Sallie Mae

Sallie Mae definition - finance
A nickname for the Student Loan Marketing Association (SLMA), which buys student loans from lenders such as colleges or financial institutions. Sallie Mae pools the loans, packages them, then resells them to investors. This frees up the institutions to issue more loans, because the debts are removed from their balance sheets. Sallie Mae is a federally-chartered corporation that is publicly traded.

Webster's New World Finance and Investment Dictionary Copyright © 2003 by Wiley Publishing, Inc., Indianapolis, Indiana.
Used by arrangement with John Wiley & Sons, Inc.

Comments
Improve this definition.
Do you have more to add? Share your linguistic knowledge or observation.
/Register to save your comments.