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."
SOURCE Sallie Mae
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CONTACT:
Tom Joyce of Sallie Mae, +1-703-984-5610,
tom.joyce@salliemae.com
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