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Sallie Mae Launches Community College Solutions
The No.1 Paying-for-College Company Offers New Products and Services for Community College Students
RESTON, Va., April 8, 2005 — Sallie Mae announced today that it is introducing an array of loan products, education resources and scholarships for community college students. Sallie Mae’s Community College SolutionsSM includes tools and resources that community college students and their families can use to plan and pay for college.
“We’re pleased to offer this unique and comprehensive package that includes new, alternative ways to cover the cost of community college,” said Dennis Wentworth, senior vice president, Higher Education Sales, Sallie Mae.
More than 11 million students attend community colleges, and these schools play an increasingly vital role in our economy. At the same time, state budget pressures are forcing many of these institutions to raise tuition. In some cases, federal loans may not be adequate for students to cover the total cost of attendance, which includes tuition, fees and other costs.
Sallie Mae can help students bridge the gap with the Community College LoanSM, a new private, credit-based loan specifically designed for students enrolled in an associate degree or eligible certificate program. This loan, which can be used in combination with federal loans, may be particularly helpful for students paying out-of-state tuition, living on their own, or enrolled in higher-cost programs. Separately, Sallie Mae is introducing the Continuing Education LoanSM for the growing number of returning adults pursuing professional or technical training. Many of these students are enrolled in non-degree programs and are not eligible for federal loans.
To further help students manage tuition expenses, community colleges can now offer Sallie Mae’s Tuition Payment Plan, an interest-free program that allows students to spread out their tuition payments throughout the school year, instead of making upfront payments. “Sallie Mae can now serve the needs of a broad spectrum of students at community colleges,” added Wentworth.
Separately, The Sallie Mae Fund, a charitable organization sponsored by Sallie Mae, will support a new scholarship program in partnership with the Hispanic Scholarship Fund (HSF). The Sallie Mae Fund’s Community College Transfer Scholarships will encourage more Latino students to complete their associate degree and continue on to a bachelor's degree or beyond. “We applaud Sallie Mae and The Sallie Mae Fund's efforts to improve educational opportunities for our nation’s youth,” said Sara Martinez Tucker, president and CEO of the Hispanic Scholarship Fund.
In addition to the scholarships, Sallie Mae and HSF will provide a series of free workshops to help students and families prepare for community college and the transition to a four-year university. “Programs like these demonstrate Sallie Mae and The Fund’s commitment to the needs of the Hispanic community,” said Martinez Tucker.
Sallie Mae has also enhanced its commitment to community colleges by becoming a sponsor of the American Association of Community Colleges. Finally, Sallie Mae launched a community college portal, http://community.collegeanswer.com, an online planning resource for students and parents that provides information and tools for college preparation and financing.
Community colleges interested in learning more about Sallie Mae’s Community College SolutionsSM should contact their Sallie Mae Higher Education Sales Representative or call Ray Pranske at 727/871-4883.
For more information contact:
Jennifer Galloway 703/984-6809
SLM Corporation (NYSE: SLM ), commonly known as Sallie Mae, is the nation's No. 1 paying-for-college company, managing nearly $112 billion in student loans for 8 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 www.salliemae.com. SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America. |
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