Upromise® Helps Families Pay for College during Tough Economic Times

Business Wire, June 5, 2008

National Upromise Scholarship to Help 100 Deserving Students Achieve Educational Aspirations

NEWTON, Mass. -- With the issue of college affordability weighing on the minds of many members of the largest high school graduating class in U.S. history, Upromise, Inc. today announced the recipients of its first $250,000 scholarship program. Based on a combination of merit and need, 100 Upromise Scholarship recipients have been selected to receive $2,500 grants for college tuition for the 2008-2009 academic year. The scholarship program was created as an extension of Upromise's goal to make higher education more attainable and to serve as a reminder of the many educational and financial resources available.

"Too often affordability becomes a barrier to education. We encourage families to save for college, but most people still need help bridging the gap," said David Rochon, President, Upromise. "In its first year, the Upromise Scholarship will directly help 100 students achieve their dream of college by alleviating a portion of their financial burden."

From California to North Carolina, 100 hard-working students across the nation are one step closer to realizing their dream of a higher education. The scholarship program will provide $250,000 in the size of $2,500 grants to 100 deserving students for the 2008-09 academic year. To qualify, students needed to be a Upromise member or child of a Upromise member (membership is free at Upromise.com), have a household income of $65,000 or less and a minimum cumulative grade point average of 3.0 on a 4.0 scale. Recipients are high school seniors or graduates enrolled for the approaching academic year or are already enrolled in full-time undergraduate study at an accredited two-year or four-year college, university or vocational-technical school. For a complete listing of scholarship recipients, visit www.upromise.com/scholarship.> The Upromise Scholarship was created with lead sponsor Bed Bath & Beyond[R] and support from Canon eStore, MasterCard[R], Rewards Network and 1-800-FLOWERS.COM[R].

About Upromise

Launched in April 2001, today Upromise is the largest private source of college funding contributions in America, with more than 8.5 million members and $425 million in member rewards. Membership is free and can help families save money for college while making everyday purchases of products and services at more than 21,000 grocery and drug stores, 14,000 gas stations, 8,000 restaurants, as well as thousands of retail stores, and more than 600 online shopping sites. Upromise partners include Citi[R], ExxonMobil Corporation, Bed Bath & Beyond[R], McDonald's[R], JCPenney.com, LandsEnd.com, Sears.com, and hundreds of others. Upromise also makes it easy for families to start their own college savings strategy through tax-advantaged 529 college savings plans offered through Upromise Investments, Inc. or by using Upromise contributions to help pay down eligible student loans. Upromise is a wholly owned subsidiary of SLM Corporation (NYSE: SLM), commonly known as Sallie Mae, the nation's leading provider of saving-and-paying-for-college programs. Upromise is headquartered in Newton, Mass., and has more than 350 employees. For additional information visit www.Upromise.com.