Sallie Mae Eyes Missouri Student LoanAgency
JEFFERSON CITY, Mo. - (01/25/06) Gov. Matt Blunt and legislativeleaders are discussing a plan to sell the state-owned student loanagency to raise funds for capital improvements and other projects.One plan being discussed would sell the Missouri Higher EducationLoan Authority to student loan giant Sallie Mae for as much as $400million. Sallie Mae, formerly known as SLM Corp., was rebuffed lastyear when it tried to buy Pennsylvanias student loan agency,the Pennsylvania Higher Education Assistance Agency, for $1billion. The state legislature, which controls the Pennsylvaniaagency, balked at the idea of selling the not-for-profit loanagency to a for-profit entity. Since shedding its governmentsponsored charter, Sallie Mae has bought up many of the non-bankstudent loan agencies and grown to dominate the student loan marketwith a $122 billion loan portfolio.