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

Posse Foundation honors The Sallie Mae Fund for $5 million grant to expand college access program

Fund's contribution established Posse's national endowment fund

NEW YORK, Oct. 27, 2006—The Posse Foundation recently honored The Sallie Mae Fund, a charitable organization sponsored by Sallie Mae, for its role in expanding college access by awarding Posse a $5 million challenge grant. The grant laid the foundation for the organization's first-ever national endowment fund.

The grant was awarded after Posse succeeded in meeting its fundraising goals by June 30, 2006. Gifts to Posse's endowment were matched by The Fund dollar for dollar. The Fund previously provided a $1 million grant to help establish a Posse Foundation office in Washington, D.C. Posse paid tribute to The Sallie Mae Fund earlier today at a special breakfast at the New York Times Building in New York City.

"This gift is nothing short of incredible. It ensures that thousands more deserving public high school students will be able to benefit from a first-rate college education," said Posse Foundation president and founder, Debra Bial. "The Sallie Mae Fund has helped to make the Posse promise permanent—and for this we are unspeakably grateful."

The Posse Foundation was established in 1989 to identify high school students with extraordinary academic and leadership potential that might be overlooked by the traditional college selection process. Posse focuses on leadership ability, sending students to college on full-tuition scholarships in a team (or "Posse"). Throughout their college experience, students continue to meet with their Posses for ongoing support. The result—a retention rate of 90 percent, which is far higher than the national average.

Through the Posse Foundation, more than 1,500 students from across the country have graduated from college, leveraging the combined resources of university funding totaling more than $142 million in full-tuition scholarships from 23 elite colleges and universities.

The Sallie Mae Fund has provided nearly $90 million toward higher education access and other philanthropic initiatives, reflecting the organization's goal of helping more and more lower-income and minority students achieve their college dreams.

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.