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

The Sallie Mae Fund awards $2.3 million in college scholarships

Awards are helping more than 850 students nationwide this fall

RESTON, Va., October 19, 2004—The Sallie Mae Fund, a charitable organization sponsored by Sallie Mae, delivered more than $2.3 million in scholarships to help more than 850 students enroll in college this fall.

These scholarships are part of The Fund's Project Access program, a community-based initiative designed to help increase access to higher education for lower-income and minority students. Project Access targets three of the primary barriers to access-awareness of financial aid, academic performance and financial need-that are keeping students from capitalizing on a higher education.

"No child in America should have to forfeit the dream of higher education because of funding challenges," said Susan Corsini, vice chair of The Sallie Mae Fund board and managing director of community outreach for Sallie Mae. "Our goal is to deliver this message across the country, and to help more students realize their potential."

By 2015, there will be an additional 5 million college-aged people in the U.S. Eighty percent of this increase is projected to come from minority populations with greater financial need. To help address these challenges, The Sallie Mae Fund is continuing its commitment to provide scholarships for students with financial need. Highlights include:

The Sallie Mae Fund "First in My Family" Scholarship Program: The Sallie Mae Fund developed the First in My Family program in partnership with the Hispanic College Fund in 2001. This year, 165 Hispanic-American students who are the first in their family to attend college received scholarships ranging from $500 to $5,000 per student.

The Sallie Mae Fund "Unmet Need" Scholarship Program: In its second year, the Unmet Need Scholarship Program is the largest scholarship program within Project Access. Open to families with a combined income of less than $30,000, Unmet Need scholarships provide a "last dollar" resource when no other funds are available. This year, The Sallie Mae Fund awarded a total of $1 million to help 285 students bridge the gap between their financial aid package and their need.

The Sallie Mae Fund "American Dream" Scholarship Program: Also in its second year, the American Dream program was developed in partnership with the United Negro College Fund, and offers scholarships ranging from $500 to $5,000 to African-American students with demonstrated financial need. This year, 186 African-American students received $500,000 in scholarships; 60 percent of these recipients will use their awards to attend a Historically Black College or University.

The Sallie Mae Fund Renewal Scholarship Program: In the final year of this program, The Fund provided scholarship renewals based on economic need for students with combined family incomes of $35,000 or less. This fall, 128 students are attending college with the help of renewal scholarships ranging from $500 to $2,000.

The Sallie Mae 911 Education Fund: Created in response to the September 11, 2001 terrorist attacks, the 911 Education Fund provides scholarship dollars to children of those who were killed or permanently disabled in the attacks. This fund also provides grants, which enable spouses of those who were killed or deemed permanently disabled in the attacks to pay off their Sallie Mae education loans. This year, The Fund provided scholarships of $2,500 to 14 students, along with over $9,000 in loan relief.

In addition, The Sallie Mae Fund awards scholarships ranging from $500-$1,000 to future college students at each of its nationwide "Paying for College" workshops. This year, $58,000 has been distributed to 92 students.

"Without the generosity of organizations like The Sallie Mae Fund, hundreds of very bright, deserving students would be left without the single most important item they need for success—a college education," said J. Fernando Barrueta, president and CEO of the Hispanic College Fund. "Our corporations and our government both need a college-educated workforce to continue growing for the benefit of the country."

To be eligible for The Sallie Mae Fund Scholarship Programs, students must be accepted and enrolled at a Title IV eligible, accredited postsecondary two-or four-year college or university, vocational, or technical school in the United States or Puerto Rico and meet program-specific eligibility requirements. For a complete listing of 2004 scholarship recipients and the schools they are attending, or for 2005 scholarship applications and deadlines, please visit www.salliemaefund.org.

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.