Sallie Mae?s Latest Corporate Social Responsibility Report Highlights Commitment to Customers, Communities, Employees, and the Environment

BY Business Wire | AGENCY | 05/20/22 09:00 AM EDT

Company Awarded Nearly $2 Million in Scholarships and Grants to Students, Social Justice Focused Non-Profits, and Community Partners; Increased Volunteerism by 31%

NEWARK, Del.--(BUSINESS WIRE)-- Sallie Mae? today released its annual Corporate Social Responsibility Report, ?Powering Confidence: Increasing Access and Opportunity Through Higher Education.? The report highlights the company?s continued commitment to environmental, social, and governance best practices through consistent focus on its customers, team members, and communities.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220519005982/en/

Sallie Mae supports access and completion of higher education through its charitable arm, The Sallie Mae Fund. Specifically, the company awarded nearly $1 million in scholarships to minority students and those from underserved communities as part of its ongoing partnership with Thurgood Marshall College Fund. Over the course of three years (2021-2023), $3 million in scholarships will be awarded to students through The Sallie Mae Fund?s Bridging the Dream Scholarship Program. Additionally, the company provided $250,000 to support nonprofits focused on eliminating barriers for Hispanic and LGBTQ+ students, part of the company?s broader $1.5 million commitment to advance social justice in higher education.

The company is also dedicated to filling confidence gaps, and helping students and families make informed decisions about college and their future. Sallie Mae offers any and all students and families free and accessible tools and resources, including scholarship search tools, tutoring support, money management, and budgeting tools, and internship and career guidance after college. In fact, more than 24,000 students earned a scholarship through the company?s free scholarship search tool, collectively covering $67 million in college costs.

?While our primary business is to offer private student loans to finance any gaps after scholarships, grants, and federal financial aid, our mission is much broader: we are powering confidence as students begin their unique journey in higher education,? said Jon Witter, CEO, Sallie Mae. ?We know higher education is a great equalizer and a proven pathway to economic mobility and those doors should be open to all students. We?re focused on doing just that by providing free tools, resources, and scholarships to help students ? particularly those from underserved communities ? access and complete college. Our commitment also extends to the communities where our diverse team members live, work, and serve. These efforts are foundational to being a good corporate citizen and a great place to work.?

Sallie Mae supports its more than 1,400 team members through ongoing professional development and empowers them to bring their full selves to work each day. More than 100 team members took advantage of the company?s generous tuition reimbursement program last year, and the company also paid nearly $350,000 to fully vaccinated team members as part of its COVID-19 vaccination incentive program. Additionally, the company welcomed Chief Diversity Officer Lori Aiken and formed a Diversity Council.

Learn more and access Sallie Mae?s Corporate Social Responsibility Report at www.salliemae.com.

Sallie Mae believes education and life-long learning, in all forms, help people achieve great things. As the leader in private student lending, we provide financing and know-how to support access to college and offer products and resources to help customers make new goals and experiences, beyond college, happen. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation (SLM) and its subsidiaries are not sponsored by or agencies of the United States of America.

Category: Community and Philanthropy

Source: Sallie Mae

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

fir_news_article