RESTON, Va., June 6 /PRNewswire-FirstCall/ -- Sallie Mae Senior
Vice President Barry Goulding today testified at the Senate Banking
Committee hearing, 'Paying for College: The Role of Private Student
Lending' to demonstrate how Sallie Mae serves students and parents
in the private education loan market. (Logo:
http://www.newscom.com/cgi-bin/prnh/20030617/SLMLOGO-a ) Goulding
emphasized Sallie Mae's '1-2-3 approach' to paying for college: 1)
after tapping personal financial resources such as 529 college
savings plans, students should pursue into 'free money' - such as
scholarships and grants; 2) if borrowing is necessary after tapping
into 'free money,' students should take advantage of low-cost
federal student loans; and 3) as a last resort to enable access to
college, students should turn to other private credit or consumer
financing tools. Sallie Mae provides consistent guidance to
students and parents about the importance of saving for college,
budgeting for college expenses and borrowing wisely when funding a
college education. Sallie Mae submitted the following testimony to
the Committee (Accompanying exhibits are posted with this news
release on salliemae.com): "Chairman Dodd, Ranking Member Shelby
and Members of the Committee, on behalf of Sallie Mae's over 12,000
employees, thank you for giving us this opportunity to describe how
we are helping millions of students and families plan and pay for
one of the most significant investments of a lifetime -- a college
education. We commend you for holding this hearing on this
important issue. "As the nation's leading provider of saving,
planning and financing solutions for college, we appreciate the
opportunity to talk with you about student loans generally and the
increasingly important role of private credit in helping make
college more accessible. Over the last decade, college tuition
increases have dramatically outpaced the growth in federal grants
and guaranteed student loan limits. Increasingly, non-guaranteed,
credit-based student loans are helping families close the gap
between stagnant federal and state financial aid resources, limited
family resources and the price tag for a college degree. Sallie Mae
is proud to be a leader in making these credit based loans
available, which can make the difference in whether or not a
student attends college. "At the same time, the growth in the
private credit student loan market raises important consumer and
policy issues. Consumers, schools, lenders and policy makers all
share an interest in making sure that students have access to
college, complete their academic programs and successfully
transition to the workplace. In an effort to do our part, Sallie
Mae advises students to: -- Minimize their total borrowing by
maximizing savings for college through 529 plans or other vehicles.
-- Follow the '1-2-3 approach' to paying for college. After tapping
personal financial resources, students should first take full
advantage of 'free' money (such as scholarships and grants);
low-cost federal student loans, second; and, only as needed to
close the gap between available funds and the cost of college -
private or alternative loans, third. -- Take out only those loans
they really need and do not 'over borrow' beyond their needs. --
Understand how their loans work before they are obligated under
their loans. -- Use programs and tools that help them manage their
debt and meet their obligations after completing their studies.
"This morning I want to describe how we help families pay for
college, explain why students are increasingly turning to
alternative forms of credit to pay for college, and let you know
what we are doing to both reduce the need for private education
loans and to help our customers repay their loans after they leave
school. About Sallie Mae "Congress created Sallie Mae as a
Government Sponsored Enterprise ('GSE') in 1972 when the federal
student loan program was still in its infancy to serve as a
secondary market, provide liquidity for banks and to encourage them
to participate in the federal student loan program. From its
creation, Sallie Mae was a privately-owned firm backed by private
capital. Sallie Mae became a publicly traded company on the New
York Stock Exchange in 1984. "As the student loan marketplace has
grown and evolved over time, so has Sallie Mae. Our initial role as
a loan secondary market and servicer kept us focused on banks as
our primary customer. In the 1990s, we expanded that focus to
deliver student loans to students and schools. Over the past
decade, Sallie Mae has invested hundreds of millions of dollars in
technology to make it easier for students, parents and schools to
apply for, receive, track and repay their student loans. As a
result of these investments a student can apply for and receive
funds from a student loan in 24 hours instead of the weeks many of
us may have spent waiting for student loan checks to arrive on
campus when we were in college. More importantly, vast improvements
in the loan delivery system have made it easier for borrowers to
understand the process, helping to reduce default rates to historic
lows. "In 1996, Congress enacted legislation to permit Sallie Mae
to reorganize as a fully state-chartered entity, a process that
concluded in December 2004 with the dissolution of the Student Loan
Marketing Association, our GSE subsidiary. Sallie Mae has continued
its focus on student loans, both federal and private, since the
dissolution of its GSE subsidiary. In April 2007, the company
announced that it entered into an agreement to be acquired by an
investor group led by J.C. Flowers, Inc. and including
JPMorganChase, Bank of America and Friedman, Fleischer and Lowe.
"While our organizational structure and the student loan
marketplace continue to evolve, our commitment to our customers -
students, schools and taxpayers - remains steadfast. We are proud
of our history of innovation, including creating the first student
loan consolidation program and being the first company to offer
savings to students for making regular, on-time payments. Going
forward, Sallie Mae will continue to innovate on behalf of our
customers to make college more accessible. We will also continue
our work with Congress and key stakeholders in the financial aid
community to provide low- cost student loans in an open and
transparent manner that places the needs and interests of students
and their families at the forefront. "Today, Sallie Mae is the
nation's leading private sector provider of higher education
financing managing over $150 billion in guaranteed and non-
guaranteed student loans for 10 million student and parent
customers. In addition, we manage more than $17 billion in 529
college-savings plans, and over 7.5 million families use our
Upromise program to help save for college through rewards earned on
everyday purchases across the nation. "Sallie Mae makes about 11%
of new federal student loans in our own name each year and holds
approximately 27% of all outstanding federal student loans. Our
employees work in major facilities in 14 states, including places
like Arcade, New York; Indianapolis, Indiana; Mt. Laurel, New
Jersey; Cincinnati, Ohio; Lynn Haven, Florida; and, Wilkes-Barre,
Pennsylvania. "With 10 million borrower customers, 5,300 school
clients, hundreds of lender partners and several guarantor clients,
we are proud to be a vital provider of higher education financing
solutions. In fact, numerous national observers have recognized
Sallie Mae's record of accomplishment and excellence: -- U.S.
Department of Commerce awarded Sallie Mae the Presidential 'Ron
Brown Award for Corporate Leadership.' -- Business Ethics magazine
ranked Sallie Mae among the '100 Best Corporate Citizens.' --
Business Week magazine ranked Sallie Mae in the top 15 cash givers
in their list of 'Top Corporate Philanthropists.' -- Fortune
magazine named Sallie Mae one of its 'Most Admired Companies.' --
Working Mother magazine named Sallie Mae one of the 'Top 100
Companies for Working Moms.' -- Washingtonian magazine and
Indianapolis Monthly recognized Sallie Mae as a 'Great Place to
Work.' -- The National Association of Female Executives named
Sallie Mae as one of the 'Top 30 Companies for Executive Women.' --
GovernanceMetrics International awarded Sallie Mae a perfect '10'
score for corporate governance. Of 1,600 global companies ranked,
only 17 received this rating. -- The U.S. Department of Education
gave Sallie Mae its 'Exceptional Performance' designation for
meeting or exceeding government standards in administering loans
under the Federal Family Education Loan Program. "In addition to
investing in the nation's financial aid delivery system, we have
also invested millions of dollars in helping students and families
understand the financial aid process. For example, we created one
of the industry's first websites to provide free, comprehensive and
objective information to families about planning and paying for
college. Forbes magazine has recognized the site,
http://www.collegeanswer.com/, six times as 'Best of the Web' in
the College Planning category. "Sallie Mae also established and
funded a charitable organization, The Sallie Mae Fund, to help open
doors to higher education for all students, prepare families for
their college investment, and bridge the financial aid gap when no
one else can. Hundreds of our employees have traveled the country
to lead free financial aid workshops, help families complete
complicated federal financial aid paperwork and answer questions
that students and families have about how to plan, save and pay for
college. "Research conducted by The Sallie Mae Fund in recent years
demonstrates that those who need financial aid the most - minority
and first generation students from low-income families - understand
it the least. We have made special efforts to educate these
populations about how best to navigate the financial aid maze. For
the last three years, The Sallie Mae Fund's 'Paying for College'
bus tour has been on the road taking information about college
financial aid directly into over hundreds of communities, reaching
over 100,000 families and presenting information in English and
Spanish. In addition, as part of Sallie Mae's growth, we have
entered into new strategic acquisitions that have, in aggregate,
provided $2 billion in funding for five independent foundations
dedicated to improving higher education. How Families Pay for
College "While our primary business is providing and servicing
federally guaranteed student loans, as well as non-guaranteed
'private loans' to help families meet any gap between available
funds and higher education costs, Sallie Mae is more than just a
student loan company. We understand that paying for college is a
challenge for most Americans, and college is often the single
biggest lifetime investment a family makes, other than the purchase
of a home. "Families and young adults must not only provide for
their every day expenses but must also invest in their futures by
saving for a first-time home purchase, financing education for
themselves and/or their children, and preparing for retirement. As
a result, financial education, financial literacy and saving for
college are more important than ever in meeting these competing
financial demands. "Today, the conversation about paying for
college at Sallie Mae starts where it should with saving for
college. Through the efforts of our Upromise subsidiary, that
conversation can now begin as early as birth and can be as easy as
automatic savings through rebates on everyday purchases. "Upromise
manages more than $17 billion in 529 college-savings plans in 10
states - Arkansas, Colorado, Idaho, Iowa, Missouri, Nevada, New
York, North Carolina, North Dakota and Pennsylvania - and assists
more than 7.5 million members save money for college by earning
rebates on regular purchases. Tax- advantaged 529 plans are clearly
the best way for families to save for college and we applaud
Congress for extending the tax incentives for consumers to save for
college. "We also know that paying college bills once or twice a
year can strain family cash flows. That is why Sallie Mae offers
tuition payment plans to help families divide annual or semi-annual
tuition payments into more manageable monthly payments. Last year,
more than 300,000 families used our tuition payment plans to help
pay over $2 billion in tuition and fees at 800 schools. That is $2
billion families did not have to borrow in student loans. "Students
are also working more during the academic year. Today, 78% of
students work during the academic year. And those students who work
are working more hours than ever before. Students also rely on
credit cards. Today, more than half of dependent undergraduates
have credit cards and carry a median balance of $1,000. By
graduation, credit card debt makes up nearly 10% of an average
students' total indebtedness. "For many students and families,
however, saving for college, managing tuition payments and working
during college is not enough to pay the full price of a college
degree. Through our marketing, community relations and borrower
communications, Sallie Mae counsels students who need financial aid
to take full advantage of 'free money' first - i.e., scholarships,
state and federal grants, low-cost federal student loans second,
and third, private loans, as needed to close the gap between
available funds and the cost of college. One example of the kind of
information we make available to families to help them plan and pay
for college is a free guide entitled The Financing College Guide
Featuring Sallie Mae's 1-2-3 Approach to Paying for College which
lays out this approach to obtaining financial aid for college.
"When the Higher Education Act was passed in 1965, lawmakers
envisioned that grant aid would cover much of the cost of
postsecondary education. For a time that was true. As illustrated
in the chart below, the purchasing power of Pell Grants has fallen
as the rate of growth in Pell Grant funding has been outpaced by
the rise in college costs. For example, in the 1975-76 academic
year the maximum federal Pell Grant covered 84 percent of tuition,
fees, room and board for a student attending the average public
four-year college. Last academic year, the same Pell Grant covered
only 33 percent of student's costs at an average four-year public
college. Federal Student Loans "After exhausting all of the 'free
money' available to them, the second step for students with unmet
financial need is to apply for federal student loans. As college
costs have risen and the purchasing of grant aid has declined,
federal student loans have become the single largest source of
federal financial aid, providing $57 billion to 7.7 million
students and parents during the last academic year. Part of the
reason for the growth of federal student loans is their favorable
terms. "Today, federal student loans are available to any eligible
student, regardless of their credit history and without any
collateral, income or co- signer. These loans, which are subsidized
and guaranteed by the federal government, also carry the very best
rates and terms available to college students. As such they are and
should be the first choice for students who must borrow to help pay
for college. "Interest rates and terms of federal student loans are
set by Congress. Today, the nominal interest rate charged on
federal student loans made to undergraduate and graduate students -
which are called Stafford loans - is a fixed 6.8% regardless of the
lender. Under the federal student loan program, parents of
undergraduate students are also eligible to borrow the full cost of
attendance (e.g., tuition, room and board, etc.) through PLUS
loans. The interest rates in this program are also set under a
statutory formula established by Congress. Today, the interest rate
on PLUS loans made in the FFEL program is 8.5%. Last year, Congress
expanded eligibility for PLUS loans to graduate and professional
students. "Today, there are 3,500 lenders providing federal student
loans to students and families at each of the nation's 5,300
postsecondary institutions. While interest rates on federal
Stafford loans are set by Congress, competition among
private-sector loan providers has reduced the cost of borrowing for
college, as the U.S. Department of Education recognized in its
recent Notice of Proposed Rulemaking. As part of this competition,
many lenders pay federally mandated origination fees on behalf of
borrowers and offer interest rate discounts and other types of
discounts for graduating, on time payment, using automatic debit,
etc. The result of competition among lenders for student loan
business is that many borrowers pay less than the statutory
interest rate on their federal student loans. "Nationally, 80
percent of federal student loans are made each year through the
FFEL program. In fact, 4,250 schools participate in the FFEL
program, compared to 750 that participate in the other major
federal student loan program - the William D. Ford Federal Direct
Loan program. More than 300 schools participate in both programs.
Under 'Direct Lending' the federal government makes federal student
loans directly to students but the program is serviced by private
contractors. In contrast to the lender choices available to
students on campuses offering FFELP loans, students attending
schools offering only Direct Loans are generally required by their
schools to take out only those federal student loans offered by the
Direct Loan program without the benefit of competition. As a
result, students at Direct Loan schools are unable to take
advantage of origination fee discounts or other interest rate
reductions offered by private lenders. "Because there are literally
thousands of lenders who offer federal student loans across the
nation, many schools create lists of 'preferred lenders' that they
recommend to students at their schools. Financial aid offices
frequently select their preferred lenders through a competitive
Request for Proposal (RFP) process. Regardless of the lender(s)
recommended by a particular school, under federal law, any student
at any school that participates in the FFEL program is free to take
out a federal student loan with the lender of his or her choice.
The result of preferred lender lists is, therefore, that lenders
are competing to offer the best terms and services to students and
schools but students in the FFEL program are free to choose
whichever lender they want to do business with. "When a preferred
lender list is created through careful analysis by financial aid
professionals it can help students and parents select a lender
without relying on mass marketing materials. There is clearly room
for direct- to-consumer marketing in the student loan arena, but
all stakeholders have an interest to make sure that such
communications are clear and factual. We were pleased to see that
Chairman Miller recently asked the Federal Trade Commission to
examine unscrupulous marketing practices in the student loan arena.
We share his concerns and have expressed similar concerns to
federal regulators in recent years. "We also support efforts
undertaken by Chairman Kennedy and others to strengthen
transparency in the process of selecting lenders as part of the
preferred lender process. It is important that students are fully
informed that they are free to take out a federal student loan with
the lender of their choice and that all parties to a student loan
transaction - schools, guarantors and lenders -- act consistently
to preserve the principle of borrower choice. "We applaud
legislative proposals designed to encourage students to determine
their eligibility to apply for low-cost federal student loans
before seeking more costly private loans. Indeed, as described
below, given the growing importance of private loans to many
families, we believe that it is imperative that any student who
takes out a private loan at any postsecondary institution be fully
informed about the importance of exhausting grant aid and lower
cost federal student loans. This disclosure is so important that
all lenders and marketers who make or market private education
loans should be required to disclose the availability of low-cost
federal student loans, not just those who provide student loans on
a preferred lender list. "Federal student loans are subject to
strict statutory limits. Today, a freshman can only borrow $2,625
per academic year, sophomores are limited to $3,500 per academic
year, and juniors and seniors may take out only $5,500 per academic
year. Even though Congress has raised first-year loan limits to
$3,500 and second year limits to $4,500 per academic year beginning
July 1, 2007, undergraduates are limited to borrowing no more than
$23,000 during their entire undergraduate years. Private Student
Loans and How the Loan Process Works "In recent years, as college
costs have risen, grant aid has not kept pace, and federal loan
limits have stagnated, the College Board reports that the use of,
and need for, private education loans has increased, although our
recent experience indicates that market growth is slowing.
"According to the College Board, five years ago students across the
country took out $4.3 billion in private education loans in a
single academic year. Last year, that number had grown to nearly
$17 billion. Direct-to- consumer loans, home equity loans and other
forms of unsecured consumer credit used for higher education likely
make the total amount of non-guaranteed borrowing significantly
higher than the College Board estimate. To give you some
perspective, as I stated earlier, federal student loans are the top
source of federal financial aid. Ten years ago, private education
loans represented only 5 percent of federal student loan volume.
Today, private education loan volume equals about 22 percent of
federal student loan volume, and that does not account for the
estimated 25 percent of college students who are using credit cards
to pay for some or all of college. Over the past year we have seen
a significant slowing of the growth in private education loans at
both undergraduate and graduate levels. "Important factors in
underwriting private education loans, like any private credit
product (such as an unsecured consumer loan, a credit card,
automobile loan or a mortgage), are a borrower's individual credit
history and whether the borrower has a co-signer with a good credit
history. Other considerations include academic progress,
school-specific default history and the competitive landscape.
Unlike mortgages and automobile loans, private education loans are
not secured by any fixed asset. "If students have obtained all of
the 'free money' available to them, borrowed the maximum amount of
federal student loans, do not have a parent who is willing or able
to take out a PLUS loan, or if they have no other sources of funds
for college (e.g., working additional hours, reducing their class
loads, delaying graduation, mortgaging other assets, etc.), they
may pay the remaining cost of attendance using private,
credit-based, education loans. In these cases, students have
essentially three choices: (1) Take out a private education loan
with a co-signer. If a student's parents are unable or unwilling to
take out a low-interest federal PLUS loan to cover the outstanding
cost of attendance, a student can obtain a private education loan
with a parent or third party as a co-signer. This approach
generally offers the next best financing alternative to federal
student loans as many parents or third-parties have established
credit histories that may improve the rates and terms available to
a borrower. (2) Take out a private education loan without a
co-signer. Students who have exhausted federal financial aid, whose
parents are unable or unwilling to take out a PLUS loan or co-sign
a private education loan, or who do not have the ability to tap
into home equity, may take out a private education loan using their
own credit history to obtain the loan. While the terms and
conditions of these loans are generally less favorable than federal
student loans or co-signed private education loans, these loans may
be the best option for students with limited credit history. (3)
Work more hours, deplete savings, mortgage available assets, reduce
hours of attendance, change schools, delay graduation, do not
attend or drop out of school. For those students who have exhausted
all federal financial aid (or other sources of financial aid) and
who do not wish to take out a private education loan or do not have
a parent who is willing to take out a federal PLUS loan or co-sign
a private education loan, they may be forced to make lifestyle
changes that could affect their ability to successfully complete
their education. "Many lenders provide private education loans
today. The rates and terms of these loans vary, as do the credit
criteria, across lenders. Some lenders only provide education loans
to individuals without credit challenges. Some lenders only make
loans to borrowers who meet certain income thresholds. Others
provide private education loans at rates and terms designed to
provide access to postsecondary education for borrowers who may
have less than stellar credit. Regulation of Private Education
Loans "The market for private education loans is heavily regulated.
In fact, some might argue that a private education loan is more
heavily regulated than the federal student loan marketplace. For
example, as consumer finance instruments, private loans are made by
regulated banks, over which, as this Committee knows, there is
significant oversight and monitoring. And, unlike federal student
loans, the federal Truth-In-Lending Act applies to private
education loans. In addition, the Equal Credit Opportunity Act, the
Fair Credit Reporting Act and other federal and state lending and
consumer protection laws govern private education loans. Obtaining
a Student Loan From Sallie Mae "At Sallie Mae we originate federal
student loans in our own name and also provide origination
services, loan servicing and loan purchase agreements to other
financial institutions. During the 2005-2006 academic year, Sallie
Mae originated more than $22 billion in student loans on more than
5,000 campuses. Of these, $15 billion were federal student loans
and $7 billion were private education loans. Sallie Mae sponsors
and/or services private education loan programs that are made
available to students attending colleges and universities across
the nation. As of March 31, 2007, Sallie Mae owned nearly $24
billion in private education loans. These private education loans
represent approximately 16% of our total loan portfolio. An
analysis of our customers who have entered repayment demonstrates
the effectiveness of the '1- 2-3' approach. At the end of 2006, 85%
of our customers had only federal student loans with Sallie Mae
compared to 4% of customers who had only private loans with Sallie
Mae. 11% of our customers had both federal and private education
loans. "At Sallie Mae, we designed our private education loans to
mirror federal student loans in many respects. For example, like
federal student loan customers, students who take out private
education loans can, and often do, borrow to cover living expenses
while they are in school. Like federal student loan customers,
students with private education loans can, and often do, delay
making any payments until after they complete their studies. We
provide borrowers, while they are in school, with quarterly
statements reflecting their interest costs and encourage them to
pay the interest on their student loans while in school, if
possible, to reduce their future obligations. Like federal student
loans, we offer students a six-month grace period after graduation
before they begin making payments. Like federal student loans, we
understand that students usually have little or no income while
they are in school so our private education loans have no income
requirements or debt-to income ratio. And we give borrowers 15
years to pay back their private loans. The result is that lenders
take 100% of the repayment risk on flexible private education loans
made to people with limited credit histories on which they will not
get repaid for several years. In the long-run, however, we believe
that these loans are generally good investments for students and
lenders because they represent an investment in human capital. Like
federal student loans, this flexibility allows students to
concentrate on their studies, not their debt. "While we have been
successful in mirroring many of the characteristics of guaranteed
student loans, we cannot mirror federal loan rates or fees. Absent
the borrower subsidies and guarantee in federal student loans,
lenders are forced to price private education loans using a
risk-based model. A borrower's individual credit history and
whether the borrower has a co-signer with a good credit history are
important factors in determining the rates and terms on private
education loans, like any private credit product, such as an
unsecured consumer loan, a credit card, automobile loan or a
mortgage. Today, the median interest rate across our entire private
student loan portfolio is Prime plus 2% and the overwhelming
majority of our customers are successfully managing their private
education loans. "At Sallie Mae, our commitment to our customers
continues well after their loan is disbursed. Once a student
completes their studies, in addition to standard repayment plans,
we offer several options to help borrowers manage the repayment of
their student loans. As anyone who has ever had student loans
understands, it is harder to repay student loans early after
graduation than it is after being in the workforce for several
years. Sallie Mae offers flexible repayment plans that permit
borrowers to reduce their monthly payment amount. And, borrowers
who cannot make any payments at all due to extenuating
circumstances can temporarily suspend making payments. We encourage
our customers who are having difficulties to contact us so that we
can explore ways to get them the help they need, particularly since
student loan customers must understand that the decisions they make
during repayment can often increase the overall cost of borrowing.
"The private student loan market is growing, evolving and
responding to consumer demands. For our part Sallie Mae has made a
number of pro-consumer changes to our private loan program. We: --
Expanded our existing disclosures to encourage potential borrowers
to max out their federal student loans before taking out private
loans. Prospective borrowers are encouraged at various points in
the borrowing process to seek low-cost federal loans before taking
out a private loan. -- Created additional safeguards to prevent
students from inadvertently borrowing more than the total cost of
attendance. -- Capped private loan interest rates and fees. --
Introduced a private loan consolidation program to help borrowers
lower their monthly payments. Over 75% of those who use this
program lowered the interest rate on their private loans after
consolidation. -- Launched an educational campaign to provide
counseling tools to help borrowers understand debt before they ever
take out a loan, manage debt and protect their credit score.
Student Loan Marketing Practices "Finally, Mr. Chairman, I want to
comment on the recent attention on the student loan market.
Business ethics is of the highest importance to Sallie Mae. Even
before recent scrutiny of the student loan market, Sallie Mae
adopted a 'Business Courtesies and Gifts' policy to guide our
employees on acceptable practices. This included guidance on state
ethics laws affecting interactions with employees of state schools
and this policy was distributed to all employees. In addition, each
of our employees participates in annual 'Code of Business Conduct'
training. We are deeply concerned about certain practices of a few
student loan providers that have been described in recent media
reports. As you may be aware, Sallie Mae recently entered into an
agreement with the New York Attorney General to adopt a Student
Loan Code of Conduct. This Code of Conduct, to which the top five
FFELP lenders have also agreed, now governs our student loan
marketing practices across the nation and has set a new standard
for open and fair competition. In reviewing Sallie Mae's business
practices, New York Attorney General Andrew Cuomo acknowledged that
Sallie Mae did not participate in any of the most egregious
activities that have been described in recent media reports, such
as revenue sharing between lenders and schools on private loans,
offering stock to financial aid administrators or providing cash
payments to schools as a quid pro quo for specific loan volume.
Simply put, Sallie Mae is committed to a fair and open student loan
market that helps to make college more accessible to students and
their families. That is why Congress created Sallie Mae 35 years
ago and we pledge to honor that history as our company evolves.
Conclusion "Thank you Mr. Chairman for the opportunity to be here
today to participate in this important discussion. As a leader in
the industry, we are committed to working with the Congress to help
more families pay for one of the most significant investments of a
lifetime - a college education."
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http://photoarchive.ap.org/ DATASOURCE: Sallie Mae CONTACT: Tom
Joyce of Sallie Mae, +1-703-984-5610, Web site:
http://www.salliemae.com/ Company News On-Call:
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