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Sallie Mae: Companies
built 283 days ago
Sallie Mae (SLM Corporation) is the largest education finance company in the U.S. "The company was originally established as the Student Loan Marketing Association, a government-sponsored enterprise (GSE), but began to privatize in 1997. The GSE was phased out in the first quarter of 2005, and Sallie Mae is fully privatized," it states on its website. [1]
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As the parent company of Upromise, Sallie Mae is the nation's leading provider of student loans and administrator of college savings plans, helping millions of Americans achieve their dream of a higher education. The company primarily provides federal loans, including consolidation loans, for undergraduate and graduate students and their parents.
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On October 8, 2007, Sallie Mae announced its intent to file a lawsuit against the company’s potential buyers, a group of investors led by J.C. Flowers & Company. In April, the student lender agreed to a buyout offer of $60 per share. Since then, the buyers retracted their initial proposal, citing recently passed student loan legislation as reason.
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Sallie Mae recently marked its first full year in Muncie. The company built out of its facility in 2006, transforming it from a shell building to a state-of-the-art facility. The construction translated into more than $11 million in capital investments and hundreds of additional jobs for local Delaware County contractors. All construction sub-contracts were awarded to state and local businesses.
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Sallie Mae has been trying to close out share repurchase agreements known as equity forward contracts. They allowed the company to profit from rising share prices, but turned into a problem when the company’s share price fell.
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In 1972 Sallie Mae was founded as an adjunct to the Federal government. Since then the company has slowly but surely divorced itself from government ties and now stands alone as a private, independent student loan corporation that specializes in providing government and private student loans to students and their parents.
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