Sallie Mae 2001 Annual Report Download - page 12

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administration appreciate the FFELP’s effectiveness as evidenced in January 2002 when they perma-
nently restructured the mechanism for setting student loan interest rates with a private-sector finance
index—90-day commercial paper. That legislation should cut the program cost and encourage the
private-sector competition so necessary for innovation.
Completing our exit to a fully private charter will test our financing abilities. We are anxious to
completely shed the GSE mantle and get on with our new status. This year is pivotal as we begin to
accelerate securitization activity and debt issuance for the holding company without impairing the
achievement of our long-term earnings goals.
Keeping Our Promises. Along the way, we have been keeping our long-standing promise to
transform the company from a wholesale to a retail business. Our business plan has proven solid and
true. It has put us in position to surpass the direct lending program soon as the No. 1 originator of
student loans in the United States. The plan has provided the patient investor good returns. Now, we
are ready for Sallie Mae’s next chapter. Shortly after year-end 2001, we both executed employment
contracts that focus us on a new set of long-range performance targets. We thank the Board of
Directors for its confidence and look forward to our next set of accomplishments.
We want to acknowledge our pride in achieving success for each of our key constituencies: students,
schools, taxpayers, shareholders and employees. We are heartened by Wall Street’s recognition of our
potential and confidence in our ability to deliver on our promises. We also want to thank our very
loyal investors. We know who you are, and we appreciate you.
The first several pages of our Annual Report chronicle how Sallie Mae is making a difference in the
lives of the individuals we serve … the faces of Sallie Mae. They are just seven people, but their stories
represent Sallie Mae’s involvement, in meaningful ways, in every step of the student loan life cycle.
Our involvement throughout the process is at the core of what we do as a company, and it allows
us to fulfill our mission: to make higher education affordable and accessible to all Americans at all
times of their lives.
We thank you for your support of this mission, and we hope that you find this report to be of interest.
Albert L. Lord Thomas J. Fitzpatrick
Vice Chairman & Chief Executive Officer President & Chief Operating Officer
“Our business plan has proven solid
and true. It has put us in position to
surpass the direct lending program
soon as the No. 1 originator of stu-
dent loans in the United States.”