News Column

Sallie Mae Completes Strategic Separation, Launches New Sallie Mae As Standalone Consumer Banking Business

May 14, 2014



By a News Reporter-Staff News Editor at Education Letter -- Sallie Mae (NASDAQ: SLM), formally SLM Corporation, announced that it has completed its strategic separation and is now a standalone consumer banking business with a mission of helping families save, plan and pay responsibly for college.

The company offers responsible private education loans, saving products and insurance options to students and families to facilitate their investment in higher education. Its Smart Option Student Loan rewards customers for minimizing loan costs and includes consumer safeguards such as cosigner participation, disciplined underwriting, school certification, in-school payments and proactive customer contact.

"With a 40-year foundation of experience, today Sallie Mae begins anew as a bank that emphasizes responsible consumer financial practices to benefit our customers," said Raymond Quinlan, Chief Executive Officer. "The new Sallie Mae is squarely oriented toward meeting our customers' needs and building long-term relationships. Our leadership includes a mix of tenured education lending and banking talent who share my vision for growing the franchise."

Sallie Mae maintains a strong capital position and funding capabilities, and the company now manages a portfolio of approximately $6.5 billion high-quality, private education loans.

Keywords for this news article include: Education, Sallie Mae, Student Loans.

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Source: Education Letter


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