SLM Corp. or Sallie Mae closed a $1.5 billion, 12.5-year ABS-based total return swap facility with Goldman Sachs International. The facility will give the student loan firm added financing for private education loans.

“We are pleased that, despite the ongoing challenging markets, Sallie Mae continues to access funding to provide students and families with the financing they need to pay for college,” Jack Remondi, Sallie Mae vice chairman and chief financial officer, said in a release. “This facility will provide us with a new, long-term financing alternative for our private student loans.”

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