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Sallie Mae to acquire Upromise

(June 1, 2006) - SLM Corporation (aka Sallie Mae) has announced plans to acquire Upromise, Inc., pending regulatory approvals. Sallie Mae has 10 million borrowing customers. Upromise has over 7 million member in its rewards program and administers over one million 529 accounts in in its role as program manager for several of the state's 529 savings programs. Upromise will retain its identity and will operate as a separate subsidiary, according to a press release.

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