SLM Holding Corp., the parent of Sallie Mae, unveiled a system for students to apply for loans over the Internet.

The system, Laureate, is intended to help SLM compete with the government's direct loan program, which controls a third of the market. SLM said it now does only a "nominal amount" of direct lending. Laureate will let students apply for bank loans as well as direct Sallie Mae loans, SLM said. The system will be up for the 1999 academic year.

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