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More info of Sallie Mae
We know Sallie Mae as the leading bank that provides financial aid to individuals and their families who want to go to school.
As a publicly traded financial corporation, it is headquartered in Newark, NJ with offices in DE, IN, MA, VA and UT. It is an entity that manages approximately $30 billion in assets, ranking 75th among the nation's largest.
In addition to offering and managing student loans, Sallie Mae Bank also offers credit cards, savings accounts and certificates of deposit.
Aside from banking products, it also provides resources and tools for college planning. Along with its savings plans, its fund supports different educational initiatives, such as scholarships, grants, volunteerism and community service.
This financial institution works with many private lenders to provide financial loans to college-bound students. Their portfolio includes:
- The Bar Study Loan.
- The Smart Option Loan.
- The Medical Residency and Relocation Loan.
- The Smart Option Loan for graduate students.
History of Sallie Mae Bank
Initially a GSE (government-sponsored enterprise), this bank came into existence in 1972.
The Student Loan Markting Association began by administering student loans for both the private and federal sector. Its main function was to financially assist those who lacked the resources to enter college.
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Later (1997), Sallie Mae would begin a privatization process that would culminate in 2004. After cutting ties with the government, it would acquire the company Upromise (2006), which was dedicated to giving rebates to consumers of certain brands, such as student savings accounts.
After the failed operation for its purchase in 2007, some changes would come for the institution:
- 2009: announce the return of 2,000 jobs to U.S. as part of their shift of operations overseas.
- 2010: moved its headquarters from Reston (VA) to Newark (De).
- 2013: form SLM Corporation, which is the parent company that manages the bank.
- 2014: launch Navient, a separate division that handles federal academic lending.
- April 2021: Sallie Mae announced partnership with Mpower Financing to expand access to education for DACA and international students.
Español: Sallie Mae, información en español de sus productos
Contact info
Social denomination:
Sallie Mae Bank
Address:
4322, 300 Continental Dr, Newark, 19713 Delaware