SLM Corporation
From Wikipedia, the free encyclopedia
SLM Corporation NYSE: SLM, commonly known as Sallie Mae, is the United States' largest college student loan company, managing more than $126.9 billion in debt for more than 9 million borrowers, and employing 10,000 individuals at offices nationwide.
The company primarily provides federally guaranteed student loans originated under the Federal Family Education Loan Program (FFELP), and offers resources to assist students, parents and guidance professionals with the financial aid process.
The Student Loan Marketing Association was originally created in 1972 as a government sponsored enterprise (GSE) and began privatizing its operations in 1997, a process it completed at the end of 2004 when Congress terminated its Federal charter, ending its ties to the government. The company remains the country's largest originator of federally insured student loans. Through its specialized subsidiaries and divisions, Sallie Mae also provides debt management services as well as business and technical products to a range of business clients, including colleges, universities and loan guarantors.
Sallie Mae operates “Servicing Centers” in Gilbert, Arizona; Panama City, Florida; Indianapolis, Indiana; Mount Laurel, New Jersey; Wilkes-Barre, Pennsylvania, and Killeen, Texas, as well as 72 other offices in the United States.
Sallie Mae is listed on both the Fortune 500 and the Forbes Global 2000. The company also has been recognized as one of the 100 Best Corporate Citizens according to Business Ethics magazine, and one of the top 30 companies for executive women by the National Association of Female Executives.
In August 2006, Sallie Mae aquired Upromise, the college fundraising programs for parents and students. No new benefits to the Upromise program have been announced.
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[edit] Controversies
A "60 Minutes" segment (originally aired May 7, 2006) examined Sallie Mae, including its business practices. [1] A professor of law at Harvard Law, Elizabeth Warren, who is also an expert on bankruptcy and an outspoken critic of consumer lenders, questions Sallie Mae's dual role as both a lender and collector. [2]
[edit] Subsidiaries
- Academic Management Services Corp. (Acquired 2003)
- Arrow Financial Services (Acquired Majority Interest September 2004)
- First Trust Financial
- General Revenue Corporation (Acquired January 2002)
- GRP Financial Services (Acquired August 2005)
- Nellie Mae (Acquired July 1999)
- Noel-Levitz (Affiliated Since 2000)
- Pioneer Credit Recovery Inc.
- Sallie Mae Bank
- Sallie Mae Home Loans
- Sallie Mae Inc.
- SLM Financial Corporation
- Southwest Student Services Corporation (Acquired October 2004)
- Student Assistance Corporation
- Student Loan Finance Association (Acquired November 2004)
- Student Loan Funding (Acquired July 7, 2000)
- Upromise (Acquired August 23, 2006)
