Sallie Mae

I had really amazing supportive parents who encouraged me to do whatever I wanted to follow my dreams.

I ended up getting my degree in vocal performance with the intention of studying opera and taking out some Sallie Mae private loans.

The original amount was $64,700.

Then as I was pursuing my studies, I got really excited about artistic administration.

Initially, we wanted schools to buy tuition insurance for all their students, almost like credit insurance.

And then we also worked with Sallie Mae and some of the lenders in the country to basically buy it and include it in their student loan.

Great idea.

But at the time, CFPB and a lot of other folks got wary of credit insurance.

Then one day, an unfamiliar voice piped up about an idea.

a change in student loan policy and how it might benefit the stock of Sally Mae.

I asked, who is this? He said, it's me, Uncle Jumbo.

I guess you could say that was the day a comet was born.

You may have heard of Job Corps and it's a suggestion, but they don't really go in depth about how it works, what you need to do, how you need to register.

And lastly, private student loans such as Sallie Mae, Earnest, and Ascent.

This is what I like to call a helpful trap.

On the one hand, you get the funding, the funds that you need for your school tuition and books.

And prior to coming to Bright Horizons College Coach, I was an assistant financial aid director at the Mayo Clinic College of Medicine and Sciences and worked with the Mayo medical students as well as their allied health students with their financial aid and did a lot of counseling and coaching on indebtedness and the cost in maximizing scholarships and that.

I also am a former vice president for Sally Mae and assistant vice president at Chase Student Loans.

And so I've worked in higher education and finance for, I think, 27 years now.

Awesome.

What we did in my presentation is did a deep dive of understanding all the influences that are out there.

And Bill, I know you and your group at College Ave, just like myself and Ernest and great people at Sallie Mae and SoFi and Monogram Abe, all the others.

We are just a small sliver of the pie.

And we often refer to ourselves as campus partnership teams or whatever.

And the 20th century, it was the FHA.

And the late 20th century, we created Sallie Mae to promote student loans, to promote education.

Credit is a really powerful way for ownership, Brian.

That is the thesis behind the retirement mortgage is that when you want to buy a car so you can drive for a job 10 miles away, what do you do? You finance the car.