Business and Personal Finance Dictionary

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• SALLIE MAE
  
  This corporation purchases student loans from various lenders, such as banks, and packages the loans as bonds, or as short-term or medium-term notes. After issue, these debt securities trade on the secondary market. Sallie Mae guarantees repayment of the bonds and notes, and uses the money it raises through the sale of these securities to provide additional loan money for post-secondary-school students. Sallie Mae also arranges financing for state student loan agencies. Its shares trade on the New York Stock Exchange (NYSE).
  
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