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Sallie Mae

WHAT WE DO:

Sallie Mae is the nation's leading provider of saving- and paying-for-college programs, helping millions of Americans achieve their dream of a higher education. The company manages nearly $172 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 million members and $425 million in member rewards.

WHAT WE OFFER:

Sallie Mae offers a variety of resources to encourage students and families to make sound fiscal choices as they plan, save, and pay for college. For example, the company has long championed its "1-2-3 approach" to paying for college:  first, tap "free money" such as grants and scholarships; second, fully explore low-cost, consumer-friendly federal loans; third, fill any gap with private education loans. The 1-2-3 approach permeates everything the company does, from materials geared for students to customer service training.

WHAT WE NEED:

Sallie Mae has made a strong commitment to helping families make more informed choices about how they can pay for college wisely. We are looking to build awareness of the new "How America Pays for College" national study, expand the reach of the Education Investment Planner, and ensure that more families are aware of the importance of saving for college.

WHAT'S NEW:       

"How America Pays for College"

    National Study - Sallie Mae recently partnered with Gallup to conduct the first national study of how families pay for college. The study of more than 1,400 college students and parents found that while families see higher education as a critical investment in the future, too many overlook the cost of college as they select their school and do not consider post-graduation income as they decide whether and how much to borrow to pay for college. A full 42% of families said they did not limit their college search based on cost-even after reviewing the financial aid package. In total, 70% of students and parents said a student's expected post-graduation income either wasn't considered or didn't make a difference on borrowing decisions. Further, not enough families use available college savings tools and too many did not complete federal financial aid forms. The study is available at www.SallieMae.com/HowAmericaPays.

Education Investment Planner

    To help more families make more informed choices about how to pay for college, Sallie Mae recently launched the "Education Investment Planner." This new free online tool enables students and parents to estimate the full cost of a college degree at more than 5,500 colleges and universities. The Planner takes families through a series of questions to help them build their own customized plan to pay for college. If loans are part of the plan, it helps families calculate what monthly payments would look like after graduation and estimate whether those payments will be manageable given expected earnings. The Education Investment Planner is available at www.SallieMae.com/plan.

National College Savings Month

    September is National College Savings Month and offers the ideal time for students and parents to invest in their future by starting to save for college. According to "How America Pays for College," the new national study from Sallie Mae and Gallup, only 9 percent of families paid for college last year using a college savings fund, such as a 529 college savings plan. An additional 12 percent of parents paid using other savings and investments; however, they missed out on the tax-advantaged benefits that saving-for-college-specific financial instruments have to offer. As part of its National College Savings Month celebration, Sallie Mae created a fact sheet on college savings, available at:  http://www.salliemae.com/about/news_info/newsreleases/082708.htm.

CONTACT INFORMATION:

For more information, please contact: Patricia Nash Christel, director of corporate communications, Sallie Mae, 703-984-5382 or Turn on JavaScript!.