Sallie Mae Extends JPMorgan Chase Student Loan Relationship Through 20

RESTON, Va., March 22 /PRNewswire-FirstCall/ -- SLM Corporation , commonly known as Sallie Mae, announced today that it has extended both its JPMorgan Chase and Bank One student loan servicing and loan purchase commitments to Aug. 31, 2010. This comprehensive agreement also dissolves the joint venture between Chase and Sallie Mae that has been marketing student loans under the Chase brand since 1996, and resolves the lawsuit filed by Chase on Feb. 17.

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JPMorgan Chase will continue to sell all student loans to Sallie Mae (whether made under the Chase or Bank One brand) that are originated or serviced on Sallie Mae platforms. In addition, the agreement provides that substantially all Chase-branded loans issued during the July 1, 2005 to June 30, 2006 academic year (and future loans made to these borrowers) will be sold to Sallie Mae, including certain loans that are not originated or serviced on Sallie Mae platforms.

"We are pleased to resolve this matter, and to have complete marketing freedom to promote our internal brands and strategic lender partners to our school customers," said Tim Fitzpatrick, president and COO, Sallie Mae.

Sallie Mae anticipates that the agreement will have no adverse impact on school clients for the 2005-06 loan processing season. Sallie Mae will continue to support its school customers through its comprehensive set of products and services, including its loan origination and servicing platforms, its family of lending brands and strategic lender partners.

SLM Corporation , commonly known as Sallie Mae, is the nation's No. 1 paying-for-college company, managing more than $107 billion in student loans for more than 7 million borrowers. Sallie Mae was originally created in 1972 as a government-sponsored entity (GSE) and terminated all ties to the federal government in 2004. The company remains the country's largest originator of federally insured student loans. Through its specialized subsidiaries and divisions, Sallie Mae also provides debt management services as well as business and technical products to a range of business clients, including colleges, universities and loan guarantors. More information is available at http://www.salliemae.com/. SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.