The student lender SLM Corp., better known as Sallie Mae, is in the market with a student loan-backed $589 million bond deal, according to a person familiar with the matter.

The debt is eligible for financing under a Federal Reserve program that has been credited with supporting the consumer loan-backed market.

More than $90 billion of deals eligible for cheap financing under the central bank's Term Asset-Backed Securities Loan Facility have been issued since March this year.

The next loan application deadline for the Talf is Thursday.

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