, the state’s biggest student financial aid provider, said it rejected a $1-billion takeover offer from SLM Corp., or Sallie Mae, the largest buyer of student loans.

The board also passed a resolution that said the agency would never be sold to a for-profit corporation.

The 40-year-old agency, based in Harrisburg, Pa., administers the state’s education grant programs, guarantees about $3.1 billion in loans and services about $28.1 billion in student loans, a spokesman said.

Shares of Reston, Va.-based Sallie Mae fell 42 cents to $53.18 on the NYSE.