Sallie Mae 2000 Annual Report Download - page 7

Download and view the complete annual report

Please find page 7 of the 2000 Sallie Mae annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 23

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23

satisfied with second place. We execute our business plan
mindful of the American taxpayers’ interest in making educa-
tion more accessible and affordable. We are their largest and
most reliable private-sector partner, and we provide them
with the lowest-cost opportunity. I personally look forward to
working with our higher education customers, the Congress
and the new Administration to provide the taxpayer with an
even better deal.
As shareholders, your Board, Management and our
employees smile more these days. We are acutely aware that
today’s share value reflects your expectations of us; it is not
a reward for yesterday’s news. I wish I had the opportunity
to tell each of you in person that we are just getting started.
Thank you again for your investment in Sallie Mae. I look
forward to seeing many of you at our shareholders meeting
in Fishers, Indiana, home of the former USA Group and now
our Servicing and Information Technology headquarters.
Sincerely,
”Sallie Mae completed a his-
toric year by just about any
standard. We acquired and origi-
nated record levels of student
loans, merged the top two indus-
try players and were rewarded
with a stock price that reached
an all-time high. It is particu-
larly gratifying to me as the
company’s first president to
witness the evolution of Sallie
Mae from its birth as a second-
ary market to its remaking as a
retail-level leader that is now
well positioned to improve all
aspects of the higher education
credit marketplace.”
Edward A. Fox
Chairman of the Board
Growth like never before
12 13 14
Loan Default: A loan made under a federal
program that is 270 days delinquent is a defaulted
loan. The lender presents a claim for 98 percent
reimbursement to the guaranty agency. The guaranty
agency purchases the defaulted loan and then files
for partial reimbursement from the DOE.
Default Collection: Loan servicers
work to locate and collect on defaulted
accounts for the benefit of U.S. taxpayers.
Paid-In-Full: Borrowers fulfill their
repayment obligations, and the principal
and interest balances on the loan are
reduced to zero. 5
Albert L. Lord
Vice Chairman and Chief Executive Officer