Sallie Mae Increases Common Stock Dividend to $0.125; Authorizes $500M Share Repurchase Program

Sallie Mae

, formally SLM Corporation, announced that its Board of Directors today voted to increase the regular quarterly dividend on the company's common stock from 10 cents to 12.5 cents per share. The next such quarterly dividend will be paid on March 16, to shareholders of record at the close of business on March 2. The Board of Directors also authorized a $500 million share repurchase program for the company's outstanding common stock. The program does not have an expiration date.