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Business Description
SLM Corporation, formerly USA Education, Inc., is a private source of funding, delivery and servicing support for higher education loans for students and their parents in the United States. SLM provides a wide range of financial services, processing capabilities and information technology to meet the needs of educational institutions, lenders, students and guarantee agencies. As of December 31, 2001, the Company's managed portfolio of student loans, including loans owned and loans securitized, totaled approximately $71.7 billion, of which $67.5 billion, or 94%, was federally insured. The Company also had commitments to purchase $21.6 billion of additional student loans, as of December 31, 2001. Primarily a provider of education credit, the Company serves a diverse range of clients, including approximately 6,000 educational and financial institutions and guarantee agencies. The Company serves in excess of seven million borrowers through its ownership or management of student loans.

Financial Information
SLM Corporation provides a wide range of financial services, processing capabilities and information technology to meet the needs of educational institutions, lenders, students and guarantee agencies. For the six months ended 6/30/02, revenues fell 12% to $1.86 billion. Net income applicable to Common rose 77% to $542.6 million. Results reflect reduced interest earned on student loans, offset by lower interest paid on short term debt and higher student loan spreads.