SLM Corp. took a monster hit when President Obama decided to elbow out private companies and let the Department of Education handle student loans. To make matters worse, credit agencies cut the company’s debt rating, sending the share price even lower.

As bad as that sounds, though, Cramer on Friday said SLM is a buy. Management made some pretty bold statements this week, enough to demand investors’ attention. The gist? Obama won’t sink this company. The insider buying taking place right now seems to back up these claims. But there are other positives, too, namely that the stock is trading at just three times earnings. At least that’s how Cramer sees it.

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