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SALLIE MAE ANNOUNCES THIRD QUARTER DIVIDENDS

 SALLIE MAE ANNOUNCES THIRD QUARTER DIVIDENDS
 WASHINGTON, July 17 /PRNewswire/ -- The Student Loan Marketing


Association (Sallie Mae) (NYSE: SLM) today announced a third quarter 1992 dividend on its voting and non-voting common stock of 25 cents per share, the same as that paid for the previous quarter.
 The dividend on the common stock will be paid on Sept. 16, 1992, to shareholders of record on Sept. 3, 1992.
 The corporation also declared a third quarter 1992 dividend of 5 percent, or 0.625 cents per share, on its adjustable rate cumulative preferred stock. That dividend rate is tied to yields on certain U.S. Treasury obligations, but is never less than 5 percent nor more than 14 percent per annum. The dividend on the preferred stock will be paid on Sept. 30, 1992, to shareholders of record on Sept. 16, 1992.
 At June 30, 1992, Sallie Mae's 90.5 million common shares issued and outstanding were comprised of 10.5 million shares of voting common stock and 80 million shares on non-voting common stock.
 The non-voting common stock is traded on the New York Stock Exchange (NYSE) under the symbol "SLM"; the voting common stock, of which ownership is restricted to certain financial and educational institutions, is traded on NASDAQ National Market System under the symbol "SLMAJ." The preferred stock, of which 4.3 million shares were outstanding at June 30, 1992, trades on the NYSE.
 Congress has passed the Higher Education Act Amendments of 1992 which, among other things, will convert on a share for share basis all of Sallie Mae's non-voting and voting common stock into a single new class of unrestricted voting common stock. The conversion will take automatic effect whenever the president signs the legislation into law. The new class of voting common stock will have a new CUSIP Number, 863871-50-5, and will trade on the New York Stock Exchange under the current symbol for the non-voting common stock, SLM. Upon conversion into the new class of voting common stock Sallie Mae's existing shares of voting common stock (symbol SLMAJ) will no longer trade on NASDAQ.
 Sallie Mae is the major financial intermediary serving the education credit market. By buying insured education loans and providing other financial services to financial and educational institutions, Sallie Mae replenishes local supplies of education credit. The corporation owns about 30 percent of all guaranteed education loans outstanding today.
 -0- 7/17/92
 /CONTACT: Gisela Vallandigham, 202-298-3147, or Ross Kleinman, 202-298-3013, both of Sallie Mae.
 (SLM SLMAJ) CO: Student Loan Marketing Association ST: District of Columbia IN: FIN SU: DIV


KD -- DC006 -- 0143 07/17/92 10:25 EDT
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Publication:PR Newswire
Date:Jul 17, 1992
Words:438
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