GILBERT, Ariz., March 16 /PRNewswire/ -- Southwest Student Services
Corporation (Southwest), a nationally recognized higher education lender and
loan servicer headquartered in Gilbert, Ariz., today announced that it will
continue to provide the lowest-cost education loans to Arizona students by
offering money-saving origination and repayment benefits.
For academic year 2005-2006, Southwest will continue to offer its Absolute
Zero Loan, which waives the 3-percent origination fee on all Federal Stafford
Loans that are taken out by students who reside in or attend a college or
university in Arizona. The 3-percent origination fee, which goes to the U.S.
Department of Education, typically is assessed at the time loan proceeds are
distributed to the student's higher education institution and deducted from
the student's loan amount. Through this program, Southwest will pay the fee on
the student's behalf. Zero origination fees apply to unsubsidized and
subsidized, graduate and undergraduate Stafford Loans.
In addition to this zero-origination-fee benefit, Arizona students also
continue to be eligible to receive an interest-rate discount of up to 1.25
percentage points on their Stafford Loans when they enter repayment.
"Southwest is proud to be the lowest-cost education-loan provider in the
state of Arizona -- helping more families manage the cost of college," said
Vince Roig, chief executive officer of Southwest. "Our longstanding commitment
to increasing access to higher education in Arizona is illustrated as we
continue to provide benefits that save students hundreds -- even thousands of
dollars -- year in and year out."
Southwest's zero-origination-fee benefit has been so well received by
Arizona schools and students that it is now being offered by Southwest's
lender partners, including Academic Management Services (AMS), Nellie Mae,
Sallie Mae Education Trust and Student Loan Funding.
For more information about the zero origination fee and borrower benefit
programs, schools should contact their Southwest account representative.
About Southwest Student Services Corporation
Southwest Student Services Corporation serves schools and borrowers at
every education level that seek financial aid counseling, student loan
funding, loan origination, loan consolidation and life-of-the-loan servicing.
The company is among the top 30 originators of federal student loans, issuing
more than $1.8 billion in student loans annually, and it is the nation's ninth
largest holder of federal student loans with a portfolio of more than $5
billion.
Southwest is known nationally for providing innovative, money-saving
benefits and exceeding customer expectations. In 23 years of service,
Southwest has helped more than 1 million people reach their educational goals.
Southwest Student Services Corporation is a wholly owned subsidiary of SLM
Corporation, commonly known as Sallie Mae. SLM Corporation (NYSE: SLM) is the
nation's leading provider of education funding, managing more than $107
billion in student loans for more than 7 million borrowers. SLM Corporation
and its subsidiaries are not sponsored by or agencies of the United States of
America.
For additional information about Southwest Student Services Corporation,
visit http://www.sssc.com or contact Kathleen Harris, Vice President at 480-
461-6511 or E-mail KHarris@sssc.com.
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