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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 to Nearly 1,000 Students Nationwide

3,000 Students Have Received More Than $7.4 Million in Scholarships Since 2001

RESTON, Va., Oct. 5, 2005—The Sallie Mae Fund, a charitable organization sponsored by Sallie Mae, delivered $2.3 million in scholarships to help nearly 1,000 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 barriers to higher education-awareness of financial aid, academic performance and financial need.

"The Sallie Mae Fund is committed to helping more and more students overcome their funding challenges so that higher education remains within their reach," said Susan Corsini, senior vice president of The Sallie Mae Fund and managing director of community outreach for Sallie Mae.

"We are delighted to renew our partnership with The Sallie Mae Fund," said Dr. Michael L. Lomax, president and CEO of the United Negro College Fund. "The Fund's generosity is making sure that more minority students will realize their own 'American Dream' by getting the college education they need and deserve."

By 2015, there will be an additional 5 million college-age people in the U.S. Approximately 80 percent of this increase is projected to come from minority populations with greater financial need. To help meet these needs, The Sallie Mae Fund provides scholarships through a number of programs, including:

"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, 146 Hispanic-American students who are the first in their family to attend college received scholarships ranging from $500 to $5,000.

"Unmet Need" Scholarship Program: In its third 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 more than $1 million to help more than 312 students bridge the financial need gap.

"American Dream" Scholarship Program: 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, 198 African-American students received $500,000 in scholarships.

The Sallie Mae 911 Education Fund: Created in response to the Sept. 11, 2001, terrorist attacks, this 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 up to $2,500 to 18 students.

The Imagine America II Scholarship Program extends a renewal scholarship to existing career college students who received the Imagine America scholarship, to continue pursuit of their postsecondary career education. This year, 40 career college students received $1,000 scholarships with The Fund's support.

In addition, The Fund awards scholarships ranging from $500 to $1,000 to future college students at each of its nationwide "Paying for College" workshops. Nearly $100,000 has been distributed to 136 students since the beginning of the year. Scholarship renewals and Sallie Mae Family scholarships account for the remainder of the awards.

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.