INDIANAPOLIS, July 16 /PRNewswire/ -- USA Funds(R), the nation's largest
student loan guarantor, and USA Education, Inc., the nation's leading provider
of education funding, will jointly award 1,000 scholarships of $1,500 each to
deserving college-bound students nationwide. The USA Education, Inc./USA
Funds Scholarship Program, formerly the USA Group Scholarship Program, seeks
to assist students in financial need -- particularly those who are either
members of ethnic minority groups or are physically disabled -- as they
finance their higher education.
"These scholarships will help students surmount financial barriers to
higher education," said Carl Dalstrom, president and CEO, USA Funds. "USA
Funds is proud to support this program as part of its mission to enhance
access to education."
Scholarship recipients were chosen from more than 6,000 applications from
qualified students planning to enroll or currently enrolled in a full-time
undergraduate or graduate program at an accredited two- or four-year college,
university or vocational/technical school. If student recipients maintain a
minimum grade-point average of 2.5, the scholarships may be renewed annually
for up to three years or until the student receives a degree or certificate,
whichever comes first.
"We are pleased to partner with USA Funds to provide deserving students
with increased access to education," said June McCormack, executive vice
president of guarantor services and sales marketing, USA Education Inc.,
commonly known as Sallie Mae. "This program is an extension of our commitment
to helping America's students realize their higher education goals."
Last year, the program awarded more than 700 renewable scholarships
nationwide -- 475 of which were funded again this year -- helping students
meet the cost of higher education. Beginning in 2002-2003, USA Funds will
triple its funding to create the new USA Funds Scholarship Program, which will
award up to $3 million in new, need-based scholarships to help more low-income
students attend college.
Citizens' Scholarship Foundation of America (CSFA), an independent,
professional manager of private scholarship programs, administers the program.
For more information on the USA Education Inc./USA Funds Scholarship
Program or to view a list of this year's scholarship recipients, visit
http://www.wiredscholar.com or
http://www.usafunds.org/borrowers/scholarship_winners.html .
About USA Funds
Established in 1960 to help families finance rising college costs, USA
Funds has grown to become the nation's largest guarantor of loans made under
the Federal Family Education Loan Program (FFELP), the largest federal source
of financial aid for higher education. USA Funds annually guarantees
education loans totaling more than $9 billion for students and parents
throughout the nation. In addition, USA Funds serves as the designated
guarantor of federal education loans in nine states: Alaska, Arizona, Hawaii
and the Pacific Islands, Indiana, Kansas, Maryland, Mississippi, Nevada and
Wyoming.
About USA Education, Inc.
USA Education, Inc. is the parent company of Sallie Mae, the nation's
leading provider of education funding. Founded in 1972, the company provides
funds for educational loans, primarily federally guaranteed student loans
originated under the Federal Family Education Loan Program (FFELP). USA
Education, Inc. currently owns or manages in excess of $68 billion in student
loans for more than seven million borrowers, and provides parents, students
and educators with comprehensive information on the financial aid process.
Through its specialized subsidiaries and divisions, the company also provides
an array of consumer credit loans, including those for lifelong learning and
K-12 education, and business and technical outsourcing services for colleges
and universities. USA Education Inc. and its subsidiaries other than the
Student Loan Marketing Association are not sponsored by or agencies of the
United States. More information is available at http://www.salliemae.com .
SOURCE Sallie Mae
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Related links:
http://www.salliemae.com
http://www.wiredscholar.com
http://www.usafunds.org/borrowers/scholarship_winners.html
Company News On-Call:
http://www.prnewswire.com/gh/cnoc/comp/827187.html
CONTACT:
Bob Murray of USA Funds, +1-317-806-1283; or
Erin Love of USA Education, Inc., +1-703-810-7136
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