Sallie Mae 2005 Annual Report Download - page 105
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95
Political/Regulatory Risk
Because we operate in a federally sponsored loan program, we are subject to political and regulatory
risk. As part of the HEA, the student loan program is periodically amended and must be “reauthorized”
every six years. Past changes included reduced loan yields paid to lenders in 1993 and 1998, increased fees
paid by lenders in 1993, decreased level of the government guaranty in 1993 and reduced fees to
guarantors and collectors, among others. On February 8, 2006, the Reauthorization Legislation was signed
into law. There are a number of changes that could have a material impact on the Company. For a detailed
discussion on the Reauthorization Legislation and its impact on the Company see “OTHER RELATED
EVENTS AND INFORMATION—Reauthorization.”
The Secretary of Education oversees and implements the HEA and periodically issues regulations and
interpretations that may impact our business.