The Bank of New York announced today that it has been selected to serve as indenture trustee for the$1,339,000,000 SLM Student Loan Trust 2002-5 transaction, one of the asset-backed transactions sponsored by Sallie Mae.
The Bank of New York will be acting as indenture trustee for the benefit of the note holders of $1,339,000,000 in debt obligation notes. The notes will be issued by the SLM Student Loan Trust 2002-5 and will be receiving payments from collections on a pool of trust student loans, which are serviced by Sallie Mae Servicing L.P.
Sallie Mae helps students finance higher education by providing funds for educational loans, primarily federally guaranteed student loans originated under the Federal Family Education Loan Program. The company currently owns or manages student loans for more than seven million borrowers and is a leading provider of education loans in the United States.
Richard Costantino, senior vice president and director of the structured finance services group at The Bank of New York, said, “We are delighted that Sallie Mae has selected us to serve as indenture trustee on this important
securitization program. We are committed to providing Sallie Mae and the trusts note holders with premier corporate trust services.”