SLM Corp
Industry: Consumer Financial Services

SLM Corporation (NYSE: SLM), commonly known as Sallie Mae, is the nation's leading provider of education funding, managing nearly $81 billion in student loans for more than 7 million borrowers. The company primarily provides federally guaranteed student loans originated under the Federal Family Education Loan Program (FFELP), & offers comprehensive information and resources to guide students, parents & guidance professionals through the financial aid process. Celebrating its 30th anniversary this year, the company opened its doors in May 1973 as a govt-sponsored enterprise (GSE) called the Student Loan Marketing Association, & began the privatization process in 1997. Since then, Sallie Mae's parent company name has changed, most recently to SLM Corporation.Through its specialized subsidiaries & divisions, the company also provides an array of consumer credit loans, including those for lifelong learning & K-12 education, & biz & technical outsourcing services for colleges & universities. More information is available at http://www.salliemae.com. SLM Corporation & its subsidiaries, other than the Student Loan Marketing Association, are not sponsored by or agencies of the US.

Business Summary
SLM Corporation (Sallie Mae) is a holding company. Through its subsidiaries, it provides funding, delivery and servicing support for education loans in the United States primarily through its participation in the Federal Family Education Loan Program (FFELP). The Company's primary business is to originate, acquire and hold student loans. Sallie Mae also provides a range of financial services, processing capabilities and information technology to meet the needs of educational institutions, lenders, students and their families, and guarantee agencies. The Company operates in segments: Lending business segment and Debt Management Operations business segment, which is referred as DMO business, and Corporate and Other business segment. During the year ended December 31, 2004, the Company acquired Southwest Student Services Corporation (Southwest) and Student Loan Finance Association (SLFA).

Financial Summary
For the nine months ended 30 September 2005, SLM Corporation's revenues increased 26% to $4.51B. Net income applicable to Common decreased 25% to $937.2M. Revenues reflect a significant increase in interest earned on consolidated, FFELP Stafford, and other student loans. Net income was offset by increased interest expenses, increased provisions taken for loan losses, increased operating expenses, and a higher effective income tax rate.