Sallie Mae Assists State of Delaware in Collecting $22 Million in Back Taxes Tax Amnesty Program Surpasses Its Goal by More Than Double

NEWARK, Del., Nov 05, 2009 (BUSINESS WIRE) -- Sallie Mae's partnership with the State of Delaware on a one-time tax amnesty program is anticipated to net more than $22 million consisting of over 14,000 delinquent tax accounts for the state, Delaware Governor Jack Markell announced today at an event at Sallie Mae's Newark center.

The two-month long partnership between the Delaware Division of Revenue and General Revenue Corporation, a subsidiary of Sallie Mae, collected significantly more than the $10 million goal originally laid out in this year's state budget.

"During these challenging times, it is certainly good news that Delaware will have additional funds to help government meet its core commitments, like teachers in the classroom, police on the street and care for our most vulnerable citizens," Markell said.

Sallie Mae Senior Executive Vice President Jack Hewes, who introduced the Governor at a press conference earlier today, said he was pleased that Delaware chose to partner with a business in its own community. As a result, Sallie Mae hired and trained 29 employees for the program.

"Delaware's amnesty has not only collected a great deal of money for the state, but also provided jobs for Delaware residents," said Hewes. "Sallie Mae is pleased to bring the high quality workforce, the innovation, and the technology of the private sector to work in partnership with the state to create synergies that far exceed the original expectations." The Delaware amnesty program, officially termed the 2009 Voluntary Tax Compliance Initiative (VTCI), ran from September 1 through October 30, 2009.

During this time, any individual or business taxpayer who registered to pay their current outstanding State of Delaware tax liability before June 30, 2010, was free of their penalty and interest fees. Delaware netted more than $15 million in cash payments through October 30, 2009, with an estimated $7 million registered in payment plans to be paid before June 30, 2010.

In addition to Delaware, Sallie Mae companies have administered or participated in tax amnesty programs in Indiana, New Jersey and Oklahoma that have recovered in excess of $1 billion for taxpayers in those states.

SLM Corporation (NYSE:SLM), commonly known as Sallie Mae, is the nation's leading provider of saving, planning and paying for education programs. Through its subsidiaries, the company manages $192 billion in education loans and serves 10 million student and parent customers. Through its Upromise affiliates, the company also manages more than $21 billion in 529 college-savings plans, and is a major, private source of college funding contributions in America with 11 million members and more than $500 million in member rewards. Sallie Mae and its subsidiaries offer debt management services as well as business and technical products to a range of business clients, including higher education institutions, student loan guarantors and state and federal agencies. More information is available at www.salliemae.com. SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.

SOURCE: Sallie Mae CONTACT: Sallie Mae Patricia Nash Christel, [phone] [e-mail] Copyright Business Wire 2009 -0- KEYWORD: United States

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