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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.
Commercial lenders (e.g. Sallie Mae; now Navient) would use their private capital to finance loans under the FFELP but received subsidies from the federal government. [1] These subsidies were used to maintain interest rates at the federally mandated levels, pay down fees associated with the loans and cover expenses associated with collection ...
Since 2005, Navient acquired the portfolio of "private student loans, Direct Department of Education Loans, and student loans that originated under the Federal Family Education Loan (FFEL) Program" account receivables from Sallie Mae. [41] By 2015 U.S. Department of Education had contracted out to various federal accounts receivable collectors ...
You may also be protected under the Department of Financial Protection and Innovation’s (DFPI) California Consumer Financial Protection Law (CCFPL) and Debt Collection Licensing Act (DCLA). Both ...
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In 2014, the company underwent another big adjustment when Sallie Mae split to form Navient and Sallie Mae. Navient is a federal student loan servicer that manages existing student loan accounts.
The U.S. Department of Education selected Sallie Mae in 2009 to service federal loans on its behalf. [ 10 ] In 2010, Congress passed the Health Care and Education Reconciliation Act of 2010 , which eliminated the federally guaranteed loan program known as Federal Family Education Loan Program (FFELP) , under which banks and companies like ...
Nicolas Jafarieh. Courtesy photo. [/caption] An Ironman now leads the in-house legal department at consumer bank SLM Corp., informally known as Sallie Mae.The Newark, Delaware-based bank Friday ...