Sallie Mae Launches Insurance Services Designed to Help College Students Protect Their Investment in Education

NEWARK, Del.--(BUSINESS WIRE)--Sallie Mae, the nation’s No. 1 financial services company specializing in education, today announced a new portfolio of insurance products designed to help families protect their investment in higher education. Sallie Mae is creating Sallie Mae Insurance Services in conjunction with Next Generation Insurance Group, LLC, a licensed specialty insurance agency and the nation’s first comprehensive insurance provider focused on the collegiate and young adult markets.

“These new insurance products will help students and families protect their investment in higher education.”

Sallie Mae Insurance Services will offer directly to America’s 19 million college students tuition insurance, renters insurance and student health insurance to address the life-stage risks they face. In addition, Sallie Mae will also provide colleges and universities access to specially designed insurance products, such as the Student Protection Plan, a package of tuition insurance, ID theft protection and other services to meet the needs of a typical college student.

“Since its founding nearly 40 years ago, Sallie Mae has helped more than 31 million people pursue their education dreams,” said Jack Remondi, president and chief operating officer, Sallie Mae. “These new insurance products will help students and families protect their investment in higher education.”

Sallie Mae Insurances Services is the latest example of the safeguards Sallie Mae offers to families paying for college. In 2009, the company introduced its Smart Option Student Loan, which offers in-school payment plans to help students graduate with less debt. The company is also the first national lender to provide loan forgiveness for co-signers of its Smart Option Student Loan in the tragic circumstance of the death or permanent disability of the primary borrower. In May, Sallie Mae added a new Tuition Insurance Benefit to the Smart Option Student Loan, which covers up to $5,000 of tuition, room, board and other fees not refunded by the school if a student is forced to withdraw for eligible medical reasons.

Sallie Mae and Next Generation Insurance Group, which is licensed in all 50 states, will provide insurance and benefit programs to Sallie Mae’s 23 million customers.

Sallie Mae (NYSE: SLM) is the nation’s No. 1 financial services company specializing in education. Serving 23 million customers, Sallie Mae offers innovative savings tools, tuition payment plans and education loans that promote responsible financial habits and reward success. The company manages or services $238 billion in education loans and administers $37 billion in 529 college savings plans. Members of its Upromise college savings rewards program have earned $600 million to help pay for college. Sallie Mae is also one of the leading financial service providers for universities and governments at all levels, including supporting $8 billion in ecommerce transactions annually at nearly 1,000 campuses. More information is available at www.SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.