Sallie Mae 2003 Annual Report Download - page 15

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LENDER SELECTION LOAN ORIGINATION LOAN DELIVERY GUARANTOR SERVICES DEBT MANAGEMENT
USA Funds Services
Carl Dalstrom
PRESIDENT AND CEO OF USA FUNDS
It was 1961 when USA Funds guaranteed its first student loan to a college stu-
dent named Ronald Evans. Forty-two years later, USA Funds continues to fulfill
higher education dreams for young people like Evans. In 2003, the Indianapolis-
based guarantor delivered record levels of service to higher education, with loan
guarantee volume reaching $16.7 billion. Default prevention efforts were equally
impressive, with nearly $10.9 billion in potential loan defaults averted.
Key to this success is USA Funds’ relationship with
Sallie Mae. Working together, each company strengthens
the other’s ability to better serve thousands of schools and
millions of students and families. Sallie Mae has the tech-
nological know-how, along with a proven track record of
operational and technical expertise, to deliver and collect
education loans. For USA Funds, these core competencies
enhance the guarantor’s own product and service offerings,
such as its financial-literacy program, USA Funds Life Skills,
and an early awareness program for middle-school students
called USA Funds Unlock the Future.
“We view the role of a guarantor not solely as an admin-
istrator of student loans but as a catalyst for college access
that works in partnership with educational institutions, state
and federal governments, financial-service organizations and,
of course, families to make higher education a reality for
more Americans,” says Carl Dalstrom, president and CEO
of USA Funds.
Ted Sparks, vice president of USA Funds Services,
echoes those sentiments, adding: “Historically, USA Funds
was the investor and builder of the guarantor servicing
capabilities that exist within Sallie Mae today. Our charge
at Sallie Mae is to build on that foundation and provide
best-in-class advantages for USA Funds to distinguish itself
in the marketplace.”
The ultimate benefactors, of course, are students and
schools. Says Dalstrom of USA Funds:
“The Sallie Mae/USA Funds relationship makes for a com-
pelling combination for our customers. It also permits us to
concentrate efforts on our nonprofit mission to deliver dis-
tinctive programs that help students prepare for higher edu-
cation, access college and successfully complete their studies.”
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