Sallie Mae 2001 Annual Report Download - page 9

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Dear Shareholders: As I look back on the past 12 months, I do so with a sense of great pride.
The year 2001 was an extraordinary one for Sallie Mae.
We surpassed $70 billion in managed student loans, originated more than $10 billion in student loans
and generated 28 percent “core cash basis” earnings per share growth. We were rewarded with his-
torically high stock prices and an increasing sense that our success is allowing us to set standards for
the student loan industry, as a responsible market leader can and should.
Sallie Mae’s success is a direct result of the collaborative efforts put forth by its employees, a fact
that is particularly gratifying to me. In 1973, when Sallie Mae opened its doors at 1750 K Street in
Washington, D.C., I was appointed its first president. Since then, the journey has been nothing short
of astounding. We have transformed ourselves from an acquirer of student loans in the secondary
market to a direct originator, with our concentration of resources shifting to frontline customers:
schools and borrowers. What hasn’t changed, however, is our mission: to make education accessible
and affordable for all Americans at all times in their lives.
Sallie Mae’s outstanding sales and operations teams contributed, in countless ways, to Sallie Mae’s
performance in 2001. Members of our expanded sales force, which is three times that of our largest
competitors, are reaching out to every major college and university in this country, helping us provide
even greater levels of service and support.
Today, from my vantage point, the company has only begun to realize its true potential. As we look to
the future, I am confident that over the coming months and years, Sallie Mae will continue to sustain
its record level of growth and enhance its role as the industry leader.
One final note: You will notice throughout this Annual Report that the formal name of our holding
company will be changing to SLM Corporation, effective May 17, 2002. This name change, from
USA Education, Inc., is intended to align our corporate name with our New York Stock Exchange ticker
symbol, which, of course, has been SLM since 1984. And, as we enter our 30th anniversary year, the
name brings us full circle, back to our SLM roots, from which our nickname “Sallie Mae” was derived.
Best wishes,
Edward A. Fox
Chairman of the Board
Edward A. Fox
Letter from the Chairman