February 26, 2008 |
For-profit education company Corinthian Colleges Inc. said student loan company Sallie Mae would no longer provide serial sub-prime private loans for current students, adding to worries that Corinthian students would have difficulty funding their education. Sallie Mae, the commonly used name for SLM Corp., will continue to fund all current sub-prime loans on the books but it will not provide new "serial," or subsequent, loans for these students, Corinthian said in a securities filing.
November 6, 2007 |
SLM Corp., the top U.S. student-loan provider, will wait until at least July 14 for a trial over whether it should get a $900-million break-up fee from a group led by buyout firm J.C. Flowers & Co. after a takeover deal failed. Delaware Chancery Court Judge Leo Strine Jr. said Monday that the trial could be postponed further if SLM, known as Sallie Mae, pushes for a pretrial ruling on the interpretation of the buyout contract. Sallie Mae sued the investment group, including JPMorgan Chase & Co.
April 16, 2007 |
SLM Corp., the nation's largest provider of student loans, better known as Sallie Mae, has reportedly agreed to be sold to two private investment funds and a pair of banks for $25 billion, according to people familiar with the plan. The Wall Street Journal is reporting today that investment funds JC Flowers & Co. and Friedman Fleischer & Lowe plan to take 50.2% ownership of the newly private firm. JPMorgan Chase & Co. and Bank of America would each take a 24.9% stake.
May 30, 2003 |
Two large companies on Thursday announced sharp increases in their cash dividends and said they were motivated in part by the new tax law, which slashed tax rates on dividends. Reston, Va.-based SLM Corp., the nation's biggest provider of student loan financing, said it doubled its quarterly dividend to 51 cents a share from 25 cents. Flagstar Bancorp of Troy, Mich., said it too doubled its quarterly dividend, to 10 cents a share from 5 cents.
January 19, 2008 |
A $25-billion collapsed buyout offer and higher borrowing costs have prompted Sallie Mae, the nation's largest student lender, to lay off about 3% of its workforce nationwide. The embattled SLM Corp. said Friday that it would slash 350 jobs from a staff of 11,000 to help cut costs 20% by 2010. "The tightening credit markets have made our costs higher," spokesman Tom Joyce said. The company lost $344 million in its latest reported quarterly results and said additional layoffs were likely.
April 12, 2007 |
The largest U.S. student loan company reached a settlement with New York's attorney general Wednesday, and federal lawmakers called for further investigation of the widening scandal in the $85-billion-a-year industry. SLM Corp., known as Sallie Mae, agreed to pay $2 million and end some of its practices, which Atty. Gen. Andrew Cuomo said were deceptive and unlawful. SLM will pay the $2 million into a fund that will educate students about financial aid. Meanwhile in Washington, Sen. Edward M.