Sallie Mae Completes Acquisition of GRP Financial Services

Sallie Mae Completes Acquisition of GRP Financial Services

RESTON, Va., Sept. 2 /PRNewswire-FirstCall/ -- SLM Corporation (NYSE:SLM), commonly known as Sallie Mae, today announced that it has completed the purchase of GRP Financial Services (GRP). The company announced in August its plans to purchase the company from GRP management and Angelo, Gordon & Company. GRP purchases and resolves mortgage loans and is based in White Plains, N.Y.

(Logo: http://www.newscom.com/cgi-bin/prnh/20030617/SLMLOGO-a )

With the closing of the transaction, GRP Financial Services will become a wholly owned subsidiary of SLM Corporation, retaining its own brand, identity and senior management team, which will be led by GRP CEO Natalie Bowden. More than 60 individuals are employed by the six-year-old company.

The transaction marks continued expansion of Sallie Mae's debt management operation and brings an important and high-growth asset class to the organization. The company expects the acquisition to have no effect on 2005 results and to contribute $.02 to $.03 per diluted share in 2006.

SLM Corporation (NYSE:SLM), commonly known as Sallie Mae, is the nation's No. 1 paying-for-college company, managing more than $116 billion in student loans for 8 million borrowers. Sallie Mae was originally created in 1972 as a government-sponsored entity (GSE) and terminated its corporate 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.

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Source: Sallie Mae

CONTACT: Media: Martha Holler, +1-703-984-5178; Investors: Steven
McGarry, +1-703-984-6746, both of Sallie Mae

Web site: http://www.salliemae.com/

Company News On-Call: http://www.prnewswire.com/comp/827187.html

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