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Friday, March 12, 2010

Looks like Sallie Mae is getting it together

Why is Sallie Mae a Bank Now? Sallie Mae is getting into the online savings business. It makes sense I guess. They offer college loans and are finding, just like any lender, that they can do more loans by possibly taking on customers via online savings. Perfect marketing strategy actually. Get a bunch of guys like me with a kid to save money in their savings account and then by the time my kid needs to go to college, I use my savings, 529 plan, and add on a Sallie Mae loan to cover the rest. Genius. Also, it probably doesn’t hurt them to get a nice influx of cash right now. That, plus, I think online banking is just becoming more acceptable these days, and since Sallie Mae doesn’t have to build bank buildings to make this happen, it works out for them. Visit Prime Time Money for the whole article.

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