Sallie Mae 2002 Annual Report Download - page 6

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Today, the business that Sallie Mae began to nurture in 1973 continues to flourish.
We have forged a rich history of service to higher education, working with thousands of
schools and helping millions of borrowers make an investment in an education that will
pay a lifetime of dividends.
As Sallie Mae’s first employee, I have had a front-row seat to this company’s remarkable
transformation over the years. Throughout it all, and as we have successfully met each
challenge that has emerged, Sallie Mae’s mission remains as it was 30 years ago: to make
higher education accessible and affordable for all Americans at all times of their lives.
In 2002, Sallie Mae delivered another impressive performance, achieving its third con-
secutive year of double-digit percentage growth in its preferred-channel loan originations.
These loans, which are originated through Sallie Mae-owned or -affiliated brands, are
a key measure of the company’s market success, as well as a reliable indicator of
future loan volume. We also are very pleased with 2002 “core cash” earnings results,
with the company reporting $4.29 per diluted share, a 14-percent increase from 2001.
As we celebrate the completion of our third decade, we take pride in the business that
we have built and in the recent accomplishments that stem from our work in the early
years. But just as important, we look ahead, confident that Sallie Mae’s effective business
model, responsive sales and customer-service teams, advanced technology and strong part-
nerships with schools, lenders and guarantors will help us open even more doors to higher
education for future generations of students and families.
This year’s Annual Report chronicles Sallie Mae’s evolving history. As you read the stories
on the following pages, you will be introduced to individuals and families who have
benefited personally and professionally from a college education made possible by a
student loan. Their achievements are reflective of the mission first envisioned by the
founders of Sallie Mae and by those who continue to lead this organization into the future.
Sallie Mae has come a long way since opening its doors on May 14, 1973, in Washington, D.C.
I feel privileged to have been a part of this great American success story.
1975
Sallie Mae’s first shareholder
meeting is held. In the same year,
the company’s first loan is purchased
from First Pennsylvania Bank.
1979
Sallie Mae’s total
assets surpass the
$1 billion mark.
Sallie Mae maintains
a client base of 526
and a 19-percent
share of the student-
loan market.
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Edward A. Fox
Chairman of the Board