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Oversight of Student Loan Marketing Association (Sallie Mae)

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Oversight of Student Loan Marketing Association (Sallie Mae) DOCUMENT RESUME ED 235 768 HE 016 756 TITLE Oversight of Student Loan Marketing Association (Sallie Mae). Hearing Before the Subcommittee on Education, Arts and Humanities of the Committee on Labor and Human Resources. United States Senate, Ninety-Seventh Congress, Second Session. INSTITUTION Congress of the U.S., Washington, D.C. Senate Committee on Labor and Human Resources. PUB DATE 12 Aug 82 NOTE 204p.; Not available in paper copy due to small print. PUB TYPE Legal/Legislative/Regulatory Materials (090) EDRS PRICE MF01 Plus Postage. PC Not Available from EDRS., DESCRIPTORS *Agency Role; College Students; *Credit (Finance); *Federal Legislation; Financial Aid Applicants; Fiscal Capacity; *Hearings; Higher Education; Investment; *Loan Repayment; Money Management; Organizations (Groups); *Student Loan Programs IDENTIFIERS Congress 97th; *Student Loan Marketing Association ABSTRACT Hearings concerning the activities of the Student Loan Marketing Association (Sallie Mae) are presented. Attention is focused on a request for an exemption under federal priority for recovering money owed the Association in the event that it files for liquidation or reorganization in the future under the Bankruptcy Act. It is noted that two goals of the Association are to provide a public service by assuring loan liquidity for student credit demands in the states, and to make a profit. Attention is directed to: the Association's organization, role, and activities; its performance,as a quasi-government entity; new expanded authority of the Association to include virtually all functions of the Guaranteed Student Loan Programs, and the question of whether it has an unfair advantage in the marketplace over others that are involved in similar types of activities. Consideration is also given to the Association's direct or indirect responsibility to students and whither this responsibility conflicts with its obligations to its shareholders or bond holders. Publications and information are included on the legislative history of the Association and the probable consequences if the Association is unable to market its debt obligations in the public market. (SW) ************************************************************w********** Reproductions supplied by EDRS are the best that can be made from the original document. *********************************************************************** OVERSIGHT OF STUDENT LOAN MARKETING ASSOCIATION (SALLIE MAE) co HEARING tr, 'BEFORE THE---- r4N SUBCOMMITTEE ON EDUCATION, ARTS AND HUMANITIES OF THE LrJ COMMITTEE ON LABOR AND HUMAN RESOURCES UNITED STATES SENATE NINETY-SEVENTH CONGRESS SECOND SESSION ON TO INVESTIGATE THE ACTIVITIES OF THE STUDENT LOAN MARKETING ASSOCIATION (SALLIE MAE), FOCUSING ON A REQUEST FOR AN EX- EMPTION UNDER FEDERAL PRIORITY FOR RECOVERING MONEY OWED THE ASSOCIATION AUGUST 12, 1982 U.S. DEPARTMENT OF EDUCATION NATIONAL !NSTITUTE OF EDUCATION EDUCATI AL RESOURCES INFORMATION CENTER (ERIC) This document has be .m reproduced as received from me person or organization originating it. Minor changes have been made to improve reproduction quality. Points of view or opinions stated in this docu ment do not necessarily represe it official NIE position or policy. Printed for the use of the Committee on Labor and Human Resources U.S. GOVERNMENT PRINTING OFFICE WASHINGTON : 1983 COMMITTEE ON LABOR AND HUMAN RESOURCES ORRIN G. HATCH, Utah,Chairman ROBERT T. STAFFORD, Vermont EDWARD M. KENNEDY, Massachusetts DAN QUAYLE, Indiana JENNINGS RANDOLPH, West Virginia PAULA FIAWKINS, Florida CLAIBORNE PELL, Rhode Island DON NICKLES, Oklahoma THOMAS F. EAGLETON, Missouri LOWELL P. WEICKER, JR., Connecticut DONALD W. RIEGLE, JR., Michigan GORDON J. HUMPHREY, New Hampshire HOWARD M. METZENBAUM, Ohio IEREMIAII DENTON, Alabama SPARK M. MATSUNAGA, Hawaii JOHN P. EAST, North Carolina GEonGE W. Parri, Jr.,Chief Counsel RENN M. PATCH,Staff Dir,.elor and General Counsel LAWRENCE C. HOROWITZ, M.D., Minority Staff Director SUBCOMMITTEE ON EDUCATION, ARTS AND HUMANITIES ROBERT T. STAFFORD, Vermont,Chairman JOHN P. EAST, North Carolina CLAIBORNE PELL, Rhode Island DAN QUAYLE, Indiana EDWARD M. KENNEDY, Massachusetts LOWELL P. WEICKER, JR., Connecticut JENNINGS RANDOLPH, West Virginia JEREMIAH DENTON, Alabama THOMAS F. EAGLETON, Missouri ORRIN G HATCH, Utah (Ex Olihno) Pous GAuur, Professional Staff ,Vember DAviuV. FVANS,Minority Professional Staff :Ilember CONTENTS CHRONOLOGICAL LIST OF WITNESSES THURSDAY, AUGUST 12, 1982 Page McCabe, Edward A., chairman of the board, Student Loan Marketing Associ- ation, Washington, D.C., and Edward A. Fox, president and chief executive officer, Student Loan Marketing Association, Washington, D.0 85 Hawk, Richard C., chairman of the board, Higher Education Assistance Foun- dation, Overland Park, Kans.; David A. Longanecker, deputy executive director, Minnesota Higher Education Coordinating Board, St. Paul, Minn.; Paul P. Borden, executive director, Higher Education Assistance Authority, Frankfort, Ky.; and Ronald Iverson, director, Vermont Student Assistance Corp., Winooski, Vt., a panel 153 STATEMENTS Fox, Edward A., president and chief executive officer, Student Loan Market- ing Association, prepared statement 89 Hawk, Richard C., chairman of the board, Higher Education Assistance Foun- dation, Overland Park, Kans.; David A. Longanecker, deputy executive director, Minnesota Higher Education Coordinating Board, St. Paul, Minn.; Paul P. Borden, executive director, Higher Education Assistance Authority, Frankfort, Ky.; and Ronald Iverson, director, Vermont Student Assistance Corp., Winooski, Vt., a panel 153 Longanecker, David A., deputy executive director, Minnesota Higher Educa- tion Coordinating Board, St. Paul, Minn. prepared statement 161 McCabe, Edward A., chairman of the board, Student Loan Marketing Associ- ation, Washington, D.C., and Edward A. Fox, president and chief executive officer, Student Loan Market Association, Washington, D.0 85 ADDITIONAL INFORMATION Articles, publications, etc.: Legislative history of the Student Loan Marketing Association, from the Congressional Research Service, May 17, 1982 59 Probable consequences if the Student Loan Marketing Association (Sallie Mae) is unable to zarket its debt obligations in the public market, from the Congressional Research Service, December 9, 1981 25 Questions regarding recent amendments, enacted and proposed, to the Student Loan Marketing Association provisions of the Higher Educa- tion Act of 1965, 20 U.S.C. § 1087-2(1), from the Congressional Research Service, December 9, 1981 53 Communications to: Correspondence between Senator Jennings Randolph and the president of Sallie Mae, dating from August 7 through October 5, 1981 6 Stafford, Hon, Robert T., a U.S. Senator from the State of Vermont, from Ronald J. Iverson, executive director, Vermont Student Assistance Corp., September 30, 1982 (with attachments) 182 Questions and answers: Responses of David A. Longanecker to questions asked by Senator Ran- dolph 169 Responses of David A. Longanecker to questions asked by Senator Hatch 176 Responses of Ronald Iverson to questions asked by'Senator Randolph 194 IV Questions and answersContinued Page Joint responses of Edward A. McCabe and Edwards A. Fox to questions asked by: Senator Hatch 104 Senator Randolph 112 Senator Stafford 124 OVERSIGHT OF STUDENT LOAN MARKETING ASSOCIATION (SALLIE MAE) THURSDAY, AUGUST 12, 1982 U.S. SENATE, SUBCOMMITTEE ON EDUCATION, ARTS AND HUMANITIES, COMMITTEE ON LABOR AND Hur N RESOURCES, Washington, D.C. The subcommittee met, pursuant to notice, at 10:08 a.m., in room 4232, Dirksen Senate Office Building, Senator Robert T. Stafford (chairman of the subcommittee) presiding. Present: Senators Stafford, Randolph, and Pell. OPENING STATEMENT OF SENATOR STAFFORD Senator STAFI.URD. The Subcommittee on Education, Arts and Humanities will please come to order. On behalf of the subcommittee, I will extend a welcome to our guests and our witnesses this morning. The Chair had been waiting for my dear colleague, the most able Senator from West Virginia, Senator Randolph, whom I know wishes to be here, but he, like Senator Pell, has conflicting commitments this morning and the Chair is going to go ahead and begin the meeting. The Subcommittee on Education, Arts and Humanities is meet- ing today to conduct oversight of the activities of the Student Loan Marketing Association, commonly known as Sallie Mae. Sallie Mae was established by the Education Amendments of 1972 to provide additional liquidity to lenders in the guaranteed student loan program. Through its major programs of loan pur- chase and warehouse advance, it has provided billions of dollars in student loan capital for direct guaranteed student loan lenders and loan guarantors. As of June 30 of this year, Sallie Mae had assets of more than $6 billion. A program of this magnitude, even though it receives no directly appropriated Federal funds, deserves the close attention of this subcommittee. The purpose of the Federal student loan programs is to provide, on the most cost-effective basis possible, adequate capi- tal to assist low- and middle-income families who choose to pursue higher education. Sallie Mae was established to conform with this purpose, and I hope that this hearing will illuminate us as to its activities in pursuit of this critically important goal. The Chair is going to keep the record open at this point for any additional opening statements that other members of the subcom- mittee might wish to make. (1) O 2 Before we proceed further, the
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