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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.
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.
Sallie Mae (Nasdaq: SLM) announced a public offering of Senior Notes, utilizing an effective shelf registration with the SEC. The offering aims to raise funds for a tender offer to repurchase up to 2,000,000 shares of its Floating Rate Non-Cumulative Preferred Stock, Series B, at an expected price of $45.00 per share, plus accrued dividends. Remaining proceeds will support general corporate purposes, including debt repayment and future share repurchase programs. The offering's success is contingent on market conditions.
Sallie Mae (Nasdaq: SLM) announced its third-quarter 2020 financial results, underscoring its role as a leader in private student lending. The company emphasizes the importance of education and lifelong learning, providing financing to support college access. Investors are invited to join the earnings conference call tomorrow, Oct. 22, 2020, at 8 a.m. EDT, to discuss the quarter's highlights. Complete financial results are available on their investor website.
October marks the launch of the FAFSA® application, a crucial step for gaining access to over $150 billion in federal financial aid. However, research shows that 61% of college-going families are unaware it opens on October 1, and nearly a third skip it altogether. To address this, Sallie Mae has partnered with Embark to create a free online tool that streamlines the application process, reducing the time to complete the FAFSA® from 55 minutes to less than 20 minutes. This initiative aims to increase awareness and ease the process for families seeking financial aid.
Sallie Mae (Nasdaq: SLM) is set to announce its third-quarter financial results after market close on October 21, 2020. A conference call will follow on October 22, 2020, at 8 a.m. EDT, accessible via phone or webcast. Investors can participate using the dial-in details provided, and a replay will be available shortly after the call, lasting until November 5, 2020. Sallie Mae positions itself as a leader in private student lending, emphasizing its commitment to education financing and lifelong learning.