In an effort to offer a wider array of college savings products, SLM Corp., an education lending and savings company known better as Sallie Mae, launched an FDIC-insured, high-yield online savings account and certificate of deposit.

Kelly Christiano, the vice president of retail deposits for Sallie Mae, said that it has offered 529 college savings plans to individuals since it bought Upromise Investments in 2006. Through the unit, Sallie Mae manages more than $23 billion in 529 college savings plans. 

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