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Sallie Mae Announces Enhanced Pennsylvania Rewards Program

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    RESTON, Va., April 25 /PRNewswire-FirstCall/ -- Sallie Mae, the
 nation's leading saving- and paying-for-college company, today announced
 plans to enhance its Pennsylvania Rewards Program. Under the new program,
 Sallie Mae will offer even lower-cost Stafford loans for students attending
 any Pennsylvania college or university in the upcoming 2007-2008 academic
 year. Sallie Mae estimates that the Pennsylvania Rewards Program will save
 a Pennsylvania student with $19,000 in Stafford loans more than $3,500 in
 interest and fees.
     (Logo: http://www.newscom.com/cgi-bin/prnh/20030617/SLMLOGO-a)
     Students who attend college in Pennsylvania and take out undergraduate
 and graduate Stafford loans serviced by Sallie Mae and guaranteed by any
 guarantor in the Commonwealth -- such as USA Funds or PHEAA -- for the
 2007-2008 academic year are eligible for Sallie Mae's Pennsylvania Rewards
 Program. Unlike benefit programs offered by other lenders where only a
 fraction of borrowers meet the eligibility criteria, Sallie Mae's
 Pennsylvania Rewards Program places benefits up front so that more students
 will qualify and pay less for their education expenses.
     "Sallie Mae believes in open competition in Pennsylvania's student loan
 market, which results in the best price, best service and best value for
 students, parents and schools," said Frank Hollister, executive vice
 president of Sallie Mae Pennsylvania. "These benefits mean students
 significantly reduce their overall cost of borrowing, pay no fees on
 student loans and earn real repayment benefits."
     Under the Pennsylvania Rewards Program, Sallie Mae pays the 1.5 percent
 loan origination fee and the 1 percent default fee on loans guaranteed by
 USA Funds for academic year 2007-2008. Sallie Mae borrowers with loans
 guaranteed by PHEAA also qualify for the 1 percent default fee benefit,
 paid on their behalf by PHEAA.
     Sallie Mae's Pennsylvania Rewards Program also offers both a 2 percent
 loan credit after Pennsylvania Stafford loan customers make their first on-
 time loan payment and a 3.5 percent loan credit after the first 24 on-time
 payments. Pennsylvania students with Stafford loans can also lower their
 interest rate another 0.30 percentage points by making their loan payments
 through Sallie Mae's automatic debit program.
     The Pennsylvania Rewards Program, also includes the Upromise Loan Link,
 a benefit that enables Sallie Mae customers -- in Pennsylvania and
 nationwide -- to reduce their student loan debt on any of their Sallie Mae
 serviced student loans, including Stafford, PLUS, Graduate PLUS,
 consolidation and private loans, even while in school.
     Sallie Mae customers who sign up to become Upromise members can apply
 accumulated Upromise rewards to their student loan accounts. Upromise's
 free popular rewards service allows members to earn rewards when shopping
 online, buying gas or groceries, dining out, or purchasing other goods and
 services from more than 500 participating companies. With Loan Link, these
 rewards can then be automatically transferred into the customer's Sallie
 Mae student loan account. When combined with the other borrower benefits
 offered under the Pennsylvania Rewards Program, the average Pennsylvania
 student could save more than 18 percent on his or her original student loan
 balance.
     "While Sallie Mae is committed to making the dream of a higher
 education a reality for Pennsylvania families, by offering innovative, cost
 saving programs, proposals in Washington to cut the federal student loan
 program would make it even more difficult to offer these benefits,"
 Hollister continued. "These benefits save real students real money, and we
 are concerned that, in the long run, government proposals could make it
 more expensive for students here in Pennsylvania and across the country to
 borrow money for college."
     The Pennsylvania Rewards Program is available to students with Stafford
 loans first disbursed July 1, 2007 through June 30, 2008 from one of the
 following participating lenders or lender partners: Academic Management
 Services (AMS), College Board, Dollar Bank, Nellie Mae, and Sallie Mae
 Education Trust.
     SLM Corporation (NYSE:   SLM), commonly known as Sallie Mae, is the
 nation's leading provider of saving- and paying-for-college programs. The
 company manages $150 billion in education loans and serves nearly 10
 million student and parent customers. Through its Upromise affiliates, the
 company also manages $17 billion in 529 college-savings plans, and over 7.5
 million members have joined Upromise to help save for college with rewards
 on purchases at nearly 70,000 places. Sallie Mae and its subsidiaries offer
 debt management services as well as business and technical products to a
 range of business clients, including higher education institutions, student
 loan guarantors and state and federal agencies. More information is
 available at www.salliemae.com. SLM Corporation and its subsidiaries are
 not sponsored by or agencies of the United States of America.
     Upromise is the country's largest private source of college aid.
 Membership is free and allows families to automatically save money for
 college while making everyday purchases of products and services at more
 than 23,000 grocery and drug stores, 14,000 gas stations, 8,000
 restaurants, as well as thousands of retail stores, and more than 400
 online shopping sites. Upromise's partners include Citi(R), ExxonMobil
 Corporation, Kimberly-Clark, McDonald's(R), JCPenney.com, LandsEnd.com,
 Sears.com, and hundreds of others. Upromise also makes it easy for families
 to start their own college savings strategy through tax-advantaged 529
 college savings plans, or by using Upromise contributions to help pay off
 student loans. These securities are offered through Upromise Investments,
 Inc. (member NASD/SIPC). Upromise is a wholly owned subsidiary of SLM
 Corporation (NYSE:   SLM), commonly known as Sallie Mae, the nation's leading
 provider of saving-and-paying-for-college programs. Upromise is
 headquartered in Needham, Mass., and has more than 350 employees. For
 additional information about Upromise, visit www.Upromise.com.
 
 

SOURCE Sallie Mae