Wednesday, July 8, 2009

Sallie Mae Supports Community’s Student Loan Reform Proposal

(BUSINESS WIRE)--Sallie Mae, the nation’s leading saving, planning and paying for education company, today announced its support for the Student Loan Community Proposal to reform the student loan program. Put forward by a diverse coalition that includes non-profit, for-profit, and state-based service providers and guaranty agencies, the alternative proposal enhances the Administration’s plan to better serve students, families, schools, and taxpayers.

The student loan community’s plan achieves the two key objectives: it generates the same or greater budget savings as the President’s plan; and the community’s plan avoids the significant transition risks posed by switching loan origination systems on more than $50 billion of private-sector-originated loans at some 5,000 schools.

The proposal offered by the student loan community also assures the choice and competition in the marketplace, which has spurred innovation, superior customer service, and low defaults. It would allow regional and national service providers to continue delivering loans without interruption to the millions of students and families who rely on those loans to achieve their dreams of a higher education.

As this proposal moves forward, Sallie Mae pledges to continue to work constructively with the Administration and Congress to implement the best possible student loan program for students, schools, and taxpayers.

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