Sallie Mae stock price: SLM slides after Fitch flags rising defaults in student-loan trusts
SLM shares fell 12% to $19.86 Monday after Fitch downgraded 10 tranches from older SLM private student-loan trusts, citing higher defaults and maturity risk. Fitch raised its default rate assumption for the trusts to 3.5%. Sallie Mae set its annual meeting for June 16 and will file its proxy statement in late April.