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SLM Corporation, commonly known as Sallie Mae, reports developments tied to private education lending, student-loan servicing and resources for families financing higher education. Company news includes updates to Sallie Mae Graduate Loan, Law School Loan, Medical School Loan and Dental School Loan products, repayment features, prequalification, scholarships through The Sallie Mae Fund, and research on college planning and education affordability.
Recurring announcements also cover quarterly financial results, guidance, senior-note and other capital-structure actions, shareholder voting matters, leadership appointments, and governance or legal-risk developments involving the Sallie Mae brand and its subsidiaries.
Epidemic Sound announces the appointment of Andrew Fisher, former CEO of Shazam, as the new Chairperson of the Board, succeeding Vania Schlogel, who will remain a board director. Fisher's extensive experience in the music technology sector and leadership roles at companies like Rightmove and Marks and Spencer are seen as assets for the company's growth. The recent board expansion, including new directors Kirsten Wolberg and Adrienne Gormley, aims to strengthen the company's position in the creator economy and foster further development.
Sallie Mae Fund announced grants of $125,000 each to Hispanic Association of Colleges and Universities (HACU) and Point Foundation, part of a $4.5 million multi-year commitment to enhance higher education access for minority students. The fund has contributed $500,000 over two years, supporting programs promoting social justice and educational equity. Recognized by HACU for philanthropic efforts, Sallie Mae aims to empower underserved communities through grants and scholarships, ensuring a broader access to higher education opportunities.
Sallie Mae (Nasdaq: SLM) announces that CEO Jon Witter will deliver a presentation at the Stephens Annual Investment Conference on Wednesday, Dec. 1, at 3 p.m. ET. A live audio webcast will be available for attendees, with a replay accessible afterwards. Sallie Mae is a leader in private student lending, committed to enhancing access to education and lifelong learning opportunities. For more details, visit SallieMae.com.
Sallie Mae (Nasdaq: SLM) has appointed Samuel Ramsey to its board of directors, bringing over 30 years of experience in financial services and risk management. Previously, he served as Chief Risk Officer at Chase and Ally Financial, and held executive roles at Bank of America. Chairman Carter Franke stated that Ramsey's expertise will bolster the company's risk and compliance functions, essential for its success. This strategic appointment aims to strengthen leadership in an increasingly complex financial environment.
Sallie Mae has launched a free scholarship search tool containing 6 million scholarships worth up to $30 billion. During National Scholarship Month, students can register to win over $5,000. Recent research highlights that 44% of families did not use scholarships last year, mainly due to a lack of applications. The tool has helped over 24,000 students secure more than $67 million in funding. Additional advice includes completing the FAFSA and exploring diverse scholarship opportunities, which can significantly lower educational costs.
Sallie Mae (Nasdaq: SLM) has announced an increase in its fourth-quarter dividend for 2021, raising it from $0.03 to $0.11 per share for common stockholders. Additionally, the Preferred Stock Series B dividend is set at $0.45955 per share. Both dividends will be payable on December 15, 2021, to stockholders on record as of the close of business on December 3, 2021. This move reflects the company's commitment to shareholder returns amidst its position as a leader in private student lending.
Sallie Mae (Nasdaq: SLM) reported a third-quarter 2021 GAAP net income of $72 million, or $0.24 per diluted share. In addition, the company recorded core earnings of $74 million, matching GAAP earnings.
Private education loan originations rose by 10% year-over-year, reaching $2.1 billion for the quarter, though first nine-month originations saw a slight decline of 0.2% to $4.7 billion.
The Board approved a $250 million increase to the stock repurchase program and declared a fourth-quarter dividend of $0.11 per share.
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The Sallie Mae Fund is offering $100,000 in scholarships for current graduate students from underserved communities, including minorities and first-generation college students. Applications are open until Oct. 25, 2021, at 12 p.m. ET. Applicants must submit a video showcasing their commitment to advancing social justice. The initiative, now in its sixth year, is in partnership with the Thurgood Marshall College Fund and aims to empower future leaders in education.
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