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Sallie Mae

Headquarters: 300 Continental Drive
Newark, DE 19713
Employees: 5,000
CEO: Raymond Quinlan
Stock Symbol: SLM


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SLM Corporation, commonly known as Sallie Mae, is the nation's No. 1 financial services company specializing in education. Whether college is a long way off or just around the corner, Sallie Mae turns education dreams into reality for American families. With products and services that include Upromise rewards, scholarship search and planning tools, private education loans, insurance, and online banking, Sallie Mae offers solutions that help families save, plan, and pay for college.

Sallie Mae and its subsidiaries offer debt management services as well as business and technical products to a range of business clients, including higher education institutions, student loan guarantors and state and federal agencies.

In 2014, Sallie Mae split into two, publicly traded entities: a consumer banking business and a newly named loan management, servicing and asset recovery business, Navient Corporation.

Sallie Mae and its subsidiaries are not sponsored by the federal government.

In 2014, the company reported net income of $194 million.

Deposits at Sallie Mae Bank totaled $11.3 billion at Dec. 31, 2014, compared with $9.3 billion at Dec. 31, 2013. The increase was primarily driven by an increase in money market accounts.

Sallie Mae reported $8.9 billion in education loans at the end of 2014.

"2014 was a year of many accomplishments," said Raymond Quinlan, chairman and CEO. "We managed the extraordinary demands of successfully completing the spin from the preexisting company while strengthening our customer franchise and assisting 367,000 students and families to pay for college."


Medical, dental, and vision care

Sallie Mae offers medical, dental, and vision coverage to all benefit-eligible employees and their dependents, including same- and opposite-sex domestic partners. Sallie Mae offers two medical plans — a PPO and high-deductible HSA. Both include 100% coverage for in-network preventive care.

  • The PPO offers flexibility over which doctors you see. You can choose to see doctors within the network or out of the network. In addition, Sallie Mae contributes to a Health Reimbursement Account on your behalf for employees enrolled in the PPO plan.
  • The HSA medical plan features lower premiums and the opportunity to contribute on a pre-tax basis to Health Savings Account to save for out-of-pocket medical expenses and retiree health costs.

Retirement (401(k))

Sallie Mae's 401(k) Savings Plan allows you to defer up to 75% of your eligible pay on a pre-tax basis up to the annual IRS limits. In addition, we offer a 5% contribution of which 4% is provided on a matching basis and 1% is provided as a core contribution regardless of whether or not you participate in the plan. After just one year of service, you are 100% vested in Sallie Mae’s core and matching contributions.

Investment advice

Sallie Mae believes that everyone should have a plan of action when it comes to retirement. For this reason, the company encourages employees to take advantage of a personalized online investment advice tool, through Financial Engines. This service provides investment advice and retirement planning, at no cost to employees.

Paid time off

Sallie Mae understands you need time off to “recharge” or to attend to family and personal issues. That’s why we provide a paid time off program, professional exam days, bereavement, military, and jury duty leave.

We also provide paid time off for those who volunteer their time to serve the education community.

Education benefits

Sallie Mae places a high value on education. Each spring, Sallie Mae awards scholarships to children of employees. These scholarships are renewable for three years and are awarded based on academic record, leadership, honors, and awards.

Sallie Mae also offers several State Section 529 Plans that provide a flexible, tax-advantaged way to save regularly for college expenses.

Life and disability insurance

Sallie Mae provides company-paid life, accidental death, business travel, and dependent life insurance. Supplemental term life and accidental death and dismemberment coverage is available, at group rates, for employees, spouses, and eligible children.

Sallie Mae also provides short- and long-term disability coverage, at no cost to employees. Supplemental long-term disability coverage is available, at group rates. If you become disabled and unable to work, you may be eligible for disability benefits that replace a portion of your lost income.

Other benefits

  • Tuition reimbursement
  • Employee scholarship program
  • Flexible spending accounts including a $500 dependent care match
  • Matching contributions to charitable organizations
  • On-site fitness centers at many locations
  • Employee assistance program
  • Discounts on auto and homeowner's insurance
  • Long-term care insurance

Updated January 25, 2015

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