Sallie Mae Announces Completion Of Strategic Separation

(RTTNews) - Sallie Mae (SLM), formally SLM Corp, said Thursday it has completed its strategic separation and is now a standalone consumer banking business with a mission of helping families save, plan and pay responsibly for college.

The company offers responsible private education loans, saving products and insurance options to students and families to facilitate their investment in higher education.

"With a 40-year foundation of experience, today Sallie Mae begins anew as a bank that emphasizes responsible consumer financial practices to benefit our customers," said Raymond Quinlan, Chief Executive Officer.

Sallie Mae maintains a strong capital position and funding capabilities, and the company now manages a portfolio of approximately $6.5 billion high-quality, private education loans.