BRAINTREE, Mass., Nov. 17, 2005—Nellie Mae, a top originator of student loans and a leader in helping students manage debt and understand the responsibilities of borrowing today announced the completion of the first round of its EDvisor scholarship drawings. Originally launched in 1997, Nellie Mae's Debt Management EDvisor is a free tool offering worksheets, calculators and tips for all college audiences, including undergraduate and graduate, full- and part-time, and traditional and non-traditional students. Nellie Mae is awarding $500 scholarships—$2,500 altogether—to five randomly selected borrowers who have completed the EDvisor tutorials, as an incentive to practice sound fiscal management.
The five scholarship winners are:
- Heather Lowe, Liberty University
- Jared P. Werner, University of San Diego School of Law
- Erin M. Cannon, The Art Institute of Colorado
- Meghan Dick, University of Miami
- Michael T. Rummage, Southern Virginia University
"Nellie Mae is firmly committed to investing our resources in educating students about fiscal responsibility," said Marie O'Malley, senior vice president of marketing for Nellie Mae. "The EDvisor scholarships are another example of that commitment and we are pleased to present these five students with $500 scholarships for completing the EDvisor tutorials."
Debt Management EDvisor allows students to complete tutorials confidentially and conveniently online from any location, at any time. The tool helps students take control of their financial situation by identifying spending pattern vulnerabilities, cost-reduction opportunities, and budgeting and saving strategies. In addition, the tool examines the student's credit card usage and provides recommendations for when to use a credit card, how to shop for the best credit card deal and why paying the minimum monthly requirement can add up to a high cost. A survey issued by Nellie Mae in May 2005 found that 76% of undergraduates in 2004 began the school year with credit cards.
Debt Management EDvisor offers college financial aid officers a number of benefits, as well. By helping to improve their students' current and future financial standing, aid officers may be able to upgrade their school's student loan repayment statistics. Financial aid officers may customize the tool with local salary and cost-of-living data, the school's cost of attendance, the school's logo, tips, articles and Web links, and request to receive automatic e-mail notification when a student completes a tutorial.
For more information, visit www.nelliemae.com/edvisor.
About Nellie Mae Since 1982, Nellie Mae has focused exclusively on providing education financing for undergraduate and graduate students and families. Programs include Federal Stafford, PLUS and Consolidation Loans, as well as private loans. Online services include loan pre-approval, a loan information center, and debt-management tools to help students before and after college. Visit www.nelliemae.com for more information. Located in Braintree, Mass., Nellie Mae is a wholly owned affiliate of Sallie Mae, the nation's largest provider of education funding. SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States.