Sallie Mae news stories on Newser

White House Slams Student Loan Lobby

Kevin Spak — Wed, 10 Feb 2010 08:25:17 CST

Education Secretary Arne Duncan tore the nation’s largest student lender a new one today over its efforts to kill the student loan reform bill. “Sallie Mae executives have paid themselves hundreds of millions of dollars in the last decade while teachers, nurses, and scientists face crushing debt because of runaway...

Lawyer Sues Over Calls— About Law School Debt

John Johnson — Wed, 03 Feb 2010 14:21:00 CST

There's probably a lawyer joke in here somewhere: School loan company Sallie Mae is peppering a Seattle man with phone calls because he's behind on his payments. The twist is that the debtor just happened to use those loans to go to law school, and he's now suing Sallie Mae...

Oil Prices Rise; Dow Up 91

Nick McMaster — Mon, 29 Jun 2009 15:15:00 CDT

Stocks enjoyed modest gains today as a jump in oil prices lifted energy firms, the Wall Street Journal reports. Crude futures rose $2.33, to $71.49 a barrel; Exxon shares gained 2.39%. Financials also saw advances, led by Sallie Mae, which jumped 8.2% on new government terms...

Fight Looms Over Plan to Give Loan Funds to Students

Clay Dillow — Mon, 13 Apr 2009 08:49:28 CDT

President Obama's plans to end a subsidized student-loan program—diverting billions of dollars in profits for private lenders like Sallie Mae to scholarships for needy students—is prompting howls of protest from lenders and setting up a Congressional showdown, the New York Times reports. The Congressional Budget Office estimates that...

Banks Cut Colleges Eligible for Student Loans

Jim O'Neill — Mon, 02 Jun 2008 08:09:09 CDT

Students at 2-year and some less competitive 4-year colleges will be having a tougher time finding loans as banks trim the list of colleges they serve, reports the New York Times . In a move that potentially shuts out some of the neediest students, Citibank, JPMorgan, PNC, and SunTrust all say...

Sallie Mae Drops $900M Lawsuit

Jim O'Neill — Tue, 29 Jan 2008 09:31:45 CST

Beleaguered student loan provider Sallie Mae yesterday dropped its $900 million lawsuit against the onetime suitors who bailed on a $25.3 billion buyout after the credit crunch caused would-be investors to walk away, reports the Washington Post . By agreeing not to seek the penalty from investment firm JC Flowers...

Student Lender Sallie Mae Plans $2.5B Stock Sale

Jim O'Neill — Thu, 27 Dec 2007 07:37:00 CST

With a credit rating bordering on junk-bond status, embattled student loan provider Sallie Mae plans a public stock offering to raise $2.5 billion, reports the Wall Street Journal . The company will use $2 billion to buy back its own stock futures, which have lost value recently following a failed...

Ex-Sallie Mae Suitor Tries to Dodge Breakup Fee in Court

Colleen Barry — Tue, 16 Oct 2007 04:13:32 CDT

The group that offered to buy out educational lender Sallie Mae for $25 billion is now seeking court approval to back out and avoid paying a $900 million break-up fee. The investor group, including Bank of America and JPMorgan Chase, is arguing that recent legislation will reduce the student loan...

Sallie Mae Sues Spooked Suitors

Peter Fearon — Tue, 09 Oct 2007 05:45:00 CDT

College student lender Sallie Mae is suing a group of private equity firms and banks that are backing out of a $25-billion buyout deal. The group—J.C. Flowers & Company, Friedman Fleischer & Lowe, JP Morgan Chase and Bank of America—had set a deadline of today for negotiating...