Sallie Mae and Chegg Partner on New Student Loan Benefit to Support Student Success

Study Starter is a Unique and Exclusive Benefit for Sallie Mae Student Loan Customers That Gives Students Free Access to Online Tutoring and Studying Help from the Experts at Chegg

Tuesday, May 9, 2017 9:37 am EDT

Dateline:

NEWARK, Del. & SANTA CLARA, Calif.

Public Company Information:

NASDAQ:
SLM
NYSE:
CHGG
"This partnership brings together two companies dedicated to improving student outcomes, in and out of the classroom"

NEWARK, Del. & SANTA CLARA, Calif.--(BUSINESS WIRE)--Sallie Mae, the nation’s saving, planning, and paying for college company, and Chegg (NYSE: CHGG), the Smarter Way to Student, today announced a new and exclusive benefit available to every student who takes out a new Sallie Mae Smart Option Student Loan or Sallie Mae Smart Option Graduate Student Loan. Study Starter gives Sallie Mae customers free access to online tutoring and studying help from the experts at Chegg. Sallie Mae is the first and only lender to offer this up-front, in-school benefit to its customers.

Recent research from Chegg shows that more than half of students entering college — 52 percent — are worried that difficult courses and subjects could affect their ability to graduate. Even more — 74 percent — say they could benefit from extra help to get them through challenging coursework.

Study Starter helps students jump-start their studies, expand their learnings, and improve their grades —and it’s easy and convenient to use. Students can get help answering study questions, solving textbook problems, finishing homework, and prepping for exams. The services are available online 24/7, so students can get help quickly when they need it most.

Students can choose which Study Starter option best meets their needs:

  • The Chegg Tutors option features 120 minutes of free online access to tutors with expertise in more than 175 subjects who have been recruited from top universities and vetted by Chegg.
  • The Chegg Study option features four months of free online access to step-by-step solutions to problems in more than 26,000 college textbooks, and a database of more than 9 million study questions and answers.
  • The combination option gives students 60 minutes of access to Chegg Tutors and two months of access to Chegg Study.

“This partnership brings together two companies dedicated to improving student outcomes, in and out of the classroom,” said Nathan Schultz, chief learning officer, Chegg. “More than 1.5 million people subscribed to Chegg’s learning services last year, and students credit Chegg Study and Chegg Tutors with actively helping them to improve grades and comprehension. By making these tools more accessible to their student customers, Sallie Mae is taking a big step towards helping those students improve their academic performance.”

Millions of students already take advantage of Chegg’s tutoring and study services. In fact, 91 percent of Chegg Study users report better grades on assignments or exams and 90 percent say Chegg Tutors makes it easier to understand difficult material. Additionally, nearly all — 94 percent — of Chegg Study users say it helped them get homework done with less stress, a particularly important factor for incoming freshmen who are just getting acclimated to college coursework.

“Study Starter is a commitment to and investment in students’ success and helping them reach their potential and, frankly, that’s what we are all about at Sallie Mae,” said Charlie Rocha, executive vice president, Sallie Mae. “Our mission has always been to help students and families save, plan, and pay for college, but that also means helping students succeed at and ultimately complete college. Study Starter will help them do just that, and with Chegg, we’ve partnered with an industry leader who has a track record of positive student outcomes.”

Study Starter is the latest benefit available for Sallie Mae Smart Option Student Loan and Sallie Mae Smart Option Graduate Student Loan customers. Customers who sign up to make monthly payments via auto debit are also eligible to receive a 0.25 percentage-point interest rate reduction. Customers receive free access to their FICO® Credit Score on a quarterly basis as well. Additionally, Sallie Mae offers customers a Graduated Repayment Period feature, a transitional repayment plan that offers customers greater budget flexibility upon graduation and cosigner release.

Sallie Mae recommends a 1-2-3 approach to paying for college: first, maximize money that does not need to be repaid, such as scholarships and grants; second, explore federal student loans; and, third, consider a responsible private student loan.

As a result of this partnership, Chegg does not anticipate a change to the 2017 annual guidance provided on its Q1 earnings conference call on May 1, 2017.

For more information, visit SallieMae.com/StudyStarter.

About Sallie Mae

Sallie Mae (Nasdaq: SLM) is the nation’s saving, planning, and paying for college company. Whether college is a long way off or just around the corner, Sallie Mae offers products that promote responsible personal finance, including private education loans, Upromise rewards, scholarship search, college financial planning tools, and online retail banking. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.

About Chegg

Chegg puts students first. As the leading student-first connected learning platform, Chegg strives to improve the overall return on investment in education by helping students learn more in less time and at a lower cost. Chegg is a publicly-held company based in Santa Clara, California, and trades on the NYSE under the symbol CHGG. For more information, visit www.chegg.com.

Multimedia Files:

Study Starter from Sallie Mae: an exclusive new benefit focused on student success. (Graphic: Business Wire)

Contact:

Sallie Mae:
Rick Castellano, 302-451-2541
Rick.Castellano@salliemae.com
or
Chegg:
Usher Lieberman, 408-785-2028
usher@chegg.com