University Daily Kansan, August 27, 1984
CAMPUS AND AREA
Page 11
Local office expected for student loan firm
By JULIE COMINE Staff Reporter
A national student loan financing corporation is expected to announce plans tomorrow to open a regional office in Lawrence.
The announcement will be made at a breakfast meeting of the Lawrence Chamber of Commerce at 7:30 a.m. on Monday, August 14, at Home, 200 W. Turnpike Access Road.
Pete Whitenight, Chamber president, said last week that the Student Loan Marketing Association, based in Washington, D.C., would locate its first regional office in Lawrence. The office is expected to open with 25
employees and grow to 300 or 400 in a few, years, he said.
THE OFFICE IS EXPECTED to be in a building at 1919 Delaware St. owned by developer Duane Schwada. The Lawrence City Commission on Tuesday approved a plan to add 22 parking spaces to the site.
Schwada could not be reached for comment on the plans for the building or the reason for the parking lot expansion.
Whiteight said final arrangements, including the site of the office, still were being worked out.
Officials at Student Loan Marketing Association, also known as Sallie Mae, would not confirm that Lawrence had been selected as the site
for the birth of the company has been announced. No contracts have been signed," said Ross Kleiman, Sallie Mae corporation communications manager.
for the office.
BUT KLEINMAN DID say that Lawrence was one of four cities the company had been considering for a highly computerized "regional serving facility" to collect and administer student loans.
Sallie Mae was created by Congress in 1972 to help banks and savings and loan associations meet the increasing demand for student loans.
loans
The First National Bank of Lawrence, 900 Massachusetts St., has been working with Sallie Mae for
about two years, said Lym Anderson, bank president, Sallie Mae enables smaller banks to make more student loans.
"Sallie Mae is a multi-billion dollar corporation, with the resources to raise funds on a national basis." Anderson said. "We can only raise funds in the local market."
SALLIE MAE ISSUES securities in the capital markets and uses its funds to buy loans from lending institutions. By making these purchases, Sallie Mae takes long-term assets from lenders and keeps dollars flowing back to the lenders so they can make more loans.
Kleinman said Sallie Mae held
about $5 billion in loans and serviced about 1.2 million borrowers.
Anderson said he hoped First National would make about $4 million in student loans this year.
"Our deposits are basically short-term," he said, "but we're able to make long-term student loans because we can sell them to Sallie Mae."
grace period between the time a student graduates and the time renewment must begin.
After the purchase is made, the student is responsible to Sallie Mae, not the original lender.
not the original. Whitenight called Sallie Mae's plans to locate in Lawrence "wonderful news for the city."
"It's an excellent industry that will provide employment, particularly for moderately skilled workers," he said.
Argument leads to shooting; two hospitalized in Wichita
By United Press International
WICHTA — Two people were shot and critically wounded following a fight and argument between two women, police said yesterday.
The victims, Curtis Berry, 23; and Lolita Hughes, 17, were in critical condition at the Wesley Medical
Center, hospital officials said. Both of the victims are from Wichita.
Berry was shot in his pelvis and Hughes was shot in her neck and shoulder, authorities said. Both were wounded by a shotgun blast.
The shooting stemmed from an argument between Hughes and another girl that started about six hours before the shooting, said Lt. Bob
Cocking of the Wichita Police Department
The shooting occurred about 9:30 p.m. Thursday, shortly after Berry and another man watched a fight between Hughes and the other woman. Cocking said. The fight occurred in front of a Wichita residence.
Buffalo captured near Oskaloosa
By United Press International
OSKALOOSA A combined effort by sheriff's deputies, Kansans on horseback and foot, and Tepea koazo officials Saturday led to the capture of an 1,000 pound male buffalo that strayed from an Indian reservation.
The buffalo rumbled off the Potawatomi Indian Reservation near Mayetta late Aug. 17 or early Aug. 18. Officials think rain washed away part of a fence, allowing the animal to escape.
corralled twice in Jefferson County only to break out.
Jefferson County sheriff's deputies Saturday trained the animal to a farm north of Oskaloosa, where a Toppeka zoo veterinarian shot it with a tranquilizer in a milo field.
The animal was spotted several times during last week and even
The buffalo then ran into a large wooded area.
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