RESTON, Va., May 1 /PRNewswire-FirstCall/ -- Sallie Mae UK, a division
of Sallie Mae (NYSE: SLM), today announced the launch of the Sallie Mae UK
Education Loan Program to meet the financial needs of U.K. residents
attending participating universities in the United Kingdom and the United
States when grants, bursaries and government loans may not provide a
sufficient means to cover the cost of higher education.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030617/SLMLOGO-a )
"Until now, I have always had to tell students that one of the only
opportunities for an education loan depends on their ability to secure a
U.S. cosigner," said Anthony Nemecek, Director of the Educational Advisory
Services, US-UK Fulbright Commission. "With this new program, U.K. students
now have the ability to qualify for a loan based on their own credit or
that of a qualified U.K. cosigner."
Sallie Mae UK education loans will allow U.K. students to fund up to
the total cost of their education at participating U.K. institutions. The
program was designed in response to U.K. university customers' requests and
based on Sallie Mae's extensive experience in designing private student
loan programs of this type in the United States. In addition, Sallie Mae UK
is working with U.S. Educational Advisory Services (EAS), US-UK Fulbright
Commission to provide U.K. residents interested in studying at colleges and
universities in the United States with access to the Sallie Mae UK
Education Loan Program. Using grants from the U.S. Government, EAS, which
is part of the US-UK Fulbright Commission, provides free, objective
information on all aspects of education in the United States.
"We are delighted that Sallie Mae UK has agreed to fund students from
the United Kingdom interested in studying in the United States with its new
loan program," said Penny Egan, Executive Director of the US-UK Fulbright
Commission. According to Egan, each year, thousands of U.K. residents who
are interested in study in the United States participate in events
sponsored by EAS and enquire about funding opportunities.
"As the cost of higher education in the United Kingdom continues to
rise, we have recognized an increasing need for alternative sources of
education finance for U.K. students, particularly at the graduate level,"
said Lynn Ross, vice president of Sallie Mae International Education
Finance. "Our goal is to help put higher education within reach for many
U.K. students who wish to pursue their studies at home or in the United
States, and we are pleased to be able to work with the Fulbright Commission
in support of increased study abroad opportunities for U.K. students."
Sallie Mae UK Education loans provide funding for undergraduate and
graduate U.K. residents pursuing higher education in the United Kingdom and
the United States. The program is available to students enrolled in courses
of study leading to a degree at participating universities.
Sallie Mae UK is a wholly owned subsidiary of Sallie Mae(R) (NYSE:
SLM), the leading provider of student loans in the United States that has
helped millions of Americans achieve their dream of a higher education.
Sallie Mae primarily provides government-backed and private student loan
programs for undergraduate and postgraduate students and their parents in
the USA. The company manages $150 billion in education loans and serves
nearly 10 million student and parent customers. In addition, Sallie Mae
offers comprehensive information and resources to assist students and
parents with the financial aid process in the United States. Sallie Mae
currently owns or manages student loans for approximately 10 million
borrowers, and employs 12,000 individuals at offices across the United
States and in the United Kingdom. Sallie Mae is listed on the Fortune 500
and Forbes 2000. More information is available at
http://www.salliemae.co.uk. SLM Corporation and its subsidiaries are not
sponsored by or agencies of the United States of America.
Sallie Mae UK Limited holds a consumer credit licence [number 586643]
issued by the Office of Fair Trading that covers the activity of consumer
credit business. Sallie Mae UK Limited is registered in England and Wales
under Company number 5628257 and registered office is located at 20-22
Bedford Row, London WC1R 4JS.
The US Educational Advisory Service (EAS), part of the US-UK Fulbright
Commission, receives a grant from the U.S. Government to provide free,
objective information on all aspects of U.S. education. EAS is the official
source of information and advice in the United Kingdom for study in the
United States. More information is available at http://www.fulbright.co.uk.
SOURCE Sallie Mae
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Related links:
http://www.salliemae.co.uk
http://www.salliemae.com http://www.fulbright.co.uk
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20030617/SLMLOGO-a
AP Archive: http://photoarchive.ap.org PRN Photo Desk
photodesk@prnewswire.com
http://www.prnewswire.com/comp/827187.html /
CONTACT:
Tom Joyce of Sallie Mae, +1-703-984-5610,
tom.joyce@slma.com
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