RESTON, Va., March 22 /PRNewswire-FirstCall/ -- SLM Corporation
(NYSE: SLM), commonly known as Sallie Mae, announced today that it has
extended both its JPMorgan Chase and Bank One student loan servicing and loan
purchase commitments to Aug. 31, 2010. This comprehensive agreement also
dissolves the joint venture between Chase and Sallie Mae that has been
marketing student loans under the Chase brand since 1996, and resolves the
lawsuit filed by Chase on Feb. 17.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030617/SLMLOGO-a )
JPMorgan Chase will continue to sell all student loans to Sallie Mae
(whether made under the Chase or Bank One brand) that are originated or
serviced on Sallie Mae platforms. In addition, the agreement provides that
substantially all Chase-branded loans issued during the July 1, 2005 to June
30, 2006 academic year (and future loans made to these borrowers) will be sold
to Sallie Mae, including certain loans that are not originated or serviced on
Sallie Mae platforms.
"We are pleased to resolve this matter, and to have complete marketing
freedom to promote our internal brands and strategic lender partners to our
school customers," said Tim Fitzpatrick, president and COO, Sallie Mae.
Sallie Mae anticipates that the agreement will have no adverse impact on
school clients for the 2005-06 loan processing season. Sallie Mae will
continue to support its school customers through its comprehensive set of
products and services, including its loan origination and servicing platforms,
its family of lending brands and strategic lender partners.
SLM Corporation (NYSE: SLM), commonly known as Sallie Mae, is the nation's
No. 1 paying-for-college company, managing more than $107 billion in student
loans for more than 7 million borrowers. Sallie Mae was originally created in
1972 as a government-sponsored entity (GSE) and terminated all ties to the
federal government in 2004. The company remains the country's largest
originator of federally insured student loans. Through its specialized
subsidiaries and divisions, Sallie Mae also provides debt management services
as well as business and technical products to a range of business clients,
including colleges, universities and loan guarantors. More information is
available at http://www.salliemae.com. SLM Corporation and its subsidiaries
are not sponsored by or agencies of the United States of America.
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