Profile: SLM Corp (SLM.O)
24 Mar 2017
SLM Corporation, incorporated on December 2, 2013, is a holding company. The Company's primary business is to originate and service loans it makes to students and their families to finance the cost of their education. The Company is a saving, planning and paying for education company. It is engaged in originating and servicing Private Education Loans it makes to students and their families. The Company uses Private Education Loans to mean education loans to students or their families that are not made, insured or guaranteed by any state or federal government. The Company also operates Upromise, Inc. (Upromise), a consumer savings network that provides financial rewards on everyday purchases to help families save for college.
The Company's Private Education Loans are made primarily to bridge the gap between the cost of higher education and the amount funded through financial aid, government loans and customers' resources. The Company's Private Education Loans include protections for the family, including loan forgiveness in case of death or permanent disability of the student borrower and a free, quarterly Fair Isaac Corporation (FICO) Score benefit to students with a Smart Option Student Loan. The Company's Private Education Loans that it owns or services are originated and funded by Sallie Mae Bank (the Bank), its Utah industrial bank subsidiary. The Bank has total assets of approximately $15.0 billion, including over $10.5 billion in Private Education Loans and approximately $1.1 billion of federal family education loan program (FFELP) loans, and total deposits of over $12.0 billion.
The Company's servicing operation includes resources dedicated to assist customers with specialized needs and escalated inquiries. It also has a group of customer service representatives dedicated to assisting military personnel with available military benefits. Upromise by Sallie Mae is a save-for-college rewards program that helps Americans save for higher education. Members earn money for college by receiving cash back rewards when shopping at participating online or brick-and-mortar retailers, booking travel, dining out at participating restaurants, and by using their Upromise MasterCard. It provides access to a free online scholarship database, which includes information about scholarships. Through the Bank, it offers traditional savings products, such as high-yield savings accounts, money market accounts, and certificates of deposit (CDs). It allows students to explore federal government loan options, including Perkins loans, Direct loans and Parental Loans for Undergraduate Students (PLUS) loans. Students apply for federal student aid, including federal student loans, by completing the Free Application for Federal Student Aid. It offers Private Education Loan products to bridge the gap between family resources, federal loans, grants, student aid and scholarships, and the cost of a college education.
The Company's Smart Option Student Loan features no origination fees and no prepayment penalties, provides rewards for paying on time, offers a choice of repayment options and a choice of either variable or fixed interest rates. Sallie Mae's Graduated Repayment Program assists graduates with additional payment flexibility, allowing customers to elect to make interest-only payments instead of full principal and interest payments during the first year after their six-month grace period.
The Company competes with Wells Fargo Bank NA, Discover Bank, Citizens Financial Group, Inc. and PNC Bank NA.
300 Continental Dr
NEWARK DE 19713-4322