SLM Corporation (commonly known as Sallie Mae ; originally the Student Loan Marketing Association ) is a publicly traded U.S. corporation that provides consumer banking. Its nature has changed dramatically since it was set up in the early 1970s; initially a government entity that serviced federal education loans, it then became private and began offering private student loans .
63-759: The company's primary business is creating, servicing, and collecting private education loans . The company also provides online tools and resources for college planning. Sallie Mae previously originated federally guaranteed student loans under the Federal Family Education Loan Program (FFELP) and worked as a servicer and collector of federal student loans on behalf of the Department of Education. The company now offers private education loans and manages more than $ 12.97 billion in assets. On April 30, 2014, Sallie Mae spun off its loan servicing operation and most of its loan portfolio into
126-659: A 400-mile (640 km) trip around the Delmarva Peninsula , so this brought passengers, goods, and business to New Castle's port. In the years following the Revolution, a turnpike was built to facilitate travel between the two major waterways. Later, New Castle became the eastern terminus of the New Castle and Frenchtown Railroad , the second-oldest rail line in the country, launched in 1828 with horse-drawn rail cars, then converting to steam power when an engine
189-596: A bypass to the west of Wilmington. Delaware Route 273 heads west from New Castle on Frenchtown Road and provides access to Christiana and Newark . Several important roads are located just outside the city limits. Interstate 295 passes north of New Castle and crosses the Delaware River on the Delaware Memorial Bridge to New Jersey , with DE 9 providing access to New Castle from I-295. The Wilmington Airport (formerly New Castle Airport)
252-695: A common green in the town's center, which continues to this day. In 1664, the English seized the entire New Netherland colony in the Second Anglo-Dutch War . They changed the name of the town to "New Castle" and made it the capital of their Delaware Colony . The Dutch regained the town in 1673 during the Third Anglo-Dutch War but it was returned to Great Britain the next year under the Treaty of Westminster . In 1680, New Castle
315-636: A comparison) can damage the borrower's credit score. Examples of other terms that vary by lender are deferments (amount of time after leaving school before payments start) and forbearances (a period when payments are temporarily stopped due to financial or other hardship). Private student loan programs generally issue loans based on the credit history of the applicant and any applicable cosigner, co-endorser or coborrower. Students may find that their families have too much income or too many assets to qualify for federal aid, but lack sufficient assets and income to pay for school without assistance. Most students need
378-511: A cosigner in order to qualify for a private loan. Many international students can obtain private loans (they are usually ineligible for federal loans) with a cosigner who is a citizen or permanent resident. However, some graduate programs (notably top MBA programs) partner with private loan providers. In those cases, no cosigner is needed for international students. After the passage of the bankruptcy reform bill of 2005, even private student loans are not discharged during bankruptcy. This provided
441-820: A credit-risk-free loan for the lender, averaging 7 percent a year. In 2007, the then-Attorney General of New York State, Andrew Cuomo , led an investigation into lending practices and anti-competitive relationships between student lenders and universities. Specifically, many universities steered student borrowers to "preferred lenders" which resulted in those borrowers incurring higher interest rates. Some of these "preferred lenders" allegedly rewarded university financial aid staff with " kickbacks ." This has led to changes in lending policy at many major American universities. Many universities have also rebated millions of dollars in fees back to affected borrowers. The biggest lenders, Sallie Mae and Nelnet, are criticized by borrowers. They frequently find themselves embroiled in lawsuits,
504-474: A federal lawsuit against the company, alleging that it had a pattern and practice of granting forbearance in a purposeful effort to increase total student loan debt. On October 29, 2008, permission was granted to his legal counsel to withdraw from the case, citing "From counsel’s perspective, a breakdown in trust has resulted from the discovery that Relator has been arrested for extortion, the circumstances surrounding that arrest, and Relator’s failure to disclose
567-429: A household in the city was $ 52,449, and the median income for a family was $ 56,368. Males had a median income of $ 40,153 versus $ 31,571 for females. The per capita income for the city was $ 24,052. About 3.9% of families and 5.3% of the population were below the poverty line , including 5.8% of those under age 18 and 7.5% of those age 65 or over. New Castle Historic District is an area approximately four blocks square in
630-447: A less-perfect comparison tool. In those circumstances comparing total financing costs may be more appropriate. In contrast with federal loans, whose terms are standardized, private loan terms vary from loan to loan. However, it is not easy to compare them, as some conditions may not be revealed until signing. A common suggestion is to consider all terms, not just respond to advertised interest rates. Applying to multiple lenders (to create
693-555: A new code of conduct for student loan practices established by Cuomo, and to donate $ 2 million ( USD ) to a fund devoted to educating college-bound students about their loan options. On October 10, 2007, documents surfaced showing that Sallie Mae was attempting to use the Freedom of Information Act to force colleges to turn over students' personal information. The university involved, the State University of New York system,
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#1732800962821756-433: A one-time charge based on the amount of the loan. They can be paid from the loan proceeds or from personal funds independent of the loan amount, often at the borrower's preference. Some lenders offer low-interest, 0-fee loans. The origination fee gets paid once, while interest is paid throughout the loan. The loan amount accumulates to about 15 billion borrowed from private loans . All lenders are legally required to provide
819-576: A professor at Harvard Law School and sharp critic of what she characterizes as unfair lending practices, questioned Sallie Mae's dual role as lender and collector of student loans. In February 2007, New York Attorney General Andrew Cuomo launched an investigation into alleged deceptive lending practices by student loan providers, including The College Board , EduCap, Nelnet , Citibank , and Sallie Mae. On April 11, 2007, Cuomo ended his investigation of Sallie Mae and announced that Sallie Mae had voluntarily agreed to change its lending standards to satisfy
882-668: A publicly traded company. The deal fell through in September 2007, with the buyers blaming adverse changes to the business's outlook as a result of the College Cost Reduction and Access Act of 2007 and the tightening of global credit markets following the 2007 subprime mortgage financial crisis . Sallie Mae subsequently began legal action, only to drop it in January 2008 upon completion of a $ 31 billion funding round, including funding from Bank of America . In 2008, SLM
945-461: A separate, publicly traded entity called Navient Corporation . Navient is the largest servicer of federal student loans and acts as a collector on behalf of the Department of Education. The Student Loan Marketing Association was originally created in 1972 as a government-sponsored enterprise (GSE) and began privatizing its operations in 1997, a process it completed at the end of 2004 when Congress terminated its federal charter , ending its ties to
1008-399: A statement of the annual percentage rate (APR) prior to closure. Unlike the "base" rate, this rate includes any fees charged and can be thought of as the "effective" interest rate including interest, fees, etc. When comparing loans, comparing APR rather than "rate" ensures a valid comparison for loans that have the same repayment term. However, if the repayment terms are different, APR becomes
1071-603: A substantial decline in traffic and revenue. The decline in New Castle's economy had the long-range fortunate effect of preventing most residents from making any significant structural changes to their homes. The many buildings of historic New Castle have largely not been upgraded or restored and appear much as they did in the Colonial and Federal periods. Since 1927, New Castle has offered tours of historical homes, churches, and gardens, which are typically held annually on
1134-629: Is a city in New Castle County, Delaware , United States. The city is located six miles (10 km) south of Wilmington and is situated on the Delaware River . As of 2020, the city's population was 5,551. New Castle constitutes part of the Delaware Valley or Philadelphia metropolitan area . New Castle was originally settled by the Dutch West India Company in 1651 under the leadership of Peter Stuyvesant on
1197-519: Is complicated by the fact that students often do not have a credit history that would indicate creditworthiness. As a result, interest rates may vary considerably across lenders, and some loans have variable interest rates. More than 90% of private student loans to undergraduate students and more than 75% of private student loans to graduate students require a creditworthy cosigner. Unlike other consumer loans, Congress made student loans, both federal and private, exempt from discharge (cancellation) in
1260-780: Is located northwest of New Castle along US 13/US 40. The airport offers general aviation, commercial air service, and is home to a unit of the Delaware Air National Guard . A freight line operated by the Norfolk Southern Railway passes through New Castle. The nearest passenger rail station to New Castle is Wilmington station in Wilmington, which is served by Amtrak and SEPTA Regional Rail 's Wilmington/Newark Line . DART First State provides bus service to New Castle along Route 15 and Route 51, which both run between downtown Wilmington and
1323-406: Is submitted. Many lenders advertise only the lowest interest rate they charge (for good credit borrowers). Borrowers with damaged credit can expect interest rates that are as much as 6% higher, loan fees that are as much as 9% higher, and loan limits that are two-thirds lower than those advertised figures. Private loans often carry an origination fee , which can be substantial. Origination fees are
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#17328009628211386-491: The Boston Globe published an article critical of Sallie Mae's failure to discharge the private student loans of a Marine killed in action, Sallie Mae launched a new student loan program with death and disability discharges similar to those available on federal student loans. Since then, about half of private student loans offer death and disability discharges. In 2011, The New York Times published an editorial endorsing
1449-752: The Christiana Mall and offer connections to multiple bus routes serving points across northern New Castle County. The Municipal Services Commission of the City of New Castle provides electricity and water to the city. The electric department is a member of the Delaware Municipal Electric Corporation . Natural gas service in New Castle is provided by Delmarva Power , a subsidiary of Exelon . The city's Public Works department provides trash and recycling collection to New Castle. Baylor Women's Correctional Institution of
1512-534: The Fujita scale area. A tornado rated EF 3 hit the city on April 1, 2023 . According to the U.S. Census Bureau , the city has a total area of 3.2 square miles (8.2 km ), of which 3.0 square miles (7.9 km ) of it is land and 0.1 square miles (0.3 km ) of it (3.79%) is water. The city is the home of Broad Dyke , the first dyke built in the United States. The cupola of
1575-643: The National Register of Historic Places . New Castle is served by the Colonial School District . It operates William Penn High School . Private schools located in New Castle include: Serviam Girls Academy , St. Peter's Catholic School (of the Roman Catholic Diocese of Wilmington ) and Delaware Valley Classical School . New Castle Public Library is the public library. U.S. Route 13 and U.S. Route 40 are
1638-550: The court house is the center of the " Twelve-Mile Circle " that defines much of the border between Delaware and Pennsylvania . The circle also forms a small portion of the border between Delaware and New Jersey and Delaware and Maryland . As of the census of 2000, there were 4,862 people, 2,012 households, and 1,339 families residing in the city. The population density was 1,594.6 inhabitants per square mile (615.7/km ). There were 2,199 housing units at an average density of 721.2 per square mile (278.5/km ). The racial makeup of
1701-701: The NRHP. The area includes 461 contributing buildings , one other contributing structure , and one contributing object . The New Castle Court House , the Green, and the Sheriff's House are parts of First State National Historical Park , a unit of the National Park System. The national park interprets Delaware's settlement and role in the founding of the United States. Notable sites the historic district include: Bellanca Airfield , located outside of
1764-470: The arrest to counsel." On March 12, 2009, the court ruled "dismissal without prejudice" because "the plaintiff has failed to obtain substitute counsel by the deadline." Private student loan A private student loan is a financing option for higher education in the United States that can supplement, but should not replace, federal loans, such as Stafford loans , Perkins loans and PLUS loans . Private loans, which are heavily advertised, do not have
1827-441: The board in 2014 to replace previous chairman Anthony P. Terracciano—formerly president of First Union Corporation (now Wells Fargo). Quinlan was also the chief executive office of Sallie Mae from May 2014 until March 2020, when current CEO Jonathan Witter assumed the position. Through The Fund's work, Sallie Mae was named among BusinessWeek' s Top 15 Corporate Philanthropists in 2004. The Washington Business Journal identified
1890-594: The center of town with about 500 historic buildings, built between 1700 and 1940. This area contains one of the highest concentrations of well-preserved buildings dating from the 17th to early 19th centuries. It was declared a National Historic Landmark in 1967. The historic district was listed on the National Register of Historic Places in 1967 and it was relisted, with enlarged boundaries and expanded period of significance, in 1984. The historic district then covered 135 acres (55 ha) of area and includes Amstel House and Old Courthouse which are separately listed on
1953-543: The city was 77.48% White , 20.20% African American , 0.25% Native American , 0.39% Asian , 0.84% from other races , and 0.84% from two or more races. Hispanic or Latino of any race were 2.41% of the population. There were 2,012 households, out of which 26.2% had children under the age of 18 living with them, 47.1% were married couples living together, 14.9% had a female householder with no husband present, and 33.4% were non-families. 27.7% of all households were made up of individuals, and 9.8% had someone living alone who
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2016-649: The company as the top local corporate philanthropist in 2005. In the early 2010s, Kiplinger's Personal Finance recognized Sallie Mae Bank as the Best Online Savings Account, the Best Money Market Account. “the best place to stash cash,” and the Best Savings Account. A 60 Minutes segment (originally aired May 7, 2006) examined Sallie Mae, including its business practices. Senator Elizabeth Warren , then
2079-475: The company that operates Sallie Mae, was formed in 2013. On February 25, 2014, Sallie Mae announced the launch of Navient, a separate entity for federal student loan servicing. On April 30, Sallie Mae legally separated from Navient, and made its primary focus private student loans, banking products, and credit cards for college students and their families. In March 2020, the company announced Jonathan Witter, former Hilton executive, would replace Raymond Quinlan as
2142-480: The death or bankruptcy of their loan cosigner, even when the loan is current and being paid on time. The biggest student loan lender, Sallie Mae , was formerly a government-sponsored entity, which became private between 1997-2004. A number of financial institutions offer private student loans, including banks like Wells Fargo , and specialized companies. There are also a number of state-affiliated, nonprofit student loan lenders, which account for approximately 10% of
2205-561: The event of a personal bankruptcy , except when repaying the student loan would represent an undue hardship on the borrower and the borrower's dependents. This is a serious restriction that students rarely understand when obtaining a student loan. Financial aid, including loans, may not exceed the college's cost of attendance . Private student loans generally come in two types: school-channel and direct-to-consumer. School-channel loans offer borrowers lower interest rates, but generally take longer to process. These loans are "certified" by
2268-639: The following year and rechristened the fort as Nieuw-Amstel, named after the Amstel . This marked the end of the Swedish colony in Delaware as an official entity, but it remained a semi-autonomous unit within the New Netherland colony and the cultural, social, and religious influence of the Swedish settlers remained strong. As the settlement grew, Dutch authorities laid out a grid of streets and established
2331-498: The forbearance and deferral options available with federal loans (which are never advertised). In contrast with federal subsidized loans, interest accrues while the student is in college, even if repayment does not begin until after graduation. While unsubsidized federal loans do have interest charges while the student is studying, private student loan rates are usually higher, sometimes much higher. Fees vary greatly, and legal cases have reported collection charges reaching 50% of amount of
2394-502: The government. The company provides private education loans for students and their families. These loans are not made, insured, or guaranteed by any state or federal government. In 2005, Sallie Mae was among 53 entities that contributed the maximum of $ 250,000 to the second inauguration of President George W. Bush . In August 2006, Sallie Mae acquired Upromise, a company that provides rebates to buyers of certain brands, which can be applied to college savings accounts. In May 2020, Upromise
2457-524: The historic district, is the site of the former Bellanca Aircraft Corporation factory, which operated in New Castle from 1928 to 1960 and built over 3,000 airplanes. Delaware Aviation Hall of Fame Museum is located in hangar. Also nearby are Buena Vista , Glebe House , The Hermitage , New Castle Ice Piers , Penn Farm of the Trustees of the New Castle Common , and Swanwyck , all listed on
2520-449: The loan. Since 2011, most private student loans are offered with zero fees, effectively rolling the fees into the interest rates. Interest rates and loan terms are set by the financial institution that underwrites the loan, typically based on the perceived risk that the borrower may be delinquent or in default of payments of the loan. Most lenders assign interest rates based on 4-6 tiers of credit scores. The underwriting decision
2583-651: The most favorable terms. As the economy collapsed in 2008-2011, many players withdrew from the private student loan lending world. The remaining lenders tightened the credit criteria, making it more difficult to receive a loan. Most now require a credit-worthy cosigner. After the economic collapse of 2008, a number of peer-to-peer lending and alternative lending platforms emerged to help students find private student loans. For example, U.S. online marketplace lending platform LendKey allows consumers to book loans directly from community lenders like credit unions and community banks. New Castle, Delaware New Castle
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2646-493: The most serious of which was filed in 2007. The False Claims Suit was filed on behalf of the federal government by former Department of Education researcher, Dr. Jon Oberg, against Sallie Mae, Nelnet, and other lenders. Oberg argued that the lenders overcharged the U.S. Government and defrauded taxpayers of millions of dollars. In August 2010, Nelnet settled the lawsuit and paid $ 55 million. Prior to 2009, most private student loans did not offer death and disability discharges. After
2709-542: The most significant highways serving New Castle directly. They pass along the northwest edge of the city concurrently along Dupont Highway. Delaware Route 9 runs southwest-to-northeast through New Castle, passing through the city along 7th Street, Washington Street, Delaware Street, and Ferry Cut Off Street; the route bypasses the historic area. DE 9 heads north to Wilmington and south to Delaware City . Delaware Route 141 heads north from New Castle on Basin Road and provides
2772-513: The new CEO. Sallie Mae announced a partnership with Mpower Financing in April 2021, to expand access to higher education for international and DACA students. The Sallie Mae corporate headquarters is in Newark, Delaware . Sallie Mae also operates offices in New Castle, Delaware ; Newton, Massachusetts ; Indianapolis, Indiana ; Salt Lake City, Utah ; and Sterling, Virginia . Albert Lord held
2835-461: The positions of vice chairman and CEO until his retirement 2013. Lord joined Sallie Mae in 1981, took over as CEO in 1995, and led the company's privatization. On May 29, 2013, the board announced Jack Remondi as Lord's successor. Carter Franke is the current chair of Sallie Mae's board of directors, since her appointment in June 2020. Prior to Franke, Raymond J. Quinlan served in the role, having joined
2898-461: The private student loan market. This segment includes organizations such as VSAC and Higher Education Loan Authority of the State of Missouri , Student loan search and comparison websites allow visitors to evaluate loan terms from a variety of partner lenders, and financial aid offices in universities typically have a preferred vendor list, but borrowers are free to obtain loans wherever they can find
2961-796: The rates fluctuate depending on the financial markets. Some private loans require substantial up-front origination fees ("points") along with lower interest rates. Interest rates also vary depending on the applicant's credit history. Most private loan programs are tied to financial indexes such as the Wall Street Journal Prime rate or the BBA LIBOR rate, plus an overhead charge. Students and families with excellent credit generally receive lower rates and smaller loan origination fees than those with poorer credit histories. Interest payments are tax deductible . Lenders rarely give complete details of loan terms until after an application
3024-435: The return of bankruptcy protections for private student loans in response to the economic downturn and universally increasing tuition at all colleges and graduate institutions. A 2014 report from Consumer Financial Protection Bureau (CFPB) , shows a rising problem with these types of loans. Borrowers face “auto-default” when cosigner dies or goes bankrupt. The report shows that some lenders demand immediate full repayment upon
3087-444: The school, which means the school signs off on the borrowing amount, and the funds are disbursed directly to the school. The "certification" means only that the school confirms the loan funds will be used for educational expenses only and agrees to hold them and disburse them as needed. Certification does not mean that the school approves of, recommends, or has even examined the loan terms. Direct-to-consumer private loans do not involve
3150-633: The school. The student supplies enrollment verification to the lender, and the loan proceeds are disbursed directly to the student. While direct-to-consumer loans generally carry higher interest rates than school-channel loans, they allow families access to funds more quickly — in some cases, in a matter of days. This convenience comes at the risk of student over-borrowing and/or use of funds for inappropriate purposes. Loan providers range from large education finance companies to speciality companies that focus exclusively on this niche. Private student loans usually have substantially higher interest rates, and
3213-546: The seat of the colonial government, thriving with the various judges and lawyers that fueled the economy. Many smaller houses were torn down and replaced in this era. In February, 1777, John McKinly was elected the first President of Delaware, a title later renamed "Governor". During the Revolution , when New Castle was besieged by William Howe , the government elected to move its functions south to Dover in May, 1777. McKinley
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#17328009628213276-465: The site of a former aboriginal village, "Tomakonck" ("Place of the Beaver"), to assert their claim to the area based on a prior agreement with the aboriginal inhabitants of the area. The Dutch originally named the settlement Fort Casimir , but this was changed to Fort Trinity following its seizure by the colony of New Sweden on Trinity Sunday in 1654. The Dutch conquered the entire colony of New Sweden
3339-421: The third Saturday of May. Householders dress in colonial costumes and an admittance fee, used toward the maintenance of the town's many historic buildings, is charged. Annually in June, New Castle holds its annual Separation Day celebration. On April 28, 1961 , an F3 tornado hit the north side. Although no fatalities or injuries occurred, it was the only tornado of this magnitude ever recorded in Delaware during
3402-449: Was 65 years of age or older. The average household size was 2.42 and the average family size was 2.93. In the city, the population was spread out, with 21.8% under the age of 18, 7.8% from 18 to 24, 28.6% from 25 to 44, 27.5% from 45 to 64, and 14.4% who were 65 years of age or older. The median age was 40 years. For every 100 females, there were 88.3 males. For every 100 females age 18 and over, there were 85.6 males. The median income for
3465-469: Was a center of government. After being transferred to Penn, Delaware's Swedish, Dutch, and English residents became accustomed to the relaxed culture of the Restoration monarchy and grew uncomfortable with the more conservative Quaker influence, so Delaware petitioned for a separate legislature, which was finally granted in 1702. Delaware formally broke from Pennsylvania in 1704. New Castle again became
3528-482: Was acquired by loyalty marketing company Prodege . On April 16, 2007, Sallie Mae announced that an investor group led by J.C. Flowers & Co. signed an agreement to purchase Sallie Mae for approximately $ 25 billion. Had the transaction been completed, J.C. Flowers, along with private-equity firm Friedman Fleischer & Lowe would have owned 50.2% of Sallie Mae, and Bank of America and JPMorgan Chase would each have owned 24.9%. Sallie Mae would have ceased to be
3591-843: Was bailed out by the US government through a buy back of FFEL private loans. On April 6, 2009, Sallie Mae announced that it would move 2,000 jobs back to the U.S. within the next 18 months as it shifts call center and other operations from overseas. On March 31, 2010, Sallie Mae announced the impending layoff of 2,500 employees in response to the signing of new legislation calling for the federal government to lend directly to students, bypassing institutions like Sallie Mae. On July 1, 2010, Sallie Mae announced that it would be moving its headquarters from Reston, Virginia , to its existing facility in Newark, Delaware . On September 17, 2010, Sallie Mae acquired federally insured loans from Citigroup -owned Student Loan Corporation worth $ 28 billion. SLM Corporation,
3654-635: Was captured by the British and held prisoner for several months. New Castle remained the county seat until after the Civil War , when that status was transferred to Wilmington. Three of the 56 signers of the Declaration of Independence were from New Castle: Thomas McKean , George Read , and George Ross . The 16-mile (26 km) portage between the Delaware River and Chesapeake Bay saved
3717-539: Was conveyed to William Penn by the Duke of York by livery of seisin and was Penn's landing place when he first set foot on American soil on October 27, 1682. This transfer to Penn was contested by Lord Baltimore and the boundary dispute was not resolved until the 1763-1767 survey conducted by Mason and Dixon, now famed in history as the Mason–Dixon line . Prior to the establishment of Penn's Philadelphia , New Castle
3780-606: Was expected to decline the request and be forced to defend its position in court. In December 2007, a class action lawsuit was brought against Sallie Mae in a Connecticut federal court alleging that the company discriminated against African American and Hispanic private student loan applicants by charging them high interest rates and fees. The lawsuit also alleged that Sallie Mae failed to properly disclose private student loan terms to unsuspecting students. New York Attorney General Andrew Cuomo , raised similar concerns about possible student loan redlining in June 2007. The lawsuit
3843-561: Was filed against Sallie Mae by former U.S. Department of Education researcher, Dr. Oberg, in 2009. The suit alleges that Sallie Mae and other lenders deliberately overcharged the U.S. government. The findings by Oberg were labeled among higher education policy analysts as the 9.5 scandal. On February 20, 2014, Illinois Attorney General Lisa Madigan ’s office announced that an investigation into Sallie Mae's debt collection practices and loan servicing practices had been opened. On November 9, 2005, former Sallie Mae employee Michael Zahara filed
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#17328009628213906-546: Was purchased from Great Britain in 1832. The line traversed the Delmarva Peninsula, running to the Elk River, Maryland , from where passengers changed to packet boats for further travel to Baltimore and points south. This helped the New Castle economy to further boom; however, by 1840, rail lines were in place between Philadelphia and Baltimore, which had a stop in Wilmington, thus leaving New Castle to deal with
3969-553: Was settled and dismissed in 2011. Under the terms of the settlement, Sallie Mae agreed to make a $ 500,000 donation to the United Negro College Fund and the attorneys for the plaintiffs received $ 1.8 million in attorneys' fees. On January 31, 2008, SLM Corporation paid $ 35,000,000 to settle a lawsuit for failing to adequately reserve for losses in Sallie Mae's non-traditional portfolio. A False Claims suit
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