SLM Corp. (SLM) Reduces Commitments Under Private Education Loan Facility

August 28, 2008 2:48 PM EDT

In a Form 8-K, SLM Corp. (NYSE: SLM) announced that as of August 25, the company has re
duced the commitments under its Private Education Loan ABCP conduit facility by approximately $2.2 billion. The commitments provided by Bank of America, N.A., JPMorgan Chase Bank, N.A., Barclays Bank plc, Deutsche Bank AG, New York Branch, The Royal Bank of Scotland plc, Credit Suisse, New York Branch and DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main were reduced from approximately $5.9 billion to approximately $3.8 billion. There were no changes to interest rates, maturity or other terms of the facility.

Also, SLM, through its special purpose entities, Town Hall Funding I, Town Center Funding I and Bluemont Funding I, has agreed to reduce the commitments under its FFELP student loan ABCP conduit facilities by approximately $4.1 billion on or before September 30, 2008.

As a result of the reduced commitments, the banks will rebate to the Company fees previously paid to the banks of approximately $17.1 million.

SLM Corporation, through its subsidiaries, provides education finance in the United States.

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