SLM Corp.
11600 Sallie Mae Dr.
Reston, Va. 20193
www.salliemae.com Year founded: 1973 Industry: Financial services Revenue: $4.16 Billion Net Income/Loss: $1.53 Billion Earnings per share: $3.29 Dividend: $0.59 Stockholder equity: $2.63 Billion Auditor: PricewaterhouseCoopers LLP Stock: SLM Assets: $64.61 Billion Market capitalization: $18.24 Billion 52-week high: 43 3/8/2004 52-week low: 35.6 12/18/2003 Chairman: Edward A. Fox CEO and Vice Chairman: Albert L. Lord Employees: 7500 Local employees: 600 Description: SLM, better known as Sallie Mae, makes, buys, services and collects federally insured student loans. Started with federal sponsorship in 1973, it has been severing ties to the government since 1997 to become a private-sector company by next year, three years earlier than required by law. SLM owns 30 percent of all outstanding federally insured student loans. Developments: Since its founding as the Student Loan Marketing Association, SLM has had several name changes and a changed business plan. Originally federally chartered but owned by shareholders, the company is now close to becoming fully private. Last year more than three-quarters of its outstanding loans were made with money raised by its private division, up from around half a year earlier. A division still closely tied to the federal government raised the rest of the money. When all of the company's debt is raised without the help of the government, which is expected by next year, the company will consider its process of privatization complete. It will be the first GSE, or government sponsored enterprise, to make the transition. The company spent last year, as it has the last few years, filling in gaps in its business by acquiring other companies that mesh with its core business of making loans. For example, it's now the largest collector of federally guaranteed loans and the largest such service provider for the Education Department. The company continues to expand its core business, too. It holds the loans it makes in its own portfolio or pools them into asset-backed securities it then sells to Wall Street investors. The business continues to ride a wave of steadily rising tuition costs and increasing numbers of high school graduates who want to attend college, though in the fourth quarter earnings dropped 14 percent because of lower gains on the pooled loans. In August, Sallie Mae plans to move across the street from its offices in Reston to a new building. From the proceeds of the sale of its old building it donated $40 million to the Sallie Mae Fund, a charity sponsored by the company. Executive Compensation
CEO and Vice Chairman: Albert L. Lord
Total Cash: $3,250,000.00
Total Compensation: $41,780,656.00 President and COO: Thomas J. Fitzpatrick
Total Cash: $2,550,000.00
Total Compensation: $27,786,394.00 Executive Vice President: John F. Whorley
Total Cash: $875,000.00
Total Compensation: $4,739,951.00 Executive Vice President: Marianne M. Keler
Total Cash: $900,000.00
Total Compensation: $3,373,052.00
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