Sallie Mae enters into agreement to sell Upromise Investments Ascensus and Sallie Mae (NASDAQ: SLM), today announced they have entered into a definitive agreement for Ascensus to acquire Sallie Mae’s 529 college savings plan administrator, Upromise Investments, pending regulatory approval. The transaction does not include Upromise Rewards, Sallie Mae’s college savings program that provides financial rewards on everyday purchases to help families save for college. Sallie Mae’s Upromise Rewards members may continue to sign up for 529 college savings plans and contribute their rewards through an ongoing partnership. The transaction is expected to close in Q4.
News For SLM From The Last 14 Days
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Consumer protection agency to regulate nonbank student lenders The Bureau of Consumer Financial Protection issued a rule earlier today that will enable it to regulate nonbank student loan servicers. The agency will begin regulating such services next March 1.