Tag Archives: Sallie Mae

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Sallie Mae Sells Residual Interest in a Federally Guaranteed Student Loan Trust

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By Business Wirevia The Motley Fool

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Sallie Mae Sells Residual Interest in a Federally Guaranteed Student Loan Trust

NEWARK, Del.–(BUSINESS WIRE)– Sallie Mae (NAS: SLM) , formally SLM Corporation, today announced the sale of the residual interest in its SLM Student Loan Trust 2006-2 securitization to a third party. Sallie Mae will continue to service the student loans in the trust under existing agreements. The transaction reduced student loan assets by $2.03 billion and related liabilities by $1.99 billion. The gain from the transaction will add approximately $.13 to Sallie Mae‘s second-quarter 2013 GAAP and core diluted earnings per share.

Sallie Mae (NAS: SLM) is the nation’s No. 1 financial services company specializing in education. Celebrating 40 years of making a difference, Sallie Mae continues to turn education dreams into reality for American families, today serving 25 million customers. With products and services that include 529 college savings plans, Upromise rewards, scholarship search and planning tools, education loans, insurance, and online banking, Sallie Mae offers solutions that help families save, plan, and pay for college. Sallie Mae also provides financial services to hundreds of college campuses as well as to federal and state governments. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.

Sallie Mae
Media:
Martha Holler, 302-283-4036
martha.holler@SallieMae.com
or
Patricia Nash Christel, 302-283-4076
patricia.christel@SallieMae.com
or
Investors:
Joe Fisher, 302-283-4075
joe.fisher@SallieMae.com
or
Steven McGarry, 302-283-4074
steven.j.mcgarry@SallieMae.com

KEYWORDS:   United States  North America  Delaware

INDUSTRY KEYWORDS:

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From: http://www.dailyfinance.com/2013/04/11/sallie-mae-sells-residual-interest-in-a-federally-/

Business, Finance, Occupation & Industry

Sallie Mae Declares Common Stock Dividend

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By Business Wirevia The Motley Fool

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Sallie Mae Declares Common Stock Dividend


Declares Preferred Stock Series A and B Dividends

NEWARK, Del.–(BUSINESS WIRE)– Sallie Mae (NAS: SLM) , formally SLM Corporation, announced that its Board of Directors today approved a quarterly dividend on the company’s common stock of $0.15 per share. The dividend will be paid on June 21, 2013, to shareholders of record at the close of business on June 7, 2013.

In addition, the company announced a 2013 second-quarter dividend on its Preferred Stock Series A of $0.87125 per share. The dividend on the Preferred Stock Series A will be paid on April 30, 2013, to Series A shareholders of record at the close of business on April 19, 2013.

The company also announced a 2013 second-quarter dividend on its Preferred Stock Series B of $0.5170261 per share. The dividend on the Preferred Stock Series B will be paid on June 17, 2013, to shareholders of record at the close of business on June 7, 2013.

Sallie Mae (NAS: SLM) is the nation’s No. 1 financial services company specializing in education. Celebrating 40 years of making a difference, Sallie Mae continues to turn education dreams into reality for American families, today serving 25 million customers. With products and services that include 529 college savings plans, Upromise rewards, scholarship search and planning tools, education loans, insurance, and online banking, Sallie Mae offers solutions that help families save, plan, and pay for college. Sallie Mae also provides financial services to hundreds of college campuses as well as to federal and state governments. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.

Sallie Mae
Media:
Patricia Nash Christel, 302-283-4076
patricia.christel@SallieMae.com
or
Investors:
Joe Fisher, 302-283-4075
joe.fisher@SallieMae.com
or
Steven McGarry, 302-283-4074
steven.j.mcgarry@SallieMae.com

KEYWORDS:   United States  North America  Delaware

INDUSTRY KEYWORDS:

The article Sallie Mae Declares Common Stock Dividend originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We …read more

Source: FULL ARTICLE at DailyFinance

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Sallie Mae to Announce First-Quarter 2013 Results on April 17, Host Earnings Call on April 18

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By Business Wirevia The Motley Fool

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Sallie Mae to Announce First-Quarter 2013 Results on April 17, Host Earnings Call on April 18

NEWARK, Del.–(BUSINESS WIRE)– Sallie Mae (NAS: SLM) , the nation’s No. 1 financial services company specializing in education, will release 2013 first-quarter earnings results after market close on Wednesday, April 17, 2013.

In addition, the company will host a conference call for shareholders at 8 a.m. EDT on Thursday, April 18, 2013. To participate in the call, please dial 877-356-5689 (USA and Canada) or dial 706-679-0623 (international) and use access code 23719299 starting at 7:45 a.m. EDT.

A live audio webcast may be accessed at SallieMae.com/investors. Supplemental financial information and presentation slides used during the company’s investor conference call will be available on the company’s website no later than the call’s start time.

A replay of the webcast will be available via the company’s website approximately two hours after the call’s conclusion. A telephone replay may be accessed approximately two hours after the call’s conclusion through May 2, 2013, by dialing 855-859-2056 (USA and Canada) or 404-537-3406 (international) with access code 23719299.

Sallie Mae  (NAS: SLM) is the nation’s No. 1 financial services company specializing in education. Celebrating 40 years of making a difference, Sallie Mae continues to turn education dreams into reality for American families, today serving 25 million customers. With products and services that include 529 college savings plans, Upromise rewards, scholarship search and planning tools, education loans, insurance, and online banking, Sallie Mae offers solutions that help families save, plan, and pay for college. Sallie Mae also provides financial services to hundreds of college campuses as well as to federal and state governments. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.

Sallie Mae
Media:
Nikki Lavoie, 302-283-4057
Nikki.Lavoie@SallieMae.com
or
Investors:
Joe Fisher, 302-283-4075
Joe.Fisher@SallieMae.com
or
Steven McGarry, 302-283-4074
Steven.J.Mcgarry@SallieMae.com

KEYWORDS:   United States  North America  Delaware

INDUSTRY KEYWORDS:

The article Sallie Mae to Announce First-Quarter 2013 Results on April 17, Host Earnings Call on April 18 originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Sallie Mae Introduces New Student Loan Repayment Plan for Academic Year 2013-2014

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By Business Wirevia The Motley Fool

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Sallie Mae Introduces New Student Loan Repayment Plan for Academic Year 2013-2014

NEWARK, Del.–(BUSINESS WIRE)– Even with a diploma in hand, recent college graduates may still face a tough job market as the newest members of the workforce. Sallie Mae, the nation’s No. 1 financial services company specializing in education, will introduce a transitional repayment plan, effective for new loans, that will offer its customers greater budget flexibility during this period.

The Graduated Repayment Period will allow new college graduates in good standing to sign up for a one-year interest-only payment period, after the six-month grace period, instead of making full principal and interest payments at that time. The feature will be available for new Smart Option Student Loan applications on April 1 for undergraduate and graduate students who attend degree-granting institutions beginning in the fall semester.

“Everybody knows that financing a college education is a serious investment of both time and resources,” said Miles Martin, director of financial aid, Hampton University in Hampton, Va. “As with any investment, you want to get good results. The flexibility of this Sallie Mae Option Loan feature will help protect your college investment when the time comes to repay your student loans.”

The feature was designed to keep the total cost of the loan low. For example, a freshman borrower who elects in-school deferment on a $10,000 loan with typical loan terms would pay $144 per month for a 10-year repayment term. With the Graduated Repayment Option, the monthly payment would be $89 the first year, then $152 the second year, until it’s paid off. The difference in the total cost is less than $400, without extending the length of the loan. For more details, view the cost comparison chart.

“Americans with college degrees are more likely to get hired and earn bigger paychecks, but newer graduates may need a more flexible option as they settle into a first job, create a budget, and establish financial independence,” said Charlie Rocha, senior vice president, Sallie Mae. “This feature will serve our customers who need that extra time after graduation to land on their feet.”

The Graduated Repayment Period is the latest feature in affordable, financially responsible repayment options available from Sallie Mae.

Introduced in March 2009, Sallie Mae‘s Smart Option Student Loan was the first national loan product to help students save money by making interest payments while in school and reducing the repayment term. In June 2010, the company designed a …read more
Source: FULL ARTICLE at DailyFinance

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It's Decision Time for College-Bound Students

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By Business Wirevia The Motley Fool

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It’s Decision Time for College-Bound Students

Sallie Mae Offers Financial Tips for Students and Their Families

NEWARK, Del.–(BUSINESS WIRE)– Most college admission decisions will be released by the end of this month, and with an impending reply date in early May, a projected 3.3 million future freshmen and their families are evaluating financial aid packages. Sallie Mae, the nation’s No. 1 financial services company specializing in education, offers tips and tools to help meet the decision deadline.

The financial aid award letter provides a determination of financial aid eligibility and the type, amount and source of aid for the upcoming year. Families can then figure out how much they will need to finance — not just for next year, but for the next four years.

“Students and parents should weigh the cost and affordability of college as a family,” said Charlie Rocha, senior vice president, Sallie Mae. “There are a number of options available and it’s important that they do their homework together in order to best realize their return on the educational investment.”

According to a national study from Sallie Mae and Ipsos Public Affairs, collaboration on college choice was rare: only 15 percent of families said parents and students shared in the decision on where the student will attend. Further, while three-quarters of students and parents agreed they should share responsibility to pay for college, only one-quarter made joint decisions on how to do so.

Evaluating college costs takes more than a side-by-side analysis of financial aid letters, but that’s now easier with a new tool. More than 600 colleges and universities nationwide are offering a financial aid “Shopping Sheet” for the 2013-14 school year. Introduced last summer by the U.S. Department of Education and the Consumer Financial Protection Bureau, the Shopping Sheet presents information about the cost of attendance, financial aid options, graduation rates, and other data in a standardized format.

The Federal Pell Grant is usually awarded to undergraduates who have a high degree of unmet financial need. For the new award year, the maximum Pell award will be $5,645, an increase of $95 from the current maximum of $5,550.

Also new this season are slightly higher origination fees on the William D. Ford Federal Direct Loan Program. For students, the fee rose from 1 percent of the principal to 1.05 percent for Subsidized or Unsubsidized Federal Stafford Loans. Parents and graduate students …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Sallie Mae Announces Successful Results of its $1.2 Billion Cash Tender Offers

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By Business Wirevia The Motley Fool

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Sallie Mae Announces Successful Results of its $1.2 Billion Cash Tender Offers

NEWARK, Del.–(BUSINESS WIRE)– Sallie Mae (NAS: SLM) , the nation’s No. 1 financial services company specializing in education, today announced that as of 11:59 p.m. New York City time on March 25, 2013 (the “Expiration Date“), it had received tenders of $228,860,000 for its outstanding Any and All Securities listed in the table below pursuant to its previously announced Any and All Offer and $570,946,000 for its outstanding Waterfall Securities listed in the table below pursuant to its previously announced Waterfall Offer. The maximum aggregate principal amount that could be purchased in the Waterfall Offer was $1.2 billion less the aggregate principal amount of securities purchased in the Any and All Offer, subject to the terms and conditions of the Offer to Purchase, dated February 26, 2013, (the “Offer to Purchase”) and related documents.

A total of $799,806,000 Any and All Securities and Waterfall Securities was tendered in the Offers. Since the aggregate securities tendered is less than $1.2 billion, all securities will be accepted and will not be subject to proration.

According to D.F. King & Co., Inc., the Information Agent and Tender Agent for the Offers, as of the Expiration Date, Sallie Mae received valid tenders of securities subject to the Any and All Offer and the Waterfall Offer as outlined in the table below.

…read more
Source: FULL ARTICLE at DailyFinance

             
Business, Finance, Occupation & Industry

College Students Traveling for Spring Break Can Relax Even More with Travel Insurance from Sallie Ma

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By Business Wirevia The Motley Fool

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College Students Traveling for Spring Break Can Relax Even More with Travel Insurance from Sallie Mae

NEWARK, Del.–(BUSINESS WIRE)– Spring break is a popular time for college students to travel, and Sallie Mae wants to remind students to plan for the unexpected. As millions of college students prepare for vacation getaways this spring, Sallie Mae‘s travel insurance helps ensure students’ needs are met in the event their trip is cut short due to unexpected weather conditions or because of an unfortunate medical issue.

“College students deserve to enjoy relaxing safely, and their parents don’t need extra worry,” said Charlie Rocha, senior vice president, Sallie Mae. “Students and their families can easily and affordably protect their travel to make sure a welcome break from the books comes with peace of mind.”

Sallie Mae‘s travel insurance includes interruption insurance, protecting the trip cost in the event of unplanned circumstances such as inclement weather or illness. At a fraction of the total trip cost, travel insurance is a low-cost way to protect the total amount spent on spring break, and can be purchased up to the day of travel.

Sallie Mae‘s travel insurance benefits include:

  • Cash reimbursement airlines and cruise companies may not provide in event of trip cancellation. Many airline and cruise companies’ insurance policies strictly limit allowable reasons for trip cancellation. The Sallie Mae policy helps protect against cancellations due to weather, natural disaster, sickness, injury, death in the family and trip delays.
  • Protection for medical events and medical expenses. Health insurance may not protect students from high costs of medical treatment while traveling, especially outside of the United States. Travel insurance may help cover medical expenses and medical evacuation to return home.
  • Extra baggage protection. Travel insurance can cover the expenses from baggage loss, delay, theft and damage that a homeowner’s policy and credit card may not cover.
  • Value-added travel assistance services. Travel assistance services provide students and parents with additional security and convenience at no extra cost with services like recovery of identification in the event of ID theft and emergency cash advance.

…read more
Source: FULL ARTICLE at DailyFinance

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Sallie Mae Extends Deadline for Securities Tendered to March 25, Announces Early Results of its $1.2

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By Business Wirevia The Motley Fool

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Sallie Mae Extends Deadline for Securities Tendered to March 25,

Announces Early Results of its $1.2 Billion Cash Tender Offers

NEWARK, Del.–(BUSINESS WIRE)– Sallie Mae (NAS: SLM) , the nation’s No. 1 financial services company specializing in education, today announced that it has elected to extend the deadline, which was previously set at 5 p.m. New York City Time on March 11, 2013 (the “Early Tender Deadline“), for which Holders of Any and All Securities are eligible to receive the applicable total consideration, which includes an early tender payment of $30.00 per $1,000 principal amount of securities accepted for purchase (the “Any and All Total Consideration”). Holders of Any and All Securities who validly tender their securities after the Early Tender Deadline but on or prior to 11:59 p.m. New York City Time on March 25, 2013 (the “Expiration Date“), are now entitled to receive the Any and All Total Consideration.

Sallie Mae today also announced that it has elected to extend the deadline, which was previously set at the Early Tender Deadline, for which Holders of Waterfall Securities are eligible to receive the applicable total consideration, which includes an early tender payment of $30.00 per $1,000 principal amount of securities accepted for purchase (the “Waterfall Total Consideration“). Holders of Waterfall Securities who validly tender their securities after the Early Tender Deadline but on or prior to the Expiration Date, are now eligible to receive the Waterfall Total Consideration.

Holders who validly tendered and did not withdraw their securities on or prior to the Early Tender Deadline, and whose securities are accepted for purchase in the Any and All Offer, will be entitled to receive the Any and All Total Consideration, which includes an early tender payment of $30.00 per $1,000 principal amount of securities accepted for purchase, on the Early Tender Settlement Date, expected to be March 13, 2013.

Holders who validly tender their Any and All Securities after the Early Tender Deadline but on or prior to the Expiration Date, and whose securities are accepted for purchase in the Any and All Offer, will be paid the Any and All Total Consideration on the Final Settlement Date, which is expected to be March 27, 2013 (the “Final Settlement Date“). Holders who validly tender their Waterfall Securities prior to the Expiration Date, and whose securities are accepted for purchase in the Waterfall Offer, will be paid the Waterfall Total Consideration on the Final Settlement Date.

As of 5 p.m. New York City Time on March 11, 2013, …read more
Source: FULL ARTICLE at DailyFinance

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One Third of Parents Are Raiding Their Retirement to Pay for College

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By CNBC

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Paying for your child’s education is a laudable goal, but may not be realistic for some parents who could wind up jeopardizing their own financial future in order to help put their sons and daughters through college.

Parents who are saving for college frequently raid retirement funds – or plan to do so – to pay their child’s skyrocketing tuition bills, according to a new study released today from the nation’s largest student loan provider Sallie Mae. More parents are currently saving for their retirement than for their children’s education, but these families often plan to draw from retirement savings to help cover the costs of college, especially as other goals – from building up a “rainy day” fund to increasing general savings – take priority. “The economy is putting pressure on families in terms of whether they’re saving, how much they’re saving and where they’re saving,” said Sarah Ducich, senior vice president for public policy at Sallie Mae.

The report “How America Saves For College” surveyed more than 1,600 parents with children ages 18 or younger and found half of parents said they were focused on college savings, while 60 percent were focused on saving for retirement. But if they have to choose, parents are opting to boost their retirement savings – 42 percent of parents who are not saving for college said they are saving for retirement.

The good news: More than three-quarters of those parents surveyed who are saving for college are also focused on saving for retirement.

The bad news: Many of those families who say they are saving for college also admit that they are doing so through their retirement fund. One-third intend to use these savings for college. The other two-thirds say that they would use their retirement savings to pay for college, only if necessary.

Families are more likely to use retirement savings to fund college as their children get older and the urgency intensifies. Less than half (44 percent) of families with children under age 6 would use retirement savings to pay for college, while more than seven in 10 (74 percent) families with teens would use their retirement for college, the survey found.

How much retirement money are they putting toward tuition and other college expenses?

Nearly 6 percent of parents in the thick of paying for college are drawing on retirement funds by taking a loan or withdrawal of about $6,475 on average, according to a 2012 Sallie Mae survey.

Unforeseen Consequences

But here’s the problem: Most parents don’t realize paying for college with money withdrawn from a retirement account can result in a double whammy. First, the withdrawal can count as income which is taxable. Plus, with that additional income, you’ll reduce your financial aid eligibility the following year.

“Between the tax impact and the reduction in aid eligibility, the family may net very little return on their investment,” …read more
Source: FULL ARTICLE at DailyFinance