DATE: July 8, 2003
CONTACT: Gus Wales
PHONE: (225) 922-2029
FAX: (225) 922-0790
Louisiana Selects Sallie Mae's Student Loan Processing System
The Louisiana Office of Student Financial Assistance (LOSFA) announced today the selection of SLM Corp., commonly known as Sallie Mae, as its student loan services contractor. Under its new five-year contract, Sallie Mae will continue to provide LOSFA with an automated student loan processing system to facilitate the agency's administration within Louisiana of the Federal Family Education Loan Program (FFELP), formerly the Guaranteed Student Loan Program. The new contract begins Oct. 1, 2003.
"LOSFA is pleased to renew our relationship with Sallie Mae as our software provider for FFELP processing," said Melanie Amrhein, LOSFA's Assistant Executive Director for Operations. "Students are our highest priority. This new five-year contract includes system enhancements that will improve our efficiency and the quality of service that we are able to provide our students and schools."
LOSFA is an agency of the state of Louisiana that administers student aid programs assigned to the Louisiana Tuition Trust Authority and the Louisiana Student Financial Assistance Commission. As the designated guarantor for student loans originated in Louisiana, LOSFA manages a portfolio of more than $1.5 billion in outstanding loans for more than 240,000 borrowers. In addition to the FFELP, LOSFA administers Louisiana's two premier student assistance programs, TOPS and START, the state's unique college savings program. LOSFA works in partnership with Louisiana's schools and lending institutions to provide the financial resources needed by Louisiana's students to pursue their education.
"Sallie Mae is pleased to continue this successful partnership in making federal funds available to Louisiana's students, said June McCormack, Executive Vice President of Guarantor Services and Sales Marketing for Sallie Mae. "With our superior processing systems, we are poised to facilitate the agency's service to Louisiana families."
Sallie Mae is the nation's leading provider of education funding and manages nearly $81 billion in student loans for more than seven million borrowers. The company's primary focus is federally guaranteed student loans originated under the FFELP.