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...company now publicly owned was started in conjunction with most of the nation's prominent universities. Sallie Mae's fabulous financial success transformed an initial $400,000 investment by Harvard in 1974 into a whopping $14 million by the end of 1983. Other colleges have reaped similar if not as spectacular sums...
...union of profits and public service makes Sallie Mae "a very interesting success story and one Harvard can be very proud of ," says College Treasurer George Putnam '49, one of the company's founders...
...Sallie Mae also runs a "warehousing advance program," under which financial or educational institutions looking for cash advances to maintain or increase their student loan programs pledge their loan portfolios or government securities to Sallie Mae as collateral...
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...
...Sallie Mae is 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...