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Students at a Paying for College Bus Tour stop, Reading PA

America's Charter School Finance Corporation awarded $2 million grant by The Sallie Mae Fund

Grant to benefit Washington, D.C. public charter schools

BRAINTREE, Ma., Aug. 28, 2002—America's Charter School Finance Corporation announced today that The Sallie Mae Fund, the charitable arm of Sallie Mae—the nation's leading provider of education funding—has awarded the company a $2 million grant to support public charter schools in the District of Columbia in their efforts to lease, acquire, and renovate school facilities.

The grant from The Sallie Mae Fund, combined with a $4.95 million federal grant America's Charter received from the United States Department of Education in June of this year, will be used to establish reserve funds to guarantee charter school facilities financings. America's Charter will seek to build upon The Sallie Mae Fund grant through its ongoing fundraising initiatives.

Lawrence W. O'Toole, President and Chief Executive Officer of America's Charter said, "We are very pleased that The Sallie Mae Fund has awarded this grant. Public charter schools are achieving extraordinary results in improving student performance and providing public education opportunities for families. Numerous studies have highlighted the need for assistance with acquiring and financing adequate school facilities. The extensive financial market expertise of our staff will enable us to leverage this grant to support a wide range of schools."

"The Sallie Mae Fund's mission is to create access to higher education for America's children," said Albert L. Lord, Vice Chairman and Chief Executive Officer, Sallie Mae. "Through our support of the expansion of public charter schools in the District, we can widen the quality of educational choices available to Washington families and, in the process, help provide every child the opportunity to realize his or her higher education dreams."

In addition to supporting public charter school expansion in Washington, D.C., The Sallie Mae Fund supports other regional programs with the goal of increasing access to higher education for area students including: Pre-K literacy programs, high school mentoring programs, scholarship assistance for families interested in sending their children to private schools, and educational Paying for College workshops for families.

For more information, contact:
Sheila Ryan-Macie
Vice President, Policies and Programs
America's Charter School Finance Corporation
781/849-8420

Martha Holler
Sallie Mae
703/810-5178

The Sallie Mae Fund, a charitable organization sponsored by Sallie Mae, achieves its mission—to increase access to a post–secondary education for America's students—by supporting programs and initiatives that help open doors to higher education, prepare families for their investment, and bridge the gap when no one else can. For more information visit www.salliemaefund.org.

Founded in 2000, America's Charter School Finance Corporation is a Braintree, Massachusetts based nonprofit organization. The company's focus is to support the creation and expansion of high quality charter schools across the nation through the development of customized facilities financing products and services. Other charter school activities being undertaken by the company include the Charter School Awareness, Outreach and Literacy Program, a program designed to build awareness and support for charter schools and to support charter schools with developing high quality literacy programs.