Sallie Mae Tumbles as Student-Loan Originations Drop
This article is for subscribers only.
SLM Corp., the largest U.S. student lender, fell the most in six months after the company said loan originations declined and uncollectible debts increased for the second quarter.
SLM, known as Sallie Mae, fell $1.32, or 11 percent, to $10.34 at 4 p.m. in New York Stock Exchange composite trading, the largest one-day decline since Jan. 22. The company’s $1.5 billion of 8 percent notes due in 2020 fell 2.5 cents to 87 cents on the dollar as of 1:23 p.m. in New York, according to Trace, the bond-price reporting service of the Financial Industry Regulatory Authority.