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Oversight Hearing on Student Loan Marketing Associations

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Oversight Hearing on Student Loan Marketing Associations JJE .017 444 Oversight Hearing on Stu ent oan Marketing 'P Associations. Hearing b fore the Subcommittee on Postsecondary, Education of the Committee on Education and,Labor. House of Re resentatives Ninety-Eighth Congress, First Sessi n. ?migress of the U.S.,/.Washingtop, D.C. House oMmittee on Educatidn and Labor. 24 May 83, 66p.; Document containh'small print. Legal/Legislative/Regulatory Materials (090) Reports" Descriptive (141) EDRS PRICE mFl Plus Postag . PC Not Availhble from EDRS.. ..DESCRIPTORS *Agency Role; *Banking; *Capital; *Findncial Services; Heari gs; Higher Education; Position 'Papers4. Studen Financial Aid; *Student Loan A , Programs '41DENT1F1ERS *GuaranteedSudent Loan Program; *Student /Lban Marketing Asociation ( , ABSTRACT -4 - . Oversight )earings on the Student LoanMarketing' ssociation (Sallie Mae) are presented. Sallie Mae was established by 1-he Education Amendmentsiof 1972 to'provideliquidity for Guaranteed Student Loan (GSL),lendesby purchasing.GSL 'portfolios from lenders or making loans on GSL loans held by lenders. In ipp2, Sallie Mae had total cumulative interest earning assets'in excess ok $5 billion. Currently, the Associa*ion also ponsoN4dates student loans, seryieg .."as a direcelender,iiiliareas where there are inadequate loans' available from comma cial lenders.Attentioniis directed, in the course of the hearfn;/ s, to the.Association's operations, its , financial structureA its.status in the private sector, and its future , operating plans.' 4tails are provided on its growth and assets, eardings, and dividends. Attention is also directed to new authorities of T ile Mae, including the bankruptcy priority, the consolidation au horitY, the 'purchase of a savings and loan Ampeny, the question it is,subject to state taxation, and other state-related concerns. It is noted that the Association is both a quasi-governmetal private corporation that has corporate /responsibilitlies to its sha dholders, and, on the other hand, .a / public purpose Or a public, esponsibility to insure GSL aecesS'to students.. (SO) to. It / 4 ***** ** ** *****************,** ** ** *** **** * ** ******-*********'************ $11( W * (Reproductions'supplied by EDRSare the best that can be made * * -14 '* from thee original document. ' ** *********'*****************-*************************.***************** 1,74.1; 1), A OVERSIGHT rHF, RING ON STUDENT LOAN MARKETING ASSOCIATIONS: ,)1 ARING EPRE THE SU1300,11iMITTEE ON OBTSECONDAR,Y-EDUCATION OF THE COMMOTTEON,EDITdATION 'AND LABOR ........ HOUSE OF REPRESENTATIVETIVES NINETY-EIGHTH 'CONGRESS FIRST SESSION HEARING HELD IN WASHINGTON, D.C. ON MAY 24, 1923 ) Printed for the use of the Committee on Educationand,'Laho\r U.S. DEP ENT OF EDUCATION 4. NATIONAL STITUTE OF EDUCATION EOUCAT °NAL' RESOURCSS INFORMATION CENTER (ERIC) This document, has been :reproduced as ,received from the, person or organization Mimic:1r changes have been madeto improve reproductioh Ouality, Points of Y'lew or o na statecqg this docu- ment db not necessarirepresentorcial NIE position or policy. U.R. GOVERNMENT PRItill G OFFICE n. 30776 WASHINGTON ; 19811. 4F3cP40* ' COMMITTEE OWEDUCATION AND LABOR CARL D. PERKINS,Kentucky,- Chairman, AUGUSTUS F, HAWKINS, California JonN NARLENBORN, Illinoirt WILLIAM D. FORD, Michigan, JAMES M. JEFFORDS, Vermont JOSEPH M, GAYDOS, Pennsylvania WILLIAM F. GOODLING, Pennsylvania WILLIAM (MLL)'cLAY, Missouri E. THOMAS COLEMAN, Missend MARIO BIAGGI, New York THOMAS E, PETRI, Wisconsin IKE ANDREWS, North Carolina' MARGE ROUKEMA, NoW Jorsoy PAUL SIMON, Illinois, STEVE GUNDERSON, WIsconnin GEJSRGE MILLER; California , STEVE BARTLETT, Texan AUSTIN J. MURPHY, Pennsylvania RON PACKARD, California BALTASAR CORRADA, Puerto Rico HOWARD C. NIELSON, Utah DALE E. KILDEE, Michigan (Vacancy) PAT WILLIAMS, Montana. , RAY KOGOVSEK, Colorado MATTI-1EW G. MARTINEZ, California MAJOR R. OWENS, New York FRANK HARRISON, Pennsylvania FRETiERICK C. BOUCHER, Virginia GARY L. ACKERMAN, New York DENNIS E. ECKART, Ohio TIMOTHY J,.PENNY, Minnesota SUBCOMMITTEE ON POSTSECONDARY EDUCATION PAUL SIMON, Illinois, CliaiPman. " WILLIAM D. FORD, Micnigan. THOMAS COLEM N, Missouri IKE ANDREWS, North Carolina STEVE GUNDERSOWisconsin RAY KOGOVSEK, Colorado JAMES M. JEFFORD , Vermont FRANK HARRISON, Pennsylvania WILLIAM F. GOODLI , Pennsylvania FREDERLCK C BOUCHER, Virginia THOMAS' E. PETRI, Wisconsin MAJOR R. OWENS,"New York RON PACKARD,,California GARY L ACKERMAN, New York (Ex Officio) CARL D. PERKINS, Kentucky (Ex Officio) CONTENTS Petite 1 ... Hearinghold in WaThington, D.C. on Mal, 24, 1088 v... Statement of: ^ . Cavanaugh Fronds X., secretary of the Federal Financing Bank,,,A 2 clohan, William; Jr,, general counsel, Association of Independent Co -.'. 'Nes 425d Schools ' ' . 33 Fox, Edward, president of SLMA (Sallie Mao) 20 Hammer, Frederick, S., executive vice president,-.Chase Manhattan Bank,. ., 62 Hurley, Geoffrey, of Brown, Woo& Ivey,Mitchell & Potty ., r 67 MXabe, Edviardj chairman of the board ofAirectorii for SLMA '(Sollie Mae) , 20 Solomon, Peter, managing directbr, Lohman Brothers, Kuhn, Loob, Inc 48 Prepared statements, letters, supplemental materials, etc. ' - Cavanaugh, Francis X., secretary of the Federal. Financing Bank, pre- . 6 parecistatement of e . Clohap, William. C., Jr., general counsel,AssociOn of independent Col- leges.and Schools: i 40 . "Minimum Loan Sizes, exhibit V" r Preparedstatement of 36 . 40 Question 7-C and responses / Question 9 and responses .40 Question 10 and responses 1., ,% 41 - Fox Edward A president and Chief ..exiicutIve officer, Student Loan Marketing Association (Sallie Mae): -, , "A Statement of Its Purpose, Function and Operating -Progress," article entitled i 15 Prepared statement of 8 Hammer, Frederick S. executive vice pres(dent, the Chase Manhattan Bank, N.A., prepared of : /.. 60 Hurley, Geoffrey K., Esq., ,Brovyn,Wood, Iitey,' Mitchell & Petty, One World Trade Center, New York, N.Y., prepaied statement of 55 McCabe Edward ,A.,_ _chairenan of the board, Student Loan Marketing Association (Sallie Mae), prepared statement of ' 19 Solomon, Peter, managing iiirector, Lehman Brothers,. Kuhn, Loeb, Inc., prepared statement of , 45 A OVERSIGHT HEARING'ONSTUDENT LOAN MARKETING ASSOCIATIONS TUESDAY, MAY 24, 1983 HOUSE tolr REPRESENTATIVES, SUBCOMMITTEE. ON, POSTSECONDARY EDUCATION, . COMMITTEE ON EDUCATION AND LABOR, Watiltfligton, Dc The subcommittee 'met, pprsuant to call, at '9:86 ,a.m.; in room ,2257;' Rayburn House Office puilding,! Hon. Paul Sitiion (chairman of the subcommittee) presiding. Members present: Representatives Simon, Kogovsek, Ackerman; Erlenborn, Coleman; Gunderson, Petri, and Pack.ard. Staff, ' presentMaryln McAdam, legislativeassistant; Betsy' Brand, legislative associate; and John Deem minority 'fissisnt counsel. 4 tsc. Mr. SIMON: The Subcommittee 'on Postsecondary Education Will begin' its hearings. Today the Subdommittee on Postsecondary, donT:._, ducts an oversight hearing on'the Student. Loan Marketing Associ- ations, Sallie Mae... , Sallie Mae was established in 1972 by the Education Amend- ments of 1972 to provide liquidity for guaranteed student loanlend- ers. It was to accomplish this function' in one of two ways: The pur- , chase. of GSL portfolios from lenders or making loans Oh GSL loans held by lenders: Sallie Mae has been an extremely 'successful association, with 1982 total cumulativenterest earning assets in excess,of $,5 billion.' The functions of the association have grown from purchase of loans and warehousing lending on existing loans, to consolidation of student loans, serving as a direct lender 'in 'areas, Where there. are inadequate loans available from commercial lenders, buying,, selling, and inderwriting and otherwise ,dealing in obligations issued by State agencies or eligible lender& The purpose of today's-hearing is to-gain a better, ,understanding of how Sallie Mae operatesite financial 'structure, its status in ,the priVate sector and. futu,re operating plan& In order' to help us gain these tyges of insights we have invited a group of witnesses who bave ai, wide range tof experiences. in the various aspects of Sallie Mae's operation& ' Our first witness is Mr. Edward Fox, preskdent of Sallie Mae: Mr. Fox is no stranger to this subcommittee, having testified on several previous occasions. Today he will be giving 'ps an overview of the association's' operating precedurei, the programs it offers, pending, ' (1) 2 issuoe of concern to Sallie Mao, as well as its plane for future, ; pension and activities.' Accompanying M. Fox is -Mr:, Edward McCabe, the Cliairipan the Board of Directors for Sallie Mae- Also testifying today is MI'. William Clohan, Jr., tho general. counsel of tho Association' of Inde- pendent Colleges and Schools.- .. This' associetion has expressed a general concern that some of Sallie Maeewecondary market policies 'maY" be adversely affecting the ability of these students to obtain guaranteed' student pans. Wo are also pleased to have with us Mr. Proderick Hammer, ex- ' ecutive rice president of Chase Manhattan Bank, the !Almost lender using Salle Mae; and Mr. Rater SoloMon and Mr. Geoffrey Hurley, an underwriter and bond counsel who are both familiar with Sallie Mao and its viability in the private market, Let me add one other factor here and that there is a time factor that we are being pushed by, and we are going to have to.move fairly raPidly, and I hop e\ we can 'develop some kind of a consensus on what should be in the b 11, and then be able to move. We are happy to have as our first
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