RESTON, VA – SLM Corporation, commonly known as Sallie Mae, today announced that it has completed the purchase of Southwest Student Services Corporation (Southwest). The company announced in August its plans to purchase the Phoenix-based student loan originator and servicer from the Helios Education Foundation.
With the closing of the transaction, Southwest becomes a wholly owned subsidiary of SLM Corporation, retaining its own brand and identity. Southwest, the nation’s ninth largest holder of federal student loans with a $4.8 billion portfolio, issues approximately $300 million in Stafford and PLUS loans annually. The company provides student loans and related services nationally with a primary focus on colleges and universities in Arizona and Florida.
Vince Roig will continue to serve as chief executive officer of Southwest, responsible for its overall growth and performance. Southwest will continue to differentiate itself in the marketplace by taking a consultative approach with the schools and clients it serves and adding value to each relationship it supports.
SLM Corporation, commonly known as Sallie Mae, is the nation’s leading provider of education funding, managing nearly $95 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 (FFELP), 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 (GSE) called the Student Loan Marketing Association, and began the privatization process in 1997. Since then, the parent company name has changed, most recently to SLM Corporation. 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.
Southwest Student Services Corporation (Southwest) has over 20 years of experience in providing financial access to education. The Corporation has built a national reputation for excellence in serving customers across the United States by making access to education finance easy and affordable. Southwest assists schools, parents and student borrowers at the undergraduate, graduate, and professional school levels by providing low-cost federal and private education loans. In addition, Southwest partners with other loan providers and education-based partners to create customized solutions to meet a wide variety of customers’ needs.
