Sallie Mae Receives 'Exceptional Performance' Re-Designation from U.S. Department of Education

SLM Corp., commonly known as Sallie Mae, announced today that for the second year in a row it has earned the U.S. Department of Education’s “Exceptional Performance” designation, a classification awarded to qualified lenders and loan servicers for meeting certain government standards of performance in servicing loans under the Federal Family Education Loan Program (FFELP).

To qualify as an Exceptional Performer, lenders and servicers must achieve an overall compliance performance rating of 97 percent or higher for servicing requirements set by the Department on federally guaranteed loans.

As a result of the designation, Sallie Mae will receive 100 percent reimbursement on federally guaranteed student loan default claims submitted between Oct. 19, 2005 and Oct. 18, 2006. To maintain the designation, the company must remain in compliance with servicing standards that are audited on a quarterly basis.