Sallie Mae Collection Unit Expands Services, Wins State Contract

CINCINNATI, OH – General Revenue Corp. (GRC), one of the nation’s largest collection agencies and a subsidiary of Sallie Mae, today announced that it has been awarded a contract to collect defaulted personal income tax for the State of Ohio. GRC, based in Cincinnati, expects to begin collection work under the contract by the end of March 2005.

“We are pleased to partner with the Ohio Attorney General’s office as we work to return money to the state,” said Joe Fazzini, president and CEO of GRC, a leader in the collection business since 1981. “For more than a decade, GRC has been privileged to serve the citizens of Ohio in the collection of student loans for the state’s colleges and universities. We appreciate the faith the Attorney General’s office has placed in us, and we eagerly anticipate applying our skills to the income tax arena.”

Ohio Attorney General Jim Petro said, “General Revenue Corporation has proven to be an effective partner with the Ohio Attorney General’s university collection program. We look forward to expanding that partnership to include personal income tax collection for the State of Ohio,” he said.

With more than 23 years specializing in the collection of delinquent debt, GRC has redefined the art of borrower consultation and negotiation and utilizes state-of-the-art technology to its fullest. More than 800 institutions across the United States entrust GRC with the responsibility of resolving their borrowers’ outstanding debt obligations. The company employs more than 500 individuals in Cincinnati and specializes in the recovery of education-related receivables.

Founded in 1981, General Revenue Corporation (GRC) is the nation’s largest university-focused collection agency, performing collections for five guaranty agencies and more than 850 other clients, of which 730 are higher education institutions. Headquartered in Cincinnati, Ohio, GRC has offices in Indianapolis, Ind., and Las Vegas, Nev., and has more than 750 employees. The company was acquired by SLM Corporation, the nation’s leading provider of education funding and commonly known as Sallie Mae, in January 2002. SLM Corporation and its subsidiaries, other than the Student Loan Marketing Association, are not sponsored by agencies of the United States.

SLM Corporation, commonly known as Sallie Mae, is the nation’s leading provider of education funding, managing more than $98 billion in student loans for more than 7 million borrowers. The company primarily provides federally guaranteed student loans originated under the Federal Family Education Loan Program and offers comprehensive information and resources to guide students, parents and guidance professionals through the financial aid process. Sallie Mae was established in 1973 as a government- sponsored enterprise called the Student Loan Marketing Association, and began the privatization process in 1997. Through its specialized subsidiaries and divisions, Sallie Mae also provides an array of consumer credit loans, including those for lifelong learning and K-12 education, and business and technical products and services for colleges and universities. More information is available at www.salliemae.com. SLM Corporation and its subsidiaries, other than the Student Loan Marketing Association, are not sponsored by or agencies of the United States.