Education finance company
SLM
(SLM) - Get Report
agreed to acquire
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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