Wiredscholar Will be the Cornerstone
Of Embark.com's Student Financial Aid Offerings
SAN FRANCISCO, March 15 /PRNewswire/ -- Embark.com, a global learning
exchange where students of all ages go on the web to research, select, apply
online, and prepare for higher education, announced today a new partnership
with wiredscholar, Sallie Mae's upcoming Internet initiative for college
planning information. Sallie Mae, the nation's largest provider of education
loans, will be the exclusive sponsor of the financial aid information and
services area of the Embark.com marketplace site.
Wiredscholar.com's content and tools will be integrated with Embark.com's
existing financial aid offerings, providing students and their parents with
comprehensive information and resources including: an extensive on-line
scholarship database that matches a student's profile with related scholarship
opportunities; information about long-term savings plans; tools to help with
estimating the cost of college, including Expected Family Contribution (EFC)
and potential debt burden; functionality for comparing and evaluating
different financial aid packages; and the ability to apply online for federal
and private loans.
"Embark.com's mission is to be the single, all-inclusive web resource
where individuals can efficiently take all the steps necessary to achieve
their education goals," said Embark.com president and CEO Phillip
Dunkelberger. "Financing a college education is one of those fundamental
activities, and we're happy to be able to add value to the entire process
through our new partnership with Sallie Mae. At the same time, we are
providing wiredscholar with access to a targeted marketing channel."
The agreement allows wiredscholar to reach their target market of teens
and their families, while making it easier for users to access its services
through Embark.com's high profile web presence. With almost one million
registered users, Embark.com is a leading Internet resource for individuals
researching, applying and preparing for higher education.
"Sallie Mae is committed to helping college-bound students and their
families realize that higher education is affordable and accessible, which is
one of the reasons we developed wiredscholar," said Paul Carey, executive vice
president, Sallie Mae. "Strategic alliances with organizations like
Embark.com allow us to provide comprehensive Web-based resources to consumers
interested in planning and paying for college."
The Cost of College
The Sallie Mae partnership with Embark.com will go "live" in mid-April,
just in time to help students and their parents evaluate financial aid award
packages and determine alternative methods of financing. According to the
Department of Education, most financial aid does not cover the entire cost of
college. In 1995-1996, the average unmet need for college financing was
$2,712 and reached as high as $6,184 for low-income families with a child at a
private, four-year institution. As a result, nearly 50 percent of
undergraduates received financial aid in 1995-1996, with that figure reaching
68 percent among students enrolled full-time for the full year.
For the 1997-1998 academic year, the average annual cost of undergraduate
tuition, room and board was estimated to be $6,788 at public colleges and
$18,745 at private institutions. This was an increase of 20 percent over the
previous 10 years for public institutions and a 28 percent increase for
private schools, after adjustment for inflation.
About Sallie Mae
Sallie Mae, founded 26 years ago, provides funds for educational loans,
primarily federally guaranteed student loans originated under the Federal
Family Education Loan Program (FFELP). Sallie Mae currently owns or manages
student loans for 5.3 million borrowers and also provides parents, students
and educators with comprehensive information on the financial aid process.
Through its specialized subsidiaries and divisions, Sallie Mae also provides
an array of consumer credit loans, including those for life-long learning and
K-12 education, and business and technical outsourcing services for colleges
and universities nationwide. More information is available at
http://www.salliemae.com.
About Embark.com
Embark.com is a private company creating a single web marketplace where
students of all ages go to interact with academic institutions and related
businesses. Embark.com helps individuals achieve their learning goals and
manage key transitions throughout their lives through partnerships with over
250 undergraduate and graduate programs worldwide, a registered user base of
almost one million, and leading business sponsors and partners such as
Excite@Home, U.S.News & World Report, Capital One, Visa and United Airlines'
College Travel Network.
The statements contained in this Press Release may contain "forward-
looking statements." Actual events or results may differ materially as a
result of risks facing Embark.com or actual results differing from the
assumptions underlying such statements. Such risks and assumptions include,
but are not limited to, risks related to competition and market acceptance of
Embark.com's services and products, ability to establish and maintain
strategic relationships, and ability to increase sales and market awareness
for Embark.com. All forward-looking statements are expressly qualified in
their entirety by the "Risk Factors" and other cautionary statements included
in the Company's Registration Statement on Form S-1.
SOURCE Sallie Mae
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Related links:
http://www.wiredscholar.com
http://www.salliemae.com
Company News On-Call:
http://www.prnewswire.com/comp/147826.html or fax,
800-758-5804, ext. 147826
CONTACT:
Press contact for Embark.com: Katie Madden,
Embark.com, 415-615-1652, kmadden@embark.com or Bill Bourdon,
Niehaus Ryan Wong, Inc., 650-827-7072, bbill@nrwpr.com
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