Sallie Mae Responds to NBC Nightly News

Thursday, October 17, 2019 8:13 pm EDT

Dateline:

NEWARK, Del.

Public Company Information:

NASDAQ:
SLM

Sallie Mae issued the following statement:

We are proud of the work we do to help families responsibly pay for college and stand by our record. Here are the facts:

  • 98% of our customers successfully manage their loans, less than 2% default each year, and our typical customer pays off in 7 years.
  • 92% of the $1.6 trillion in student loans in this country are federal student loans; 1.4% are private student loans owned by Sallie Mae.
  • The woman profiled in the story is not a Sallie Mae customer, she has not sued Sallie Mae, and her level of student loan debt is highly uncommon.
  • According to the Federal Reserve Bank of New York: 65% of those with student loans have balances under $25,000, and only 5% have balances over $100,000.

College should be more affordable, and student loan providers have an obligation to lend responsibly. That's why we assess every applicant's financial situation, and if they haven't demonstrated their ability to handle the debt, we say no.

Education is an investment in one’s future, and that investment is transformative. We support efforts that provide access to higher education to those in need of assistance. There is a real conversation to be had about college affordability and student lending, but it cannot take place without the facts.

Sallie Mae (Nasdaq: SLM) believes education and life-long learning, in all forms, help people achieve great things. As the leader in private student lending, we provide financing and know-how to help make college happen and offer products and resources to help customers make new goals and experiences, beyond college, possible. 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.

Contact:

Rick Castellano
302-451-2541
Rick.Castellano@SallieMae.com