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Statement from Sallie Mae in Response to WSJ Profile of Former CEO Al Lord


NEWARK, Del., July 23, 2021 — Sallie Mae® released the following statement in response to the story published by the Wall Street Journal on July 23, 2021:

“It’s important to understand that the article profiles an executive who is not associated with today’s Sallie Mae and describes the history and practices of a company and federal student loan program that no longer exist.  

It does not make clear that the federal program in question, the Federal Family Education Loan Program (FFELP), was ended in 2010, and that the company who services the vast majority of the remaining loans from that program is Navient. 

We agree, the federal student loan system is complicated and needs reform. Sallie Mae, however, offers private student loans to those who have shown an ability to repay, a responsible approach that continues to work for students and families. We also provide free tools and resources to help students and families make informed choices about planning and paying for college, helping them maximize scholarships, grants, and other forms of financial aid -- before considering private student loans. 

We are proud of these efforts to improve and invest in the lives of all students – including those who are not our loan customers.”

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Richard Castellano

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