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SLM Corporation (NYSE:SLM), commonly known as Sallie Mae and the
nation's saving, planning, and paying for education company, today
announced that the U.S. Department of Education has selected Sallie Mae
for its Federal Student Aid Title IV Student Loan Management/Servicing
procurement. Sallie Mae was one of four contract awardees.
“We are very pleased to be awarded the opportunity to apply our
experience and expertise for the benefit of students and the American
taxpayer,” said Albert L. Lord, vice chairman & CEO. “We look forward to
being a partner with the Department in this important effort.”
The contract is for the servicing of federal student loans owned by the
Department of Education. It does not include loan origination or other
Title IV services. The five-year contract is expected to begin in
mid-to-late August 2009, and provides for one five-year renewal option
at the Department’s discretion.
Although the Department has not yet announced its immediate plans for
allocating the initial servicing accounts, Sallie Mae has the immediate
scale to add readily more than $100 billion in new volume.
This press release contains “forward-looking statements” based on
management’s current expectations as of the date of this release.
These statements are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Because such
statements inherently involve risks and uncertainties, actual results
may differ materially from those expressed or implied by such
forward-looking statements. Such risks include, among others, general
economic conditions, changes in the terms of student loans and the
educational credit marketplace arising from the implementation of
applicable laws and regulations, and from changes in such laws and
regulations, adverse results in legal disputes, changes in the demand
for educational financing or in financing preferences of educational
institutions, students and their families, limited liquidity, increased
financing costs and changes in the general interest rate environment.
For more information, see the company's filings with the Securities and
Exchange Commission, including the forward-looking statements contained
in the company’s Supplemental Financial Information First Quarter 2009.
All information in this release is as of June 17, 2009. The Company does
not undertake any obligation to update or revise these forward-looking
statements to conform the statement to actual results or changes in the
SLM Corporation (NYSE:SLM), commonly known as Sallie Mae, is the
nation’s leading provider of saving- and paying-for-college programs.
Through its subsidiaries, the company manages $185 billion in education
loans and has 10 million student and parent customers. Through its
Upromise affiliates, the company also manages $17 billion in 529
college-savings plans, and is a major, private source of college funding
contributions in America with 10 million members and more than $475
million in member rewards. Sallie Mae and its subsidiaries offer debt
management services as well as business and technical products to a
range of business clients, including higher education institutions,
student loan guarantors and state and federal agencies. More information
is available at www.salliemae.com.
SLM Corporation and its subsidiaries are not sponsored by or agencies of
the United States of America.