RESTON, Va., Nov. 15 /PRNewswire/ -- Sallie Mae, the nation's No. 1 paying-for-college company, today announced a new program designed to attract and retain teachers and nurses in Oregon. Sallie Mae's Teach for Oregon(SM) and Care for Oregon(SM) loan assistance programs will offer to repay on behalf of Oregon teachers and nurses up to 10 percent of their original federal Stafford loan balances after starting their careers in the state. (Logo: http://www.newscom.com/cgi-bin/prnh/20030617/SLMLOGO-a ) Sallie Mae's Teach for Oregon and Care for Oregon student loans are low- cost Stafford loans backed by the federal government. Through a partnership with the state, nursing or teaching students at any Oregon college or university who commit to work as teachers or nurses in the state are eligible for the program. Students who participate in this new loan program will be eligible for repayment of up to 10 percent of the original principal amount of their federal Stafford loans after making 36 months of regular on-time payments and teaching or nursing full time in Oregon for three years. "A commitment to our teachers and nurses is an investment in our future," said Governor Ted Kulongoski. "We need to support the people who educate our children and care for us when we're sick. With the help of Sallie Mae, we can keep Oregon's finest teachers and nurses right here at home and attract bright students from other states. After all, when it comes to education and health care, Oregonians deserve the best." According to a 2005 report by the Oregon Center for Nursing, the demand for full time registered nurses will increase by more than 15,000 over the next 15 years. The report also highlights that nearly one half of Oregon's registered nurses are over 50 years old, and by 2025, 41 percent of currently licensed RNs are expected to retire. The Teacher Standards and Practices Commission of Oregon projects teacher shortages in special education as well as mathematics, foreign languages, technology and science. "Recent events have again highlighted how important our nurses and teachers are to each of us," said Dennis Wentworth, senior vice president, Sallie Mae. "They are our everyday heroes, caring for our families and educating our young people. We must continue to encourage more college students to pursue teaching and nursing careers. Our Teach for Oregon and Care for Oregon programs will do just that." For more information about the Teach for Oregon and Care for Oregon student loan programs, call 1-800-826-7562 or visit http://www.salliemae.com/state/oregon. SLM Corporation (NYSE: SLM), commonly known as Sallie Mae, is the nation's No. 1 paying-for-college company, managing nearly $121 billion in student loans for 8 million borrowers. Sallie Mae was originally created in 1972 as a government-sponsored entity (GSE) and terminated its corporate ties to the federal government in 2004. The company remains the country's largest originator of federally insured student loans. Through its specialized subsidiaries and divisions, Sallie Mae also provides debt management services as well as business and technical products to a range of business clients, including colleges, universities and loan guarantors. More information is available at http://www.salliemae.com. SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.
SOURCE Sallie Mae