NEWARK, Del.–(BUSINESS WIRE)–#CSR–Sallie Mae® (Nasdaq: SLM) today released its latest Corporate Social Responsibility Report, “Powering Confidence: Increasing Access and Opportunity Through Higher Education.” The report highlights the company’s commitment to customers, team members, communities, the environment, and corporate governance.
Initiatives included in this year’s report further advance strong foundations of leadership, accountability, and sustainability where team members live, work, and serve. The report also illustrates Sallie Mae’s significant response to the COVID-19 pandemic and efforts in advancing social justice and equity in higher education. Highlights include:
- Offered relief programs to give customers the ability to pause student loan payments during the pandemic;
- Provided a $1 million contribution from The Sallie Mae Fund, the company’s philanthropic arm, to local food banks, resulting in more than 900,000 meals and 2 million pounds of food, and personal protective equipment for food bank staff and volunteers;
- Committed $3 million in scholarships over the next three years, in partnership with The Thurgood Marshall College Fund, to help minority students access higher education and complete their post-secondary programs; and
- Committed $1.5 million in grants from The Sallie Mae Fund over the next three years to advance social justice through higher education.
“This year’s Corporate Social Responsibility Report reflects the strides we’ve made to simplify the higher education planning process, improve access and completion rates, and ultimately, build a healthier, more inclusive world,” said Jonathan Witter, CEO, Sallie Mae. “We continue to power confidence for students and families throughout their journey, while maintaining high standards for our environmental, social, and governance practices.”
Additional highlights from the report include:
Strengthening our communities
- Awarded $2.2 million to various organizations, including Big Brothers Big Sisters, Junior Achievement, and Year Up Wilmington, to address key barriers to higher education and to build more resilient communities.
- Matched more than $60,000 in team member contributions to help various nonprofit organizations. Team members also volunteered nearly 900 hours.
Improving financial literacy
- Connected 24,000 students to scholarships, covering more than $67 million in college costs through our Scholarship Search tool.
- Launched a simplified way to apply for federal financial aid that reduces the average time it takes to complete the FAFSA from 55 minutes to less than 20 minutes. The FAFSA connects students to scholarships, grants, and federal loans from the government. Students are encouraged to file the FAFSA before considering private student loans.
Powering our team members
- Provided more than 19,000 hours of paid parental leave to team members.
- Provided more than 100 team members with tuition reimbursement.
Delivering environmental progress
- Migrated to the cloud resulting in a reduction of nearly 250 physical servers and the elimination of four storage arrays.
- Transitioned 88% of customer correspondence to electronic statements.
Maintaining best-in-class governance
- Appointed Carter Franke Chair of the Board of Directors, the first woman to hold the position in Sallie Mae’s history.
- Recognized for the last six years by 2020 Women on Boards for board diversity.
To learn more about Sallie Mae’s commitment to corporate social responsibility or to access the full report, visit www.salliemae.com.
Sallie Mae (Nasdaq: SLM) believes education and life-long learning, in all forms, help people achieve great things. As the leader in private student lending, we provide financing and know-how to support access to college and offer products and resources to help customers make new goals and experiences, beyond college, happen. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.
Category: Community and Philanthropy