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NEWS
February 19, 2010
YOUR FEB. 11 EDITORIAL on student loan reform ("College Proposal No-Brainer") cited an inaccurate and overstated New York Times/Center for Responsive Politics calculation of Sallie Mae's lobbying expenses. The Times has since corrected this figure. Here's what they said: Correction: An article on Feb. 5 about the student lending industry's lobbying against changes to the loan system, using information from the Center for Responsive Politics, a private campaign-finance research group, misstated the amount of money the student lender Sallie Mae spent on federal lobbying in recent years.
NEWS
May 7, 2013
DEAR HARRY: Several years ago, I co-signed a loan for my son through Sallie Mae, the student-loan corporation. Shortly afterward, he stopped all contact with us and stopped paying on the loan. Naturally, they came after me for payment. Fortunately, I was able to resolve this problem by entering into a co-borrower release agreement with Sallie Mae in February 2009. Since then, I have been contacted from time to time by collection agencies claiming to represent Sallie Mae. They insist that I still owe the full remaining principal on the loan.
BUSINESS
April 28, 2014 | By Harold Brubaker, Inquirer Staff Writer
SLM Corp., the student-loan giant based in Newark, Del., will split into a loan servicer and a consumer bank this week, in a bid to gain a clearer profile for investors. The separation, in the works for almost a year, will happen Wednesday, when shareholders will receive a new share in a loan-servicing company called Navient Corp. for every SLM share they own. Navient, which announced this month that its headquarters would be in Wilmington, will take over the servicing of federal government-backed student loans with balances of $103.2 billion and $31 billion of private loans.
NEWS
March 1, 2010
THE Daily News has repeatedly missed the mark regarding student loan reform and Sallie Mae (editorial, "Sallie's Jobs," Feb. 19). You say you're sympathetic to job loss but recklessly throw your support behind the proposed government takeover of the student-loan industry that will cost Pennsylvania good family-supporting jobs and force American families to deal with a government monopoly. To call this potential job loss "fearmongering" by Sallie Mae is also plain reckless. There are more than 1,000 Sallie Mae employees in Wilkes-Barre whose jobs could be on the line because of this intentional but avoidable congressional action.
NEWS
March 30, 2013 | By Joseph N. DiStefano, Inquirer Staff Writer
Albert Lord Jr., at age 67, is planning to retire as chief executive officer of student loan giant SLM Corp., better known as Sallie Mae, where he has battled presidents and barons of Congress, college heads and student protesters, rival bankers. and other ferocious foes since 1981. He's left Sallie Mae twice before - once voluntarily, once not. Tough job? Even for a guy paid $7 million in cash and stock in 2011, the last year Sallie reported his income? Albert Lord knows tough.
NEWS
February 5, 2006
Perhaps it's impossible to find a member of Congress who is not somewhat cozy with lobbyists. But in choosing Rep. John Boehner of Ohio as their new majority leader, House Republicans have selected one of the coziest. Boehner has been chair of the House Education and the Workforce Committee, which regulates student loans. But he is so deeply indebted politically to the student-loan giant SLM Corp. that he has been referred to derisively as "the congressman from Sallie Mae. " SLM was the top donor in 2003-04 to Boehner's leadership PAC, with $65,170.
BUSINESS
December 22, 2004 | By Todd Mason INQUIRER STAFF WRITER
SLM Corp., the publicly traded student loan company known as Sallie Mae, is offering to pay $1 billion to the Commonwealth of Pennsylvania to take over the Pennsylvania Higher Education Assistance Agency. In a sign of how profitable the industry has become, Sallie Mae and the state agency traded jabs yesterday as if they were engaged in a hostile takeover battle. The state agency's fate appears to rest in the hands of the General Assembly and Gov. Rendell. Both are reviewing the proposal.
NEWS
February 19, 2010
"MY NAME IS CHARLOTTE," the ad begins. "I work for Sallie Mae to help families go to college and I agree with President Obama. One job lost is too many - especially in Pennsylvania. But my job could be lost because Congress is about to vote on another bill . . . putting Washington in charge of student loans instead of letting local employees do the job. That would cost Pennsylvania hundreds of jobs - maybe even thousands. Visit ProtectPennsylvaniaJobs.com. We're sympathetic to people facing job loss.
BUSINESS
February 18, 2005 | By Patrick Kerkstra INQUIRER STAFF WRITER
Legislators yesterday weighed a tempting $1 billion offer from the for-profit student loan behemoth Sallie Mae, which hopes to buy the lion's share of the state's own nonprofit student-loan agency. The sheer size of the proffer demands that the legislature and governor give it serious consideration, especially in an era of tight state budgets. But Sallie Mae's bid faces a formidable opponent in the Pennsylvania Higher Education Assistance Agency. Through a combination of student-loan discounts, scholarships, and special programs for Pennsylvania nurses and military personnel, PHEAA says it provides the Commonwealth of Pennsylvania and its residents about $100 million a year in services and discounts.
NEWS
March 4, 2016
I TOLD you in January that 2016 is my year of change. I've done two things to stay encouraged to stop worrying about my financial security. I picked a theme song (the Disney anthem "Let It Go") and a motivational maxim ("Sweet '16"). I asked you to share your own financial theme songs, and I've been inspired by the stories behind your selections. But folks, if you're burdened by student-loan debt, I have a song for you. It's catchy, comical, and potentially life-changing. The ditty is by New Orleans native David Augustine Jr. (above)
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ARTICLES BY DATE
NEWS
May 19, 2016 | By Jeremy Roebuck, Staff Writer
Late in the 2007 mayoral race, U.S. Rep. Chaka Fattah sought a meeting with a very wealthy man - perhaps one of the few who could save his struggling campaign. Al Lord, CEO of Sallie Mae - then the largest student-loan financier in the world - had supported the congressman in the past. And at an April meeting in the lobby of the former Four Seasons Hotel Philadelphia on Logan Square, Fattah made his pitch. "In terms of his prospects, it was bad news," Lord recalled before a federal jury Tuesday.
NEWS
March 4, 2016
I TOLD you in January that 2016 is my year of change. I've done two things to stay encouraged to stop worrying about my financial security. I picked a theme song (the Disney anthem "Let It Go") and a motivational maxim ("Sweet '16"). I asked you to share your own financial theme songs, and I've been inspired by the stories behind your selections. But folks, if you're burdened by student-loan debt, I have a song for you. It's catchy, comical, and potentially life-changing. The ditty is by New Orleans native David Augustine Jr. (above)
NEWS
October 24, 2015 | By Mark Fazlollah, Inquirer Staff Writer
Former political operative Greg Naylor testified Thursday in federal court that U.S. Rep. Chaka Fattah directed him to pay $22,600 of his son's college-tuition debt. Testifying for the prosecution in Chaka "Chip" Fattah Jr.'s trial on multiple counts of tax and bank fraud, Naylor said he did not question the Philadelphia Democrat's request in 2007 that he pay Fattah Jr.'s debt to Drexel University. Naylor, 67, who is also expected to testify in the congressman's corruption trial next year, appeared relaxed as he told jurors he was repaid in full.
NEWS
February 21, 2014
The pay-to-play culture is so entrenched in Pennsylvania politics that campaign finance reform efforts have been about as successful as throwing a pail of water on a towering inferno. Never mind that polls show the public is increasingly frustrated with a political system that gives special interests way more influence over the public policy agenda than mere voters, whose taxes finance the lucrative government contracts and favors that the big donors to political campaigns get. Need evidence of this twisted arrangement?
NEWS
February 17, 2014 | By Thomas Fitzgerald, Inquirer Politics Writer
A half-million dollars from someone who wants a seat on the Pennsylvania State University board of trustees. A quarter-million as a "thank you" from a philanthropist. A million from a York County businessman who says he just wants a good governor. The flow of outsize checks to candidates for governor of Pennsylvania, disclosed in recent filings, shines a new spotlight on the state's wide-open campaign laws, with no limits on donations from individuals and political committees.
BUSINESS
December 11, 2013 | By Erin E. Arvedlund, Inquirer Columnist
When a big public company spins off a division, that is sometimes very good for shareholders. In the case of SLM Corp. (SLM) - better known as Sallie Mae, the student loan giant - it might not get a high grade. U.S. borrowers owe $1.2 trillion in student-loan debt, including government loans and those from private lenders such as SLM. That surpasses all other kinds of consumer borrowing except for mortgages. The Newark, Del.-based outfit won't be adding a lot of shareholder value in this transaction, according to a Monday research report issued by the often-bullish brokerage firm Janney Montgomery Scott.
BUSINESS
May 30, 2013 | By Joseph N. DiStefano, Inquirer Staff Writer
Sallie Mae, the Delaware-based student lender, said Tuesday that it is splitting into two growth-minded companies as longtime chief executive Albert L. Lord prepares to retire. Jack F. Remondi, chief operating officer, is taking over Lord's job. After the split, he will run the company and its student-loan servicing and collection business, which handles more than $100 billion in loans originated and guaranteed by the federal government. Remondi's company will include about 95 percent of Sallie Mae's current assets, analyst Sameer Gokhale of Janney Capital Markets told clients in a report Wednesday.
NEWS
May 7, 2013
DEAR HARRY: Several years ago, I co-signed a loan for my son through Sallie Mae, the student-loan corporation. Shortly afterward, he stopped all contact with us and stopped paying on the loan. Naturally, they came after me for payment. Fortunately, I was able to resolve this problem by entering into a co-borrower release agreement with Sallie Mae in February 2009. Since then, I have been contacted from time to time by collection agencies claiming to represent Sallie Mae. They insist that I still owe the full remaining principal on the loan.
NEWS
March 30, 2013 | By Joseph N. DiStefano, Inquirer Staff Writer
Albert Lord Jr., at age 67, is planning to retire as chief executive officer of student loan giant SLM Corp., better known as Sallie Mae, where he has battled presidents and barons of Congress, college heads and student protesters, rival bankers. and other ferocious foes since 1981. He's left Sallie Mae twice before - once voluntarily, once not. Tough job? Even for a guy paid $7 million in cash and stock in 2011, the last year Sallie reported his income? Albert Lord knows tough.
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