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Sallie Mae

Moneyzine Editor
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Moneyzine Editor
1 mins
September 25th, 2023
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Definition

Created by Congress in 1972, Sallie Mae was a government-sponsored enterprise that provided student loan origination and management services. The privatization process began in 1997 and completed in 2004, when the company became a publicly held enterprise.

Explanation

SLM Corporation, more commonly referred to as Sallie Mae, is the leading provider of educational funding in the United States. With over 25 million customers, Sallie Mae specializes in providing financial services to students and their families, offering information to help students, parents, and guidance counselors through the financial aid process.

Products and services include college savings accounts (including 529 plans); undergraduate and graduate student loans; tuition, travel, medical, and life insurance; loan servicing (repayment); and online banking.

A Fortune 500 company, Sallie Mae and its subsidiaries manage nearly $250 billion in student loans and administer nearly $40 billion in 529 college savings plans.

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