RESTON, Va. - (10/19/04) -- Student loan giant SLM Corp., betterknown as Sallie Mae, said it has completed the purchase ofSouthwest Student Services Corp. from not-for-profit HeliosEducation Foundation for $500 million and will convert it into afor-profit lender. Phoenix-based Southwest is the nation's ninthlargest holder of federal student loans with a $4.8 billionportfolio, and issues about $300 million in Stafford and PLUS loansannually. The deal will boost Sallie Mae's total loan portfolio toabout $100 billion.
Sallie Mae Acquires Student LoanOriginator
October 19, 2004, 1:00 a.m. EDT
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