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Treasury officials today completed the formal cutting of all ties of the Student Loan Marketing Association, commonly known as Sallie Mae, with the federal government. Sallie Mae is now a fully private corporation. I am pleased that we have completed this transformation almost four years ahead of schedule, said Treasury Assistant Secretary Wayne Abernathy. We applaud the transformation of Sallie Mae into a wholly private company, dynamically increasing its options to provide financing services to students.
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