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Wounded Giant Sallie Mae Slashes Student Loans

January 23, 2008 - 12:00am
By Wendy Wang

Troubled student loan giant Sallie Mae struggled to weather a perfect storm in 2007, brought on by the credit meltdown, a failed $25 billion takeover deal, and legislation that cut funding for government-backed loans issued by private organizations. Sallie Mae, a public-private partnership, is the nation’s largest student loan company. Starting in 2008, the company will begin cutting back the amount of student loans it issues, according to a Securities and Exchange Commission filing earlier this year. Despite this announcement, financial aid at Cornell will remain largely unaffected.