Sallie Mae to Buy Upromise
The deal adds to its college savings business.
Education finance company
SLM
(SLM) - Get SLM Corporation Report
agreed to acquire
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Upromise
.
Upromise is an administrator of direct-to-consumer 529 college savings plans, administering about one million college savings accounts and over $10 billion in assets with tax-advantaged 529 investment options through partnerships leading paying-for-college company combines with seven states.
"We are truly excited about this new acquisition. This complements our mission to improve access to higher education, and our leadership position in providing financing solutions to families and students," the Reston, Va.-based company said.
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