Sallie Mae Closes Transaction to Acquire $27 Billion of Federal Student Loan Assets

SLM Corporation SLM, commonly known as Sallie Mae, announced that on Dec. 31, 2010, it successfully closed its transaction to acquire $27 billion of securitized federal student loans and related assets from The Student Loan Corporation STU, a subsidiary of Citibank, N.A. Originally announced in September, the transaction adds 1.3 million customers to Sallie Mae's customer base.