Monday, July 12, 2010

Sallie Mae Forms Partnership to Offer Innovative Private Education Loan to NEA Members

(BUSINESS WIRE)--Sallie Mae has formed a new partnership with the National Education Association’s Member Benefits (NEA MB) Corporation to offer members of the nation’s largest educators union and their families the Smart Option Student Loan, an innovative private loan that helps families save money and pay off student loans faster.

“It is our mission to provide members access to programs and products that help make their personal and professional lives easier,” said Gary Phoebus, president and CEO of NEA Member Benefits. “With the increasing costs of postsecondary education, it became very important for us to find a partner that can help our members pay for postsecondary education. With the Smart Option Student Loan, we have secured low interest rates and helped ensure families and students incur less debt.”

Since its founding in 1966 to serve the members of NEA, now numbering 3.2 million educators, NEA Member Benefits is dedicated to making the personal and professional lives of members better through “best in class” programs and services. NEA MB selected Sallie Mae to assist its members and their family members who need supplemental funding for college or graduate school. With market-leading rates, the Smart Option Student Loan features interest payments while in school and a shorter payment term, enabling undergraduates and graduates to complete their degrees with less debt, save money in interest charges, and pay off their loans an average of five to eight years faster compared to a standard 15-year, payment-deferred private education loan.

“NEA members know first-hand the value of education, and Sallie Mae is here to help make those dreams a reality,” said Joe DePaulo, executive vice president and chief marketing officer, Sallie Mae. “This new model of private education loan empowers families to pay a little now and save a lot later. It’s the smart, educated choice.”

For more details about the Smart Option Student Loan in partnership with NEA, please visit

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