School Construction:

Sallie Mae Financing Activities

HRD-93-61: Published: Apr 13, 1993. Publicly Released: Apr 13, 1993.

Additional Materials:

Contact:

Office of Public Affairs
(202) 512-4800
youngc1@gao.gov

Pursuant to a congressional request, GAO provided information on the Student Loan Marketing Association's (Sallie Mae) financing of academic facilities construction projects, focusing on: (1) college construction financing activities to date; and (2) activities that Sallie Mae did not fund as a result of changes to its budget authority.

GAO found that: (1) between 1986 and 1991, Sallie Mae financed 183 academic facility construction projects for nearly 150 public and private institutions totalling $2 billion; (2) Sallie Mae used a variety of financing methods to finance facility construction and maintenance including bond financing, lease agreements, loans, and liquidity agreements; (3) Sallie Mae financed construction projects for educational facilities, training facilities, and student and faculty housing; (4) computer equipment for educational facilities accounted for the largest number of financial transactions; (5) the Higher Education Amendments of 1992 amended Sallie Mae's budget authority by limiting and eliminating certain financing activities; and (6) Sallie Mae would not have approved financing for 57 percent of its construction projects under its amended budget authority.

Sep 12, 2016

Aug 8, 2016

Jun 15, 2016

May 19, 2016

May 17, 2016

Apr 11, 2016

Mar 16, 2016

Feb 8, 2016

Dec 14, 2015

Nov 30, 2015

Looking for more? Browse all our products here