Briefly
Student loan provider Sallie Mae completed its separation from the federal government Wednesday, nearly four years ahead of schedule, and set aside enough money to pay off the outstanding debt obligations from its government-sponsored enterprise subsidiary.
Reston, Va.-based Sallie Mae, formally known as SLM Corp., has successfully refinanced more than $100 billion of government-sponsored enterprise, or GSE, assets in an accelerated privatization plan begun in 1997.
The corporation set aside enough cash and U.S. Treasury securities in a special-purpose trust to pay the remaining principal and interest on $1.85 billion of outstanding GSE bonds. The move enabled the Treasury to sign documents officially separating Sallie Mae from the government. SLM shares were unchanged at $53.50 on the NYSE.
Sallie Mae is the nation’s largest student loan company.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
