Sallie Mae Issues Statement Following Release of President's Budget

(BUSINESS WIRE)--Sallie Mae (NYSE:SLM), the nation’s leading saving- and paying-for-college company, yesterday issued the following statement in response to the President’s budget:

We commend President Obama’s call to invest savings from low-cost federal funding sources to help students achieve their education goals. We also note that the budget proposal looks to obtain “high-quality services for students by using competitive, private providers to service loans.” Sallie Mae is the largest and lowest-cost provider of student loan services, and we deliver the highest quality for students, schools and families.

In 2008, we worked closely with Congress and the Administration to ensure continued access to federal student loans at no increase in cost to taxpayers. Through our loan delivery systems and financial resources, we committed to make federal loans to every eligible student at every school in the country.

“We are proud that in this economic crisis, we provided more loans to more students than ever before, and we did it using lower-cost federal funding similar to what is being proposed today,” said Al Lord, Vice Chairman and Chief Executive Officer. “We look forward to bringing these same resources to the table to help the Administration and Congress achieve their objectives.”

As more details emerge in the weeks and months ahead, we will continue to work with the Administration and Congress to implement the best solution for students, schools and taxpayers. We stand ready to continue to deliver student loans that best meet families’ needs. We are committed to delivering and servicing federal student loans, regardless of their funding source.

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