Nation’s Largest Educators Union Offers New Solution to Help Members and their Families Pay for College While Saving Money

RESTON, Va.--(BUSINESS WIRE)-- Sallie Mae has formed a new partnership with the National Education Association’s Member Benefits (NEA MB) Corporation to offer members of the nation’s largest educators union and their families the Smart Option Student Loan, an innovative private loan that helps families save money and pay off student loans faster.

“It is our mission to provide members access to programs and products that help make their personal and professional lives easier,” said Gary Phoebus, president and CEO of NEA Member Benefits. “With the increasing costs of postsecondary education, it became very important for us to find a partner that can help our members pay for postsecondary education. With the Smart Option Student Loan, we have secured low interest rates and helped ensure families and students incur less debt.”

Since its founding in 1966 to serve the members of NEA, now numbering 3.2 million educators, NEA Member Benefits is dedicated to making the personal and professional lives of members better through “best in class” programs and services. NEA MB selected Sallie Mae to assist its members and their family members who need supplemental funding for college or graduate school. With market-leading rates, the Smart Option Student Loan features interest payments while in school and a shorter payment term, enabling undergraduates and graduates to complete their degrees with less debt, save money in interest charges, and pay off their loans an average of five to eight years faster compared to a standard 15-year, payment-deferred private education loan.

“NEA members know first-hand the value of education, and Sallie Mae is here to help make those dreams a reality,” said Joe DePaulo, executive vice president and chief marketing officer, Sallie Mae. “This new model of private education loan empowers families to pay a little now and save a lot later. It’s the smart, educated choice.”

For more details about the Smart Option Student Loan in partnership with NEA, please visit www.SallieMae.com/NEA.

SLM Corporation (NYSE: SLM), commonly known as Sallie Mae, is the nation’s leading saving, planning and paying for education company. Sallie Mae’s saving programs, planning resources and financing options have helped more than 31 million people make the investment in higher education. Through its subsidiaries, the company manages $182 billion in education loans and serves 10 million student and parent customers. In addition, the company’s Upromise program has enabled 12 million members to earn more than $525 million in rewards to help pay for college. Its Upromise affiliates also manage more than $25 billion in 529 college-savings plans. Sallie Mae offers services to a range of institutional clients, including colleges and universities, student loan guarantors and state and federal agencies. More information is available at www.SallieMae.com. SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.

The National Education Association is the nation’s largest professional employee organization, representing 3.2 million elementary and secondary teachers, higher education faculty, education support professionals, school administrators, retired educators and students preparing to become teachers. NEA MB is a wholly-owned subsidiary of the NEA charged with bringing additional value to association membership by providing financial products and solutions tailored for NEA members and their families.

CONTACT:

Sallie Mae
Patricia Nash Christel, 703-984-5382
patricia.christel@salliemae.com

KEYWORDS:   United States  North America  Virginia

INDUSTRY KEYWORDS:   Women  Other Consumer  Education  University  Continuing  Other Education  Professional Services  Banking  Teens  Other Professional Services  Consumer  Family  Men

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