Sallie Mae(redirected from SLM Corporation)
Also found in: Dictionary, Encyclopedia, Wikipedia.
Related to SLM Corporation: Equifax
This corporation purchases student loans from various lenders, such as banks, and packages the loans as bonds or short-term or medium-term notes. After issue, these debt securities trade on the secondary market.
Sallie Mae guarantees repayment of the bonds and notes, and uses the money it raises through the sale of these securities to provide additional loan money for post-secondary school students. Sallie Mae also arranges financing for state student loan agencies. Its shares trade on the New York Stock Exchange (NYSE).
Popular name for Student Loan Marketing Association.This organization has nothing to do with real estate,but it is defined here because there is sometimes confusion with all the other “Maes”that are related to real estate finance—Fannie Mae,Ginnie Mae,Maggie Mae,and Munie Mae.