The Student Loan Marketing Association is gearing up for a major transformation from a government-sponsored enterprise to an independent company.

After shareholder approval, expected in May, Sallie Mae would be just one piece of SLM Corp. SLM is to be the holding company for a variety of subsidiaries serving the education community by financing the construction of university facilities, giving educators financial advice, marketing smart cards on campuses, and selling health care coverage to students.

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