Company to Carry Forward Mission of Helping Families Save, Plan
and Pay for CollegeWith Emphasis on Responsible Financial
Practices
Company Website:
http://www.salliemae.com
NEWARK, Del. -- (Business Wire)
Sallie Mae (NASDAQ: SLM), formally SLM Corporation, announced today 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.
Customers with student loans serviced by Sallie Mae will continue to
conduct business as they do today, with no changes until the fall of
2014. This spring and summer, they will receive personalized information
about their account and advance notice of any changes needed to manage
their account.
Forward-Looking Statements
This press release contains statements that constitute “forward-looking
statements” within the meaning of the Securities Act of 1933 and the
Securities Exchange Act of 1934 as amended by the Private Securities
Litigation Reform Act of 1995. These forward-looking statements include,
among others, statements about the risk factors related to the spin-off
of Navient, and the development of trading markets after the spin. These
statements are based on the current expectations of Sallie Mae
management and are subject to known and unknown risks and uncertainties.
There are a number of risks and uncertainties that could cause actual
results to differ materially from those contemplated by the
forward-looking statements, including, but not limited to, uncertainties
and risks related to the spin-off. For further information regarding the
risks associated with Salle Mae’s businesses and the spin-off of
Navient, please refer to the Sallie Mae’s filings with the SEC,
including its most recent Annual Report on Form 10-K. Sallie Mae assumes
no obligation to update any forward-looking statements as a result of
new information, future developments or otherwise.
Sallie Mae (NASDAQ: SLM) is the nation’s No. 1 financial services
company specializing in education. Whether college is a long way off or
just around the corner, Sallie Mae turns education dreams into reality
for American families. With products and services that include Upromise
rewards, scholarship search and planning tools, private education loans,
insurance, and online banking, Sallie Mae offers solutions that help
families save, plan, and pay for college. Learn more at SallieMae.com.
Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are
not sponsored by or agencies of the United States of America.
Contacts:
Sallie Mae
Media:
Martha Holler, 302-283-4036
Martha.Holler@SallieMae.com
or
Investors:
Brian
Cronin, 302-283-8435
Brian.Cronin@SallieMae.com
or
Customers:
888-2-SALLIE
(888-272-5543)
Source: Sallie Mae
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