Sally Mae and the Student Loan Swindle Message Board

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Non-Tech : Sally Mae and the Student Loan Swindle

SLM 26.61

-1.4%

Oct 30 3:59 PM EDT

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From: Grandk	2/5/2007 4:38:34 PM
	of 63

Bush seeks Sallie Mae, other student lender cuts Monday February 5, 2:55 pm ET WASHINGTON (Reuters) - The Bush administration on Monday proposed cutting subsidies and fees collected by institutions that make college loans, sending sector leader Sallie Mae's (NYSE:SLM - News) stock price reeling. The lender's shares were down 8.7 percent on the New York Stock Exchange at $42.40 by midday. "The cuts proposed today by the president to the private-sector student lending program, which currently serves 80 percent of all student borrowers, would have far-reaching consequences for students and taxpayers," Sallie Mae, formally known as SLM Corp., said in a statement. "These harmful cuts would result in substantially fewer lenders participating in the program, reduced competition and move us closer to a government-run student loan monopoly in the Direct Lending program, supported by an enormous federal government bureaucracy," the company said. Nelnet Inc. (NYSE:NNI - News), another major student loan group, saw its shares fall 7.9 percent by midday to $25.52.

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