Sallie Mae Acquires $27 Billion in Federal Student Loan Assets

Sallie Mae announced today that it completed a deal last week belongs to the Student Loan Corporation, Citibank, to 27000000000 $ in guaranteed federal student loans and some other related assets to acquire. Negotiations on the deal began in September between the two companies and have been on 31 Completed in December 2010.

With the addition of these loans, Sallie Mae student loans, adding to its customer base additional 1.3 million loan holders. The company serves more than 200 billion U.S. dollars in federally-funded student loans and also a company personally back 36 billion U.S. dollars of privately funded student loans. They are the only financial institution in the country specializing in the service needs of customers.

"We are delighted to welcome our new customers and bring our world-class customer service, college store and online banking services to help them achieve their financial goals and education," said Albert L. Lord, vice chairman and CEO of Sallie Mae.

Sallie Mae performs other lenders in the industry as the company is able to offer their student loan holder benefits such as lower interest rates and favorable repayment terms. These concepts help students transition to managing and paying off their student loan debt. Your smart option private student loans is often chosen by banks around the country and by the National Education Association Member Benefit's Corporation.

The news of the deal comes on the heels of the company let go 700 employees when it closed one of its call center in November. Sallie Mae is currently undergoing a restructuring process and on the Internet that such termination is (among others) on the changes that took in student loan lending earlier in the year 2010, when it passed legislation that shifted funding of the state-backed student loans from private lenders to the government. While other companies were also affected with the change, took the hardest fall Sallie Mae.

Sallie Mae has previously stated that they are moving forward, they have to dismiss some 2,500 employees and close many of its 25 locations, with less than 10 main branches.