Sallie Mae Expands West CoastPresence
RESTON, Va. - (09/27/04) -- Student loan giant SLM Corp., betterknown as Sallie Mae, said last week it has agreed to acquireSeattle-based Student Loan Finance Association, a non-profit lenderwith a $1.6 billion portfolio of education loans. Under the deal,Student Loan Finance, which makes $50 million a year in studentloans, will be converted into a for-profit entity. The deal,Sallie's second in two weeks, helps expands the company's presenceon the west coast. Terms of the deal were not disclosed. The weekbefore, Sallie agreed to acquire a majority stake in ArrowFinancial Services LLC., a Niles, Ill., loan collectionagency.