RESTON, Va., April 28, 2008—In an effort to educate students and families about paying for college and effective money management, Sallie Mae, the nation’s leading provider of saving- and paying-for-college programs, today participated in the 6^th Annual Financial Literacy Day on Capitol Hill. Sponsored by Junior Achievement, the Jump$tart Coalition, and the National Council on Economic Education, the event capped off a month long financial literacy campaign to help raise awareness and better educate young Americans to be "fiscally fit."

Through a special U.S. Senate resolution introduced by Senator Daniel Akaka (D-HI), the month of April was again declared national Financial Literacy Month. Senator Akaka along with Senator Mike Enzi (R-WY) and Representatives Rubén Hinojosa (D-TX) and Judy Biggert (R-IL) were on hand to commemorate the occasion and better understand how Sallie Mae and other members of the financial services community promote financial literacy to families.

"It’s never too early or too late to learn how to save sufficiently, borrow wisely and manage your money effectively," said C.E. Andrews, president of Sallie Mae. "With the largest high school class in history graduating this spring and many students and families getting ready to make decisions on how to pay for college in an uncertain economy, understanding how to budget your money and borrow wisely takes on increased significance."

Sallie Mae is committed to promoting financial literacy and smart money management. Along with Sallie Mae’s comprehensive suite of financial literacy services, the company recently underwrote a new, free video, "Borrow Smart," produced by financial publisher Kiplinger. Offering informative and easy-to-understand tips on saving and paying for college, "Borrow Smart" was on display for Members of Congress and staff at Financial Literacy Day along with materials on Sallie Mae’s various financial literacy resources, including:

TuitionPay

Sallie Mae’s TuitionPay plan is an interest-free payment option that allows students to pay tuition in installments. Most schools send out tuition bills for the cost of the entire term and that are due in full. The TuitionPay plan takes the student’s bill and splits it into smaller amounts, payable over a number of months, with no interest charged. These plans enable families to reduce or minimize education-related debt by using current income to pay for education costs. TuitionPay is offered at more than 1,500 schools nationwide. (www.TuitionPay.com)

Be Debt Savvy

Sallie Mae’s educational ‘Be Debt Savvy’ campaign provides consumers with various tools and resources that encourage smart borrowing and recommend ways to establish and maintain good credit through responsible financial habits. The ‘Be Debt Savvy’ Web site offers free resources designed to educate consumers from high school through college graduation and beyond. (www.SallieMae.com/BeDebtSavvy)

529 College-Savings Plans

529 college-savings plans administered by Upromise Investments, Inc. allow individuals to save money in a tax-deferred account to be used for higher education costs. Money can be withdrawn at any time, and withdrawals that are used for qualified higher education expenses are free of federal income tax. Today, families have more than $100 billion invested in 529 plans across the country. (www.529.com)

Scholarships

CollegeAnswer.com, Sallie Mae’s planning- and paying-for-college Web site, makes it simple for families and students to do their homework and search for ‘free money’ — grants and scholarships — to pay for college. The Web site gives students free access to the largest online scholarship search service, with a database containing more than 2.8 million scholarships worth in excess of $16 billion. (www.CollegeAnswer.com)

The Sallie Mae Fund

Sallie Mae sponsors The Sallie Mae Fund, a charitable organization dedicated to opening doors to higher education. The Sallie Mae Fund will provide $2 million in college scholarships for the 2008–2009 school year, such as the Unmet Need Scholarship, which is currently accepting applications through a May 31 deadline. Other resources from The Fund include "Black College Dollars" and "Latino College Dollars" scholarship directories, the "Saving for College" guide, and the award-winning publication "Mission: Possible," a toolkit that helps families plan and pay for college. (www.salliemaefund.org)

For a free copy of Sallie Mae and Kiplinger’s "Borrow Smart" video or for more information on Sallie Mae’s financial literacy resources please visit www.salliemae.com/dreams.

For more information contact:
Rick Castellano (703) 984-5535