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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.
The Sallie Mae Fund has launched the Bridging the Dream Scholarship Program in partnership with the Thurgood Marshall College Fund, committing $1 million annually for three years. This program targets minority students and those from marginalized backgrounds, aiming to assist nearly 900 recipients in accessing and completing college. The initiative includes three scholarship categories: $10,000 for high school seniors, up to $2,500 for at-risk college students, and $10,000 for graduate students. This is part of Sallie Mae's $4.5 million investment in educational equity.
Sallie Mae (Nasdaq: SLM) will announce its fourth-quarter and full-year 2020 financial results on January 27, 2021, after market close. A conference call is scheduled for January 28, 2021, at 8 a.m. ET, with dial-in options for participants. The live audio webcast and presentation slides will be available on their investor website, with a replay accessible afterward until February 11, 2021. Sallie Mae continues to be a leader in private student lending, providing resources for achieving educational goals.
The Sallie Mae Fund has contributed $50,000 to Big Brothers Big Sisters of Delaware to support students impacted by COVID-19. This grant aims to provide academic support and one-on-one guidance for low-income students adjusting to virtual learning. It also expands mentoring programs for at-risk youth, including LGBTQ+ students. Since 2015, the Sallie Mae Fund has donated over $290,000 to this initiative. Along with the grant, Sallie Mae team members engage in local fundraising events, emphasizing the company's commitment to education and community support.
Sallie Mae has awarded four graduate students $20,000 each through its Bridging the Dream Scholarship Program. Recipients include Olaseni Bello, Matthew St. Jean, Alexis Kallen, and Stephanie Rosado, each with unique aspirations to improve healthcare, emergency services, advocate for marginalized communities, and boost athlete well-being. In 2021, Sallie Mae plans to expand the scholarship program, committing $3 million over three years to support minority and underserved communities. In 2020, over 24,000 students received $67 million in scholarships through Sallie Mae's scholarship tools.
Sallie Mae has partnered with EVERFI to deliver a free financial literacy curriculum to California high schools. The Knowledge for College program aims to enhance students' understanding of college financing, covering topics from budgeting to student loans. The initiative targets high school juniors and seniors and is designed to alleviate the challenges families face when planning for college. According to research, 80% of families find financing college difficult, with many lacking a solid financial plan. The curriculum aligns with established financial literacy standards.
Sallie Mae (Nasdaq: SLM) has announced the expiration of its cash tender offer to purchase up to 2,000,000 shares of its Floating Rate Non-Cumulative Preferred Stock, Series B. The Offer, which expired on Nov. 24, 2020, saw 1,489,304 shares validly tendered. As this amount is below the Maximum Share Amount, all tendered Securities will be accepted for purchase at $45 each, plus any accrued dividends, with a settlement date expected on Nov. 30, 2020. The company filed an Issuer Tender Offer Statement with the SEC for further details.
Sallie Mae (Nasdaq: SLM) has declared a fourth quarter dividend for 2020 of $0.4896937 per share on its Preferred Stock Series B and $0.03 per share on its common stock. Both dividends will be payable on December 15, 2020, to stockholders of record as of December 4, 2020. Sallie Mae continues to lead in private student lending, promoting access to education and lifelong learning opportunities.
Sallie Mae's CEO Jon Witter commented on the outcome of the 2020 Presidential Election, noting that Joe Biden will be the 46th President and Kamala Harris will be the next vice president. He emphasized the importance of unity and healing in the country, advocating for respectful dialogue despite differing opinions. As a key player in private student lending, Sallie Mae aims to support education and lifelong learning, providing financial solutions to help individuals access college and achieve personal goals.
Despite the pandemic's impact, 95% of returning college students maintained their plans, according to a Sallie Mae survey. However, the use of scholarships declined, with only 58% of families reporting usage, down from 65%. To aid students, Sallie Mae has updated its Scholarship Search, providing access to over 6 million scholarships worth more than $30 billion. Furthermore, approximately 25% of families requested additional financial aid and saw success, highlighting the importance of FAFSA applications.
Sallie Mae (NASDAQ: SLM) has successfully priced a public offering of $500 million in 4.200% Senior Notes due 2025. The issuance is anticipated on October 29, 2020, subject to standard closing conditions. Proceeds from the offering will partly fund a tender offer for up to 2 million shares of its Floating Rate Non-Cumulative Preferred Stock, Series B, priced at $45.00 per share. Remaining funds will be allocated for general corporate purposes, including debt repayment and future share repurchases.