Sallie Mae To Acquire Student-Loan Collection<@SM>Agency

- RESTON, Va. (01/16/02) - USA Education, Inc.,commonly known as Sallie Mae, has agreed to acquireCincinnati-based General Revenue Corp., the nation's largestuniversity-focused loan collection agency. The deal followsSallie's acquisition, closed earlier this month, of Pioneer CreditRecovery, Inc., an Arcade, N.Y.-based student loan collectionagency. GRC, founded in 1981, performs collection services forseven guaranty agencies and almost 800 clients, including 730higher education institutions, and employs 450 people. Terms of theGRC deal were not disclosed. Sallie Mae owns or manages $72 billionof student loans.