Sallie Mae extends $22 billion financing facility

RESTON, Va.—SLM Corporation (NYSE: SLM), commonly known as Sallie Mae, announced today that it has extended the term of its $21.8 billion asset-backed commercial paper (ABCP) facility that provides funding for the company’s federally guaranteed student loans from April 28, 2009 to April 23, 2010. The company’s private education loan ABCP conduit facility with $2.7 billion outstanding was paid in full.

The extension of this facility provides liquidity for the company while the U.S. Department of Education finalizes its plans to implement the ABCP conduit it developed and as the company evaluates several other funding opportunities.