RESTON, Va., Dec. 17 /PRNewswire-FirstCall/ -- SLM Corp. , commonly known as Sallie Mae, today announced a donation of approximately $40 million to The Sallie Mae Fund, a charitable organization sponsored by Sallie Mae. The Sallie Mae Fund supports programs and scholarships that help under- served children obtain access to higher education. The donation is made possible by the sale of the company's current headquarters facility in Reston, Va. Sallie Mae corporate staff will move to a smaller new building in the Reston Town Center in July 2004.
(Logo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20030617/SLMLOGO-b )
"I thank SLM's board and shareholders for using this one-time profit to support The Sallie Mae Fund's K-12 education efforts," said Albert L. Lord, Sallie Mae's vice chairman and chief executive officer. "I believe the quality of our nation's public schools remains America's most serious challenge. Our corporate mission is to help families afford college. Our philanthropic mission is to level the playing field for all Americans to qualify for higher education."
The Sallie Mae Fund donates roughly $10 million each year through a donor- advised fund at The Community Foundation for The National Capital Region. The Fund's current focus is Project Access, which targets minority populations nationally by addressing three key barriers -- awareness of financial aid, academic performance and financial need. Project Access includes the following initiatives:
Increasing Awareness of Financial Aid * Free Paying for College workshops held nationwide in English and Spanish. * Regional public awareness campaigns in English and Spanish to increase awareness about college opportunities and financial aid availability. * Free educational information in English and Spanish available by phone (1-866-858-7166) about planning and paying for college. * A half-hour "Paying for College and What You Should Know" educational television program. * Partnership with the National Association for College Admission Counseling. Meeting the Financial Need * The Unmet Need Scholarship Program is the largest scholarship program within The Fund's Project Access and is intended to help financial aid officers meet the needs of students whose financial aid packages fall short by $1,000 or more. Open to families with a combined income of less than $30,000, Unmet Need scholarships provide a "last dollar" resource when no other funds are available. * The First in My Family Scholarship Program, developed in partnership with the Hispanic College Fund, offers scholarships ranging from $500 to $5,000 to Hispanic-American students who are first in their family to attend college. * The American Dream Scholarship Program in partnership with the United Negro College Fund, offers scholarships ranging from $500 to $5,000 to students with demonstrated financial need. * The Sallie Mae Fund Scholarship Program provides scholarship renewals based on economic need for students with combined family incomes of $35,000 or less. Scholarships range from $500 to $2,000. * The Sallie Mae 911 Education Fund provides scholarship dollars to children of those who were killed or permanently disabled in the September 11, 2001 terrorist attacks.
In addition, The Sallie Mae Fund awards scholarships ranging from $500- $1,000 to future college students at each of its nationwide Paying for College workshops.
Supporting Academic Performance
The Sallie Mae Fund supports programs that foster improved academic performance, ensuring that students are prepared academically for enrolling in college.
For more information on The Sallie Mae Fund and its programs visit http://www.salliemaefund.org/.
SLM Corporation , commonly known as Sallie Mae, is the nation's leading provider of education funding, managing more than $85 billion in student loans for more than seven million borrowers. The company primarily provides federally guaranteed student loans originated under the Federal Family Education Loan Program (FFELP), and offers comprehensive information and resources to guide students, parents and guidance professionals through the financial aid process. Celebrating its 30th anniversary this year, the company opened its doors in May 1973 as a government-sponsored enterprise (GSE) called the Student Loan Marketing Association, and began the privatization process in 1997. Since then, Sallie Mae's parent company name has changed, most recently to SLM Corporation. Through its specialized subsidiaries and divisions, the company also provides an array of consumer credit loans, including those for lifelong learning and K-12 education, and business and technical outsourcing services for colleges and universities. More information is available at http://www.salliemae.com/. SLM Corporation and its subsidiaries, other than the Student Loan Marketing Association, are not sponsored by or agencies of the United States. Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20030617/SLMLOGO-bAP Archive: http://photoarchive.ap.org/PRN Photo Desk, 888-776-6555 or 212-782-2840 Sallie Mae
CONTACT: Stephanie Cassidy of Sallie Mae, +1-703-810-6810, orstephanie.cassidy@slma.com
Web site: http://www.salliemae.com/http://www.salliemaefund.org/
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