The Student Loan Marketing Corporation (Sallie Mae) provides federally guaranteed loans to students. It was created in 1972 as a Government Sponsored Enterprise (GSE) becoming a nationwide company with over 12,000 employees.
While managing student debt that adds up to over $126 billion for over 10 million borrowers, Sallie Mae is the largest provider of student loans in the United States.
Along with providing federally guaranteed student loans originated under the Federal Family Education Loan Program (FFELP), Sallie Mae provides resources to assist students and parents, and gives guidance through the financial aid process.
Sallie Mae offers different plans designed to help students and their families make wise choices in regards to their educational and financial needs such as those listed below:
•The Sallie Mae Mae Fund: A charitable organization that helps students increase access to higher education by supporting and starting programs and initiatives that open doors to higher education. The fund prepares families and students for college and provides scholarship funding that focuses on minority, low-income, and "first in the family" students.
•Sallie Mae's TuitionPay Plan: Provides students and their parents with a money-saving option that helps to make education affordable and attainable. The TuitionPay Plan breaks down tuition costs into interest-free manageable monthly payment amounts, rather than one lump sum and the terms can be customized to best fit the needs of families including payment periods of 3–24 months or longer. Parents can schedule automatic payments from their bank accounts or credit cards. This option is designed to put an end to paper statements, reducing the number of delinquent accounts, and it makes it to manage billing and cash flow. The Sallie Mae TuitionPay Plan also provides unmatched flexibility, with numerous plan options tailored to your school’s objectives. Options include:
◦Extended study plans
◦Single semester plans
◦Term-based annual plans
◦Deferred plans
◦Annual plans
◦Early decision plans
◦Specialized plans for problem payers
•Upromise, a company acquired by Sallie Mae in August 2006 provides rebates to buyers of certain brands, which can be applied to college savings accounts. Sallie Mae and Upromise plan to market comprehensive financial packages to parents and students, including investment plans, financial aid information, and student loans.
Sallie Mae student loans provide students with an an excellent way to pay for college and regardless of what type of loan they end up qualifying or applying for, Sallie Mae can help them achieve their academic goals by providing them with access to the funding they need.