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Department of Education Press Secretary Justin Hamilton confirmed to The Huffington Post that the agency's Office of the Inspector General (OIG) did indeed order the action, although he said it was not about an issue over student loans in default.
"While it was reported in local media that the search was related to a defaulted student loan, that is incorrect," Hamilton said. "This is related to a criminal investigation. The Inspector General’s Office does not execute search warrants for late loan payments."
"Because this is an ongoing criminal investigation, we can’t comment on the specifics of the case. We can say that the OIG’s office conducts about 30-35 search warrants a year on issues such as bribery, fraud, and embezzlement of federal student aid funds."
UPDATE: Department of Education now denies that the raid was over student loan defaults. As the video below explains, the spokesman for the department did not clarify why the raid was conducted, but did say that it was regarding a criminal investigation.