School Construction:

Sallie Mae Financing Activities

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

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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.

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