SLM Firm (formerly the Student Loan Marketing Association) is a publicly traded U.S. corporation that provides consumer banking. Its character has shifted substantially since its inception in 1973. Initially, it was a government entity that serviced federal student loans. It then went private and began issuing private student loans, but it did have a contract to serve federal loans at one point.
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Sallie Mae now is not the same as the original Sallie Mae. Congress established the Student Loan Marketing Association, better known as SLMA or Sallie Mae, as a “government-sponsored enterprise,” or GSE, in 1972. In other words, it was a private, for-profit organization that was subject to government laws. The SLMA’s purpose was to serve as a secondary market for student loans in order to increase access to education.
However, in 1983, SLMA became a publicly traded business on the New York Stock Exchange. Congress began the process of converting SLMA into a private enterprise in 1996. It was formally called as SLM Corporation but was more widely known as Sallie Mae. Sallie Mae was a for-profit firm by 2005.
Sallie Mae continues to create and handle private student loans as well as other bank products, but it no longer offers or services federal student loans (outside of the outstanding FFEL loans it still owns). Sallie Mae, as a private lender, provides a broader range of borrowing options than federal student loans. Undergraduate and graduate school loans, parent loans (offered to parents who want to help finance their child’s undergraduate or graduate education), loans for law school, medical or dentistry school or residencies, and loans for private K-12 schooling are all available from Sallie Mae.
Private student loans, such as those provided by Sallie Mae, necessitate a credit check to assess eligibility and loan terms (the interest rate, for example). If they are not regarded as creditworthy, they will require a creditworthy cosigner to increase their chances of approval.
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Nonetheless, these loans allow students who are not qualified for federal student aid or loans to borrow money to pay for their education. Students who do not qualify for federal loans because they are enrolled less than half-time, for example, might be considered by Sallie Mae.
Sallie Mae is a financial services corporation that focuses on college students. Offering a student checking account with a MasterCard debit card is one example. The student checking account also includes direct deposit, which allows users to have their wages automatically deposited into the designated account. Students may wish to terminate the account and transfer their funds to another bank.
- Call Sallie Mae customer support at 877-346-2756 between 8 a.m. and 8 p.m., Monday through Friday.
- Enter your account number. To speak with a customer support professional, simply follow the directions.
- Inform the customer care representative that you would like to close your account.
- You can move your funds to another Sallie Mae account or request a check for the account balance.
Visit SallieMae.com to discover more about student loans and other products offered by the corporation. For more information about the product, including how to apply, click the corresponding product vertical link (student loans, credit cards, or savings). The application requirements differ depending on the product.
If you have any further questions regarding these products, please contact the team via their contact page and identify the phone number or mailing address that corresponds to your inquiry.
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