Sallie Mae UK Announces New Education Loan for United Kingdom Residents, Works With U.S. Educational Advisory Services, US-UK Fulbright Commission

RESTON, Va., May 1 /PRNewswire-FirstCall/ -- Sallie Mae UK, a division of Sallie Mae , today announced the launch of the Sallie Mae UK Education Loan Program to meet the financial needs of U.K. residents attending participating universities in the United Kingdom and the United States when grants, bursaries and government loans may not provide a sufficient means to cover the cost of higher education.

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"Until now, I have always had to tell students that one of the only opportunities for an education loan depends on their ability to secure a U.S. cosigner," said Anthony Nemecek, Director of the Educational Advisory Services, US-UK Fulbright Commission. "With this new program, U.K. students now have the ability to qualify for a loan based on their own credit or that of a qualified U.K. cosigner."

Sallie Mae UK education loans will allow U.K. students to fund up to the total cost of their education at participating U.K. institutions. The program was designed in response to U.K. university customers' requests and based on Sallie Mae's extensive experience in designing private student loan programs of this type in the United States. In addition, Sallie Mae UK is working with U.S. Educational Advisory Services (EAS), US-UK Fulbright Commission to provide U.K. residents interested in studying at colleges and universities in the United States with access to the Sallie Mae UK Education Loan Program. Using grants from the U.S. Government, EAS, which is part of the US-UK Fulbright Commission, provides free, objective information on all aspects of education in the United States.

"We are delighted that Sallie Mae UK has agreed to fund students from the United Kingdom interested in studying in the United States with its new loan program," said Penny Egan, Executive Director of the US-UK Fulbright Commission. According to Egan, each year, thousands of U.K. residents who are interested in study in the United States participate in events sponsored by EAS and enquire about funding opportunities.

"As the cost of higher education in the United Kingdom continues to rise, we have recognized an increasing need for alternative sources of education finance for U.K. students, particularly at the graduate level," said Lynn Ross, vice president of Sallie Mae International Education Finance. "Our goal is to help put higher education within reach for many U.K. students who wish to pursue their studies at home or in the United States, and we are pleased to be able to work with the Fulbright Commission in support of increased study abroad opportunities for U.K. students."

Sallie Mae UK Education loans provide funding for undergraduate and graduate U.K. residents pursuing higher education in the United Kingdom and the United States. The program is available to students enrolled in courses of study leading to a degree at participating universities.

Sallie Mae UK is a wholly owned subsidiary of Sallie Mae(R) , the leading provider of student loans in the United States that has helped millions of Americans achieve their dream of a higher education. Sallie Mae primarily provides government-backed and private student loan programs for undergraduate and postgraduate students and their parents in the USA. The company manages $150 billion in education loans and serves nearly 10 million student and parent customers. In addition, Sallie Mae offers comprehensive information and resources to assist students and parents with the financial aid process in the United States. Sallie Mae currently owns or manages student loans for approximately 10 million borrowers, and employs 12,000 individuals at offices across the United States and in the United Kingdom. Sallie Mae is listed on the Fortune 500 and Forbes 2000. More information is available at http://www.salliemae.co.uk/. SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.

Sallie Mae UK Limited holds a consumer credit licence [number 586643] issued by the Office of Fair Trading that covers the activity of consumer credit business. Sallie Mae UK Limited is registered in England and Wales under Company number 5628257 and registered office is located at 20-22 Bedford Row, London WC1R 4JS.

The US Educational Advisory Service (EAS), part of the US-UK Fulbright Commission, receives a grant from the U.S. Government to provide free, objective information on all aspects of U.S. education. EAS is the official source of information and advice in the United Kingdom for study in the United States. More information is available at http://www.fulbright.co.uk/.