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October 30, 2003 at 07:00 PM
NU Online News Service, Oct. 30, 2003, 12:43 p.m. EST – UICI, North Richland Hills, Texas, says it has agreed to sell Academic Management Services Corp., a unit that markets student loans and college tuition installment payment plans, to SLM Corp., Reston, Va., for $25 million in cash.
SLM, better known as Sallie Mae, will give $45 million in uninsured student loans back to UICI when it takes over, and it has agreed to assume responsibility for shutting down the financing facilities that Academic Management used to securitize student loans, UICI says.
