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Sallie Mae

#2788

Rank

$4.95B

Marketcap

US United States

Country

Sallie Mae
Leadership team

Mr. Jonathan W. Witter (CEO & Director)

Mr. Steven J. McGarry (Exec. VP & CFO)

Mr. Daniel P. Kennedy (Exec. VP & COO)

Products/ Services
Financial Services, Higher Education
Number of Employees
1,000 - 20,000
Headquarters
Newark, Delaware, United States
Established
1972
Company Registration
SEC CIK number: 0001032033
Net Income
1B - 20B
Revenue
Above - 1B
Traded as
SLM
Social Media
Overview
Location
Summary
SLM Corporation, through its subsidiaries, originates and services private education loans to students and their families to finance the cost of their education in the United States. It also offers retail deposit accounts, including certificates of deposit, money market deposit accounts, and high-yield savings accounts; and omnibus accounts, as well as credit card loans. It serves students and families through financial aid, federal loans, and student and family resources. The company was formerly known as New BLC Corporation and changed its name to SLM Corporation in December 2013. SLM Corporation was founded in 1972 and is headquartered in Newark, Delaware.
History

The Student Loan Marketing Association was originally created in 1972 as a government-sponsored enterprise 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 provides private education loans for students and their families. These loans are not made, insured, or guaranteed by any state or federal government.In 2005, Sallie Mae was among 53 entities that contributed the maximum of $250,000 to the second inauguration of President George W. Bush.In August 2006, Sallie Mae acquired Upromise, a company that provides rebates to buyers of certain brands, which can be applied to college savings accounts. In May 2020, Upromise was acquired by loyalty marketing company Prodege.On April 16, 2007, Sallie Mae announced that an investor group led by J.C. Flowers & Co. signed an agreement to purchase Sallie Mae for approximately $25 billion. Had the transaction been completed, J.C. Flowers, along with private-equity firm Friedman Fleischer & Lowe would have owned 50.2% of Sallie Mae, and Bank of America and JPMorgan Chase would each have owned 24.9%. Sallie Mae would have ceased to be a publicly traded company. The deal fell through in September 2007, with the buyers blaming adverse changes to the business's outlook as a result of the College Cost Reduction and Access Act of 2007 and the tightening of global credit markets following the 2007 subprime mortgage financial crisis. Sallie Mae subsequently began legal action, only to drop it in January 2008 upon completion of a $31 billion funding round, including funding from Bank of America.On April 6, 2009, Sallie Mae announced that it would move 2,000 jobs back to the U.S. within the next 18 months as it shifts call center and other operations from overseas.On March 31, 2010, Sallie Mae announced the impending layoff of 2,500 employees in response to the signing of new legislation calling for the federal government to lend directly to students, bypassing institutions like Sallie Mae.On July 1, 2010, Sallie Mae announced that it would be moving its headquarters from Reston, Virginia, to its existing facility in Newark, Delaware.On September 17, 2010, Sallie Mae acquired federally insured loans from Citigroup-owned Student Loan Corporation worth $28 billion.SLM Corporation, the company that operates Sallie Mae, was formed in 2013. On February 25, 2014, Sallie Mae announced the launch of Navient, a separate entity for federal student loan servicing. On April 30, Sallie Mae legally separated from Navient, and made its primary focus private student loans, banking products, and credit cards for college students and their families.In March 2020, the company announced Jonathan Witter, former Hilton executive, would replace Raymond Quinlan as the new CEO.Sallie Mae announced a partnership with Mpower Financing in April 2021, to expand access to higher education for international and DACA students.

Mission
Help families save, plan and pay for college.
Vision
Sallie Mae is focused on helping people reach their educational and career goals. By providing innovative loan products, financial education, and service excellence, we strive to help make higher education achievable for everyone.
Key Team

Ms. Donna F. Vieira (Exec. VP & Chief Commercial Officer)

Ms. Kerri A. Palmer (Exec. VP & Chief Risk Officer)

Mr. Brian Cronin (VP & Head of Investor Relations)

Mr. Tim Morrison (Sr. VP of Gov. Relations)

Mr. Nicolas Jafarieh (Exec. VP and Chief Legal, Gov. Affairs & Communications Officer)

Ms. Joni J. Reich (Exec. VP of Admin.)

Mr. William Wolf (Exec. VP & Chief People Officer)

Recognition and Awards
Sallie Mae has been recognized as a leader in financial services by many organizations. These include being named one of Fortune magazine’s “America’s Most Admired Companies”, as well as receiving the “High Five” Award from the National Women’s Business Council.
References
Sallie Mae
Leadership team

Mr. Jonathan W. Witter (CEO & Director)

Mr. Steven J. McGarry (Exec. VP & CFO)

Mr. Daniel P. Kennedy (Exec. VP & COO)

Products/ Services
Financial Services, Higher Education
Number of Employees
1,000 - 20,000
Headquarters
Newark, Delaware, United States
Established
1972
Company Registration
SEC CIK number: 0001032033
Net Income
1B - 20B
Revenue
Above - 1B
Traded as
SLM
Social Media