Definition
Sallie Mae is a public corporation that ensures liquidity in U.S. student loan markets.
History
Sallie Mae is a nickname for the Student Loan Marketing Association (SLMN). Sallie Mae was federally chartered in 1972 as a government sponsored entity.
In 2004, Sallie Mae completed a 7 year process to become a corporation independent of the federal government. Shares of stock are available on the New York Stock Exchange, which helps to provide capital.
Analysis
Sallie Mae was created to purchase student loans from primary lenders in order to increase the amount of student loan funding available for students seeking higher education loans.
Sallie Mae provides private student loans. Additionally, it provides liquidity for student loan providers that participate in the Federal Guaranteed Student Loan Program.
Sallie Mae administers student loans for over 10 million clients. Its Upromise subsidiary manages over $18 billion in college savings accounts on behalf of 1 million customers.
Contact Sallie Mae
- For general informaiton, call 1-888-2-SALLIE
- For PLUS loan inquiries, call 1-800-891-1410
- For Signature Student loan inquiries, call 1-800-695-3317
- For school customer informaiton, call 1-888-2-SCHOOL
- For private loan consolidation information, call 1-866-380-5005
- For general correspondence, mail to this address:
