Sallie Mae on Monday launched a no-fee student checking account through its bank subsidiary.
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The lender, formally known as SLM Corp., said universities can now disburse financial aid and tuition refunds to the checking accounts so students have near-immediate access to the funds.
Students can use the online banking feature to track their disbursements, pay bills or add money to their accounts. No minimum balance is required, and there is no charge for withdrawing cash at the 35,000 automated teller machines nationwide that accept MasterCard.
