Sallie Mae Fund Contributes Funds To Assist Hurricane Sandy Victims

The Sallie Mae Fund, a charitable organization sponsored by Sallie Mae, and Sallie Mae, the nation’s No. 1 financial services company specializing in education, today announced a $250,000 contribution to the American Red Cross Disaster Relief Fund to assist families and communities affected by Hurricane Sandy. The funds will be directed toward relief and rebuilding efforts to help hurricane victims return to their daily lives.

“The stories of devastation and despair move us deeply, so do the many stories of American heroism, community and resilience,” said Albert L. Lord, vice chairman & CEO, Sallie Mae. “Our thoughts and prayers are with those now focused on repairing, rebuilding and moving forward.”

In addition, employees from Sallie Mae’s servicing centers in Newark, Del.; Lake City, Fla.; Fishers and Muncie, Ind.; Newton, Mass.; Kansas City, Mo.; Moorestown, N.J.; Arcade, Horseheads and Perry, N.Y.; Cincinnati, Ohio; Wilkes-Barre, Pa.; Murray, Utah; and Reston, Va.; are contributing personal donations, which will also be forwarded to the American Red Cross.

Sallie Mae is also working with its student loan and banking customers impacted by the storm. As a matter of practice, Sallie Mae offers a 15-day payment grace period. Recognizing that still may not be enough to assist some customers affected by this natural catastrophe, the company will waive certain payment fees and delay payment due dates. Customers experiencing difficulty are encouraged to reach out when they are able so that customer care representatives may assist them.

In addition, Sallie Mae Bank is waiving early withdrawal fees on CDs, wire transfer fees, and other transaction fees for retail banking customers in affected areas.

The Sallie Mae Fund, a charitable organization sponsored by Sallie Mae, achieves its mission — to increase college access for America's students — by supporting programs and initiatives that help open doors to higher education. The Fund also supports employee volunteerism and community service in the communities where Sallie Mae employees live and work. For more information, visit SallieMaeFund.org.

Sallie Mae (NASDAQ: SLM) is the nation’s No. 1 financial services company specializing in education. Whether college is a long way off or just around the corner, Sallie Mae turns education dreams into reality for its 25 million customers. With products and services that include 529 college savings plans, Upromise rewards, scholarship search tools, education loans, insurance, and online banking, Sallie Mae offers solutions that help families save, plan, and pay for college. Sallie Mae also provides financial services to hundreds of college campuses as well as to federal and state governments. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.

Copyright Business Wire 2010

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