Sallie Mae in Delaware

Sallie Mae (or SLM) is the student loan company issued by the United States Department of Education in charge of servicing federal education loans held by educational institutions nationwide. Since its establishment in 1979, Sallie Mae has been responsible for providing over $200 billion in financial services to students attending schools across the country.

Delaware State University was established in 1859 and is located in Dover. Its mission statement says, “Delaware State University exists to foster learning and discovery; to provide access to high-quality higher education opportunities; to contribute to knowledge and understanding of society and our world; to engage in excellence in teaching, research, and service; to celebrate diversity; and to advocate public policy consistent with these values.”

To help ease the burden of school loans after graduation, state law prohibits colleges and universities from charging tuition and fees until after six months have passed since a student has received their diploma. However, since Sallie Mae does not issue diplomas, they are exempt from this regulation.

According to its website, “the average borrower pays $26,000 per year in interest before any payments on their debt even begin.” Therefore, while the law prevents the university from charging fees until after six months, the student loan company still charges them a fee of 1% of the total balance of the loan at the beginning of each semester.

The name “Sallie Mae” comes from the original owner of the company, Sarah Frances Sloane. She founded the company in 1978 and her last name became synonymous with the phrase, “Student loans are a great thing!”

A bill being proposed in Congress would change the amount of time that a college graduate has to repay their loans. The current law states that borrowers have 20 years to pay off their loans, whereas the proposed changes limit the repayment period to 10 years.

Currently, Sallie Mae only offers private student loans, but plans to expand their portfolio to cover government loans as well. The company had over $100 billion in outstanding loans in 2016, making it the largest lender of student loans in the student loan market.

Sallie Mae’s annual report shows that the number of delinquent accounts has risen steadily over the past decade. As of August 2017, the number of delinquencies stood at $12.2 billion, an increase of roughly 15%.

Sallie Mae is headquartered in McLean, Virginia. They also have offices in Austin, Texas; Columbus, Ohio; Philadelphia, Pennsylvania; Washington D.C.; Sacramento, California; San Diego, California; Minneapolis, Minnesota; New York, New York; Los Angeles, California; Boston, Massachusetts; Chicago, Illinois; Dallas, Texas; Houston, Texas; Phoenix, Arizona; Denver, Colorado; Seattle, Washington; Salt Lake City, Utah; St. Louis, Missouri; Baltimore, Maryland; Atlanta, Georgia; Charlotte, North Carolina; Detroit, Michigan; Miami, Florida; Milwaukee, Wisconsin; Portland, Oregon; Raleigh, NC; and Newark, New Jersey.

The company holds approximately $80 billion dollars’ worth of assets, including cash, receivables, investments, and real estate.

Sallie Mae offers many different types of loans, including Federal Family Educational Loan Program (FFELP), Direct Subsidized Loans, Direct Unsubsidized Loans, Perkins Loans, PLUS Loans, Parent Plus Loans, and Consolidation Loans.

Other than direct student loans, Sallie Mae also issues auto loans and home equity loans.

Their parent company, Navient Corporation, was once known as the nation’s leading collection agency. Navient went bankrupt in 2014 after mishandling billions of client records. After that, former federal prosecutors launched investigations into whether Navient illegally profited from illegal activity, such as identity theft.

Since then, Navient has begun to restructure debt collections, hired outside auditors to review its practices, and changed its business model to focus on its core customer base.

Sallie Mae in Delaware

State

Delaware is the 10th largest state by area, covering just under two million square miles. Delaware is only 4th among U.S. states for population density, at about 5,000 people per square mile. Its capital city is Dover, although the official residence of the governor is Dover Castle.

Name

The name Delaware comes from the word Deulofee, meaning “friend of God.” The name Delaware was first given to the territory by colonists who came from the Netherlands. As settlers moved westward along the coast of North America, they named the lands that they passed over. In 1638, English explorer John Smith explored the land now known as Delaware. He named the region “Newe Delaware,” which means “new district of Wales.” (Wales was originally a British colony.) After the American Revolution, the United States acquired the entire territory from the Kingdom of Great Britain and renamed it the Colony of New Delaware.

Population

According to the 2010 Census, Delaware had a total population of 1,056,821 residents. The population grew by 0.96% between 2000 and 2010, and is expected to continue growing until 2020. According to estimates by the U.S. Census Bureau, the population continues to increase each year, reaching at least 1,200,000 by 2030, making it the third-largest state by population after California and Texas.

Area

Area-wise, Delaware covers 2,099,947.83 square miles, with a coastline of 644.00 miles. Of this area, 587,984 square miles of it is water.

Economy

The gross state product of Delaware was $72.2 billion in 2012, according to the U.S. Bureau of Economic Analysis. That would make Delaware’s GDP rank seventh among the 50 states. Delaware’s GDP increased by 2.9 percent between 2009 and 2011.

government

Delaware’s Constitution provides for three branches of government—a legislative branch consisting of the Senate and House of Representatives; an executive branch headed by a Governor; and the judiciary. Each branch serves as both a check and a balance on the others by performing their respective responsibilities independently.

Politics

In 2002, independent candidates won seven seats in the Delaware General Assembly, making Delaware the second-least partisan legislature in the nation. Since then, however, Democrats have gained control of the House. Currently, the Democrats hold a 13–10 majority in the Delaware House of Representatives. Democrats have held control since 2002.

Sallie Mae in Delaware

The date is August 10th, 2018.

In Sallie Mae’s latest earnings report, they revealed that their net income was $0.46 per share. However, what they didn’t reveal were the losses incurred by student loan borrowers in Delaware. According to data provided by the U.S. Department of Education, Sallie Mae experienced a loss of $28 million due to student loans in the state. The company even went as far as filing a lawsuit against the state of Delaware after its governor signed legislation that would allow students in the state to refinance their student loans at lower interest rates. As of right now, the bill still hasn’t passed the legislature and is currently under review.

Sallie Mae in Delaware

State Income Tax Rates

State income tax rates vary from state to state. Some states have no personal income tax at all, while others may levy a flat tax of around 5%. States generally change their income tax laws over time, making it difficult to predict future tax laws.

Rate of Sales Tax

Sales taxes are levied by each state and range anywhere from 0% (no sales tax) to 6-8%, depending on where you live. Most states charge sales tax on both pretax and posttax purchases. While most people don’t have to pay any sales tax on groceries, some types of goods are taxed differently. You’ll need to check with your local authorities to find out what’s taxable and what isn’t.

Property Tax Rates

Property tax rates differ widely across the country. Generally speaking, property taxes tend to be higher in urban areas than in rural ones. Check with your local government to determine how much money you will owe in property taxes.

Unemployment Insurance Tax Rate

The unemployment insurance tax rate varies greatly from state to state. Each state determines whether or not businesses are subject to unemployment tax based on the number of employees they have. Employers with fewer than 50 employees do not pay unemployment taxes. Those with between 51 and 100 employees pay 2%-4%, while those who employ 101+ workers pay 4%-7%.

Vehicle Registration Fee

Each state charges different fees for vehicle licenses. Check with your local DMV to get information about your specific area.

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