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Student Loan Marketing Association

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BUSINESS
December 13, 2007 | From Times Wire Services
Shares of student lender Sallie Mae sank more than 10% on Wednesday after the company cut its 2008 profit forecast and said it failed to revive interest from an investor group that once offered to buy it for $25 billion. The company's weakening financial outlook could bolster the investor group's legal argument that it should not have to pay a $900-million fee for walking away from the deal because of significant changes in economic or regulatory conditions affecting SLM Corp.
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BUSINESS
January 23, 2008 | From Bloomberg News
Shares of Corinthian Colleges Inc. plunged Tuesday after the operator of career training schools said Sallie Mae and two other lenders halted private loans for students with higher credit risks. High risk, or sub-prime, loans accounted for about 75% of Corinthian's student loan portfolio in the fiscal year ended June 30, the Santa Ana-based company said in a regulatory filing. Corinthian's stock suffered its biggest drop in more than three years on the news, falling $3.34, or almost 31%, to $7.
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BUSINESS
October 12, 2007 | From Times Staff and Wire Reports
Student lender Sallie Mae posted a third-quarter loss as Chairman Albert Lord told investors that it was still possible for a consortium that agreed to buy out the student lender for $60 a share in cash to complete the deal. If the proposed $25-billion buyout of Sallie Mae, which has ended up in court, falls through, Lord said, he still believes the student lender's future should be as a private company.
BUSINESS
December 13, 2007 | From Times Wire Services
Shares of student lender Sallie Mae sank more than 10% on Wednesday after the company cut its 2008 profit forecast and said it failed to revive interest from an investor group that once offered to buy it for $25 billion. The company's weakening financial outlook could bolster the investor group's legal argument that it should not have to pay a $900-million fee for walking away from the deal because of significant changes in economic or regulatory conditions affecting SLM Corp.
BUSINESS
December 30, 2004 | From Dow Jones/Associated Press
Student loan provider Sallie Mae completed its separation from the federal government Wednesday, nearly four years ahead of schedule, and set aside enough money to pay off the outstanding debt obligations from its government-sponsored enterprise subsidiary. Reston, Va.-based Sallie Mae, formally known as SLM Corp., has successfully refinanced more than $100 billion of government-sponsored enterprise, or GSE, assets in an accelerated privatization plan begun in 1997.
BUSINESS
November 22, 1995 | Times Staff and Wire Reports
Sallie Mae Shares Rise: Shares of the Student Loan Marketing Assn. rose 4% after a favorable court decision followed by at least two investment-rating upgrades on Wall Street. The congressionally chartered, shareholder enterprise, known as Sallie Mae, won a key victory in the first round of what could be a running legal battle with the Department of Education. U.S.
BUSINESS
February 19, 1993 | From Reuters
President Clinton's plan to phase in direct government lending to students sent the shares of companies active in the business into a virtual free fall Thursday. Investors feared that the plan--called a "national service loan" by Clinton in his speech Wednesday night--would ravage the business of the Student Loan Marketing Assn. as well as Student Loan Corp. Sallie Mae dropped $9.375, or 17%, to $47.25 and was the most actively traded issue on the New York Stock Exchange, with more than 3.
BUSINESS
October 12, 2007 | From Times Staff and Wire Reports
Student lender Sallie Mae posted a third-quarter loss as Chairman Albert Lord told investors that it was still possible for a consortium that agreed to buy out the student lender for $60 a share in cash to complete the deal. If the proposed $25-billion buyout of Sallie Mae, which has ended up in court, falls through, Lord said, he still believes the student lender's future should be as a private company.
BUSINESS
February 6, 2007 | From Reuters and Bloomberg News
SLM Corp., the student loan provider better known as Sallie Mae, said Monday that Chairman Albert Lord had sold 400,000 of the company's shares in open market transactions that were completed last week. The sales came ahead of Monday's 8.8% drop in Sallie Mae shares, after the Bush administration surprised Wall Street with a proposal to slash subsidies paid to financial institutions that make college loans. Sallie Mae, which is based in Reston, Va.
BUSINESS
December 30, 2004 | From Dow Jones/Associated Press
Student loan provider Sallie Mae completed its separation from the federal government Wednesday, nearly four years ahead of schedule, and set aside enough money to pay off the outstanding debt obligations from its government-sponsored enterprise subsidiary. Reston, Va.-based Sallie Mae, formally known as SLM Corp., has successfully refinanced more than $100 billion of government-sponsored enterprise, or GSE, assets in an accelerated privatization plan begun in 1997.
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.
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.
NEWS
October 25, 2001 | From Associated Press
Tired of the red tape involved in trying to prove her son dead, a woman sent a small plastic bag containing some of his ashes to the company processing his student loans. The bag and accompanying letter arrived at Sallie Mae's office in Wilkes-Barre, Pa., on Oct. 12 as concern was growing about anthrax-tainted letters. "We treated it as if it was an anthrax scare. It was a gray, powdery substance," company Vice President Joseph Bailey said.
BUSINESS
December 27, 1992 | KATHY M. KRISTOF
Trying to cut staggering loan delinquencies and get an edge in an increasingly competitive market, the nation's biggest student loan lender says it will significantly reduce interest rates for certain punctual borrowers. Student Loan Marketing Assn., better known as Sallie Mae, recently announced that it would automatically cut rates on new and some existing Stafford loans--the most prevalent federally subsidized loan--by 2 percentage points for borrowers who make the first 48 payments on time.
BUSINESS
September 1, 2000 | Reuters
Sallie Mae, which provides funds for federally guaranteed student loans, said it would cut 1,700 jobs, or about 25% of its work force, in a move to consolidate operations after its acquisition of USA Group's student loan operations last month. Sallie Mae's parent company, SLM Holding Corp., renamed itself USA Education Inc. in connection with the $770-million acquisition, which added about $6 billion to its managed student loan portfolio. The Reston, Va.
NEWS
August 15, 2000 | JACQUELINE NEWMYER
Just two blocks from Staples Center, where Washington rhetoric is in full bloom, a quieter campaign imported from the nation's capital is underway--at a Los Angeles charity that works to improve the lives of inner-city kids. As part of its national Campaign for Literacy, Washington, D.C.
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