U.S. Department of Education Selects Sallie Mae for Student Loan Servicing Contract

Date : 06/17/2009 @ 5:05PM
Source : Business Wire
Stock : N^SLM (SLM)
Quote : 13.08  0.0 (0.00%) @ 2:05AM
SLM share price Chart

U.S. Department of Education Selects Sallie Mae for Student Loan Servicing Contract

Slm Corp. (NASDAQ:SLM)
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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 Company’s expectations.

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.

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