Pioneer sells to Sallie

Sallie Mae, the nation's leading provider of education funding, acquired Pioneer Credit Recovery Inc., Arcade, N.Y., the top student loan collection service for the U.S. Dept. of Education. The deal closed in January and was arranged by M&A advisor Marion Financial Corp., Houston. Buying Pioneer Credit gives Sallie Mae, Reston, Va., new operational efficiency as it builds expertise in student loan delinquency and default services. Sallie Mae owns or manages student loans for more than seven million people totaling nearly $72 billion and has started a debt management division to perform loan deficiency and default services.