RESTON, Va. – Albert Lord, the chairman of student loan giant Sallie Mae, raised $185 million last Thursday and Friday with the sale of 400,000 Sallie Mae shares. The shares were sold at prices between $45.75 and $46.03, just before Monday’s news of proposed federal cuts in the student loan program pushed the share price down below $42. Lord, who led the privatization of the former government sponsored enterprise, sold the share to raise money for various business commitments, the company said in a statement. As a result of the sale, Lord owns about 1 million Sallie Mae Shares and options to acquire another 7.3 million shares, putting his financial stake in the company at over $500 million.
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