August 24, 2007, Newsletter Issue #30: Who Is Sallie Mae?

Tip of the Week

Sallie Mae was originally created as a government backed agency that worked with banks to make student loans. Since its conception, it has developed into a private company that now makes loans directly to students. Sallie Mae is able to make both federal student loans (Stafford and Perkins) as well as a variety of private student loans. The loans they offer vary significantly but generally are available to supplement the amounts awarded through federal student loans or make funding a college education possible for students whose expected family contribution is to high to qualify for federal student aid funds. In addition, some loans may be available to cover education or training expenses that are not covered by typical federal student aid (i.e. continuing education).

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