Sallie Mae said this week it closed a new, $6.8 billion credit facility to facilitate term securitization of its federally guaranteed loans. The facility was oversubscribed by a syndicate of eight global financial institutions.

The facility is secured exclusively by Federal Family Education Loan Program (FFELP) loans and will amortize over a one-year period. Its size exceeds the balance remaining in the Sallie Mae’s existing financing via the federally sponsored Straight A asset-backed commercial paper program.

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