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Sallie Mae Closes $1.5 Billion Financing

^{Published on 2009-01-08 08:56:51, Last Modified on 2009-01-08 08:57:37 - Market Wire}
 

RESTON, Va.--([ BUSINESS WIRE ])--SLM Corporation (NYSE:SLM), commonly known as Sallie Mae, today announced the closing of a $1.5 billion, 12.5-year asset-backed securities-based total return swap facility with Goldman Sachs International. The facility will provide the company with additional financing for private education loans.

"We are pleased that, despite the ongoing challenging markets, Sallie Mae continues to access funding to provide students and families with the financing they need to pay for college," said Jack Remondi, vice chairman and chief financial officer, Sallie Mae. "This facility will provide us with a new, long-term financing alternative for our private student loans."

This press release contains "forward-looking statements" based on management's current expectations as of the date of this release. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Because such statements inherently involve risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks include, among others, changes in the terms of student loans and the educational credit marketplace arising from the implementation of applicable laws and regulations, and from changes in such laws and regulations, adverse results in legal disputes, changes in the demand for educational financing or in financing preferences of educational institutions, students and their families, limited liquidity, increased financing costs and changes in the general interest rate environment. For more information, see the company's filings with the Securities and Exchange Commission. All information in this release is as of Jan. 8, 2009. The Company does not undertake any obligation to update or revise these forward-looking statements to conform the statement to actual results or changes in the Company's expectations.

SLM Corporation (NYSE: SLM), commonly known as Sallie Mae, is the nation's leading provider of saving- and paying-for-college programs. The company manages nearly $178 billion in education loans and serves 10 million student and parent customers. Through its Upromise affiliates, the company also manages more than $19 billion in 529 college-savings plans, and is a major, private source of college funding contributions in America with 9.5 million members and $450 million in member rewards. Sallie Mae and its subsidiaries offer debt management services as well as business and technical products to a range of business clients, including higher education institutions, student loan guarantors and state and federal agencies. More information is available at [ www.salliemae.com ]. SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.