Sallie Mae buys back $1.1 billion of unsecured debt due 2009 to 2014

By Jennifer Chiou

New York, July 21 - SLM Corp. announced that it repurchased $1.1 billion of unsecured debt maturing between 2009 and 2014 during the second quarter.

As a result, the company recorded $325 million of gains on the debt repurchases.

Sallie Mae provides saving- and paying-for-college programs and is based in Reston, Va.

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