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BUSINESS
January 31, 2004 | From Bloomberg News
SLM Corp., the student-loan company known as Sallie Mae, said the Securities and Exchange Commission was investigating accounting in a recently acquired subsidiary. "While the amounts in question appear to be less than $100,000, the company and its audit committee take such matters very seriously and are taking all appropriate actions," Reston, Va.-based Sallie Mae said. The SEC declined to comment.
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BUSINESS
March 1, 2008 | From Times Wire Services
SLM Corp., the biggest U.S. student lender, said it received a subpoena from New York's attorney general for information related to its direct-to-consumer Tuition Answer loan. SLM, also known as Sallie Mae, received the subpoena Feb. 11, the Reston, Va., company said in a filing. SLM said it would cooperate with the investigation. The Tuition Answer product allows the company to originate and purchase loans away from "the traditional financial aid processes," the firm said in the filing with the Securities and Exchange Commission.
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BUSINESS
March 1, 2008 | From Times Wire Services
SLM Corp., the biggest U.S. student lender, said it received a subpoena from New York's attorney general for information related to its direct-to-consumer Tuition Answer loan. SLM, also known as Sallie Mae, received the subpoena Feb. 11, the Reston, Va., company said in a filing. SLM said it would cooperate with the investigation. The Tuition Answer product allows the company to originate and purchase loans away from "the traditional financial aid processes," the firm said in the filing with the Securities and Exchange Commission.
BUSINESS
February 26, 2008 | From Times Wire Services
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.
BUSINESS
February 26, 2008 | From Times Wire Services
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.
BUSINESS
November 6, 2007 | From Times Wire Services
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.
BUSINESS
April 16, 2007 | From Times Wire Services
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.
BUSINESS
May 30, 2003 | Tom Petruno, Times Staff Writer
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.
BUSINESS
April 12, 2007 | From Reuters
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.
CALIFORNIA | LOCAL
September 9, 2004 | Erika Hayasaki, Times Staff Writer
Belmont High School senior Andres Ruiz wants to go to college, but he says his immigrant parents don't know anything about applying for financial aid and his college counselor is often too busy to answer questions. "We don't get much support," said Ruiz, 17. "At this school, it's really tough because it is so over-populated." A nationwide bus tour kicked off Wednesday at Ruiz's school near downtown Los Angeles to help students like him find college loans and scholarships.
BUSINESS
November 6, 2007 | From Times Wire Services
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.
BUSINESS
April 16, 2007 | From Times Wire Services
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.
BUSINESS
April 12, 2007 | From Reuters
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.
CALIFORNIA | LOCAL
September 9, 2004 | Erika Hayasaki, Times Staff Writer
Belmont High School senior Andres Ruiz wants to go to college, but he says his immigrant parents don't know anything about applying for financial aid and his college counselor is often too busy to answer questions. "We don't get much support," said Ruiz, 17. "At this school, it's really tough because it is so over-populated." A nationwide bus tour kicked off Wednesday at Ruiz's school near downtown Los Angeles to help students like him find college loans and scholarships.
BUSINESS
January 31, 2004 | From Bloomberg News
SLM Corp., the student-loan company known as Sallie Mae, said the Securities and Exchange Commission was investigating accounting in a recently acquired subsidiary. "While the amounts in question appear to be less than $100,000, the company and its audit committee take such matters very seriously and are taking all appropriate actions," Reston, Va.-based Sallie Mae said. The SEC declined to comment.
BUSINESS
May 30, 2003 | Tom Petruno, Times Staff Writer
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.
BUSINESS
August 24, 1991 | From Times Staff and Wire Reports
Toy Planes Recalled: SLM Corp. is voluntarily recalling about 267,000 sets of toy airplanes because the wings might break into small parts that young children could choke on, the Consumer Product Safety Commission said. The recall involves Buddy L Motorized Zippers Airplanes, model numbers 3135, 3137, 4637 and 4160.
BUSINESS
December 28, 2004 | From Bloomberg News
The Pennsylvania Higher Education Assistance Agency, the state's biggest student financial aid provider, said it rejected a $1-billion takeover offer from SLM Corp., or Sallie Mae, the largest buyer of student loans. The board also passed a resolution that said the agency would never be sold to a for-profit corporation. The 40-year-old agency, based in Harrisburg, Pa., administers the state's education grant programs, guarantees about $3.1 billion in loans and services about $28.
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