Word: loaned
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Dates: during 1980-1989
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Also its "commitment program" has proved very useful to colleges participating in government sponsored loan programs because they can sell bad loans to Sallie Mae and avoid getting burned by delinquent alumni...
...just one of several government created private organizations with women's names all designed to serve a public purpose while making money at the same time. Three of the most important Fannic Mae (Federal National Mortgage Association). Ginnie Mac (Government National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation) all serve as reservoirs for home mortgage loans...
...think it would be fair for you to criticize that as a discrimination on their part but just a characteristic of the loans they participate in," says David B. Laird of Springston, Inc... a St. Paul firm that advises several state loan authorities, "Sallie Mae has historically said to the small banker. "We'll take your high balance loans where the student is still in school, but for all the rest of them we're going to give you a discounted price...
...Longenescher says he blames part of Sallie Mae's reluctance to buy the small loan on the way Congress set up the company. "They structured a strange beast there one that has got a profit motive while serving a public purpose. When you create a profit seeking organization it would be unrealistic tie not to expect it to make a profit. I think that if they had created a non profit organization with the same goals it might have been different. I don't blame Sallie Mae I just don't like...
Thus the fledgling Sallie Mae moved into 1974 with $25 million of capital backing on the $1 billion worth of student loans that it already had purchased. Then as now most of the loans Sallie Mae owns were Guranteed Student Loans made by the Department of Education to college students. Depending on when students took out the loan they pay 7,8 or 9 percent interest after they get out of college and the government pays the interest while the student is in school...