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FG 359 (Student Loan Marketing Association)

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These Presidential historical materials are in the custody of the National Archives and Records Administration under the provisions of Title I of the Presidential Recordings and Materials Preservation Act of 1974 (44 U.S.C. 2111 note), and implementing regulations. In accordance with the act and regulations, archivists reviewed the file group to identify private or personal as well as non-historical items. Such items, if found, have been withdrawn for return to the individual with primary proprietary or commemorative interest in them.

Materials covered by this act have been archivally processed and are described in this finding aid. Items that are security classified or otherwise restricted under the act and regulations have been removed and placed in a closed file. A Document Withdrawal Record (NA Form 14021) has been placed in the front of each folder describing each withdrawn item. Employees of the National Archives will review periodically the unclassified portions of closed materials for the purpose of opening those which no longer require restrictions. Classified documents may be reviewed for declassification under authority of Executive Order 13526 in response to Mandatory Review Request (NA Form 14020) submitted by the researcher.

  • Linear measurement of materials:   < 1 in.
  • Number of pages:   50

Organization Information

On June 23, 1972,  The President signed the Education Amendments of 1972, P. L. 92-318, into law.  Section 133 thereof amended part B of Title IV of the Higher Education Act of 1965, as amended (the “Act”), 20 U.S.C.A., 1071, et  seq. A new Section 439 was added, which established the Board of Directors, Student Loan Marketing Association. 

The Board of Directors is a Government-sponsored private corporation, which is financed by private capital and serves as a secondary market and warehousing facility for insured student loans. The warehousing facility provides liquidity for student loan investment [86 stat.265]. The Board of Directors was established to determine the general policies, which shall govern the operations of the Student Loan Marketing Association on the buying, selling and warehousing of Guaranteed Student Loans.

The Secretary of Health, Education and Welfare (“the Secretary”) is authorized, prior to July 1, 1982, to guarantee payment when due of principal and interest on obligations issued by the Association in an aggregate amount determined by the Secretary in consultation with the secretary of the Treasury [86 Stat. 267].

Scope and Content Note

The records consist of correspondence, memorandums, and executive nominations. Primary correspondents include the President and White House staff Thomas C. Korologos, James H. Cavanaugh, Roger Semerad, William E. Timmons and Frederic V. Malek.

The terms "Executive" [Ex] and "General" [Gen] are used before the code FG 359 to identify the source of the materials within a specific file. The files designated [Ex] are communications between national, foreign, state and local governments and their agencies, members of Congress and other prominent people. Files designated [Gen] are communications between government officials and private citizens, institutions and other private interests.

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