This report presents information on the Student Loan Marketing Association's (Sallie Mae) activities to finance the construction of academic facilities. Specific information is provided on: (1) the focus on Sallie Mae's college-construction activities to date; and (2) activities that would probably not have been financed under the changes to Sallie Mae's authority made by the Higher Education Amendments of 1992. Data were obtained from a review of laws, interviews with Sallie Mae officials, and a review of Sallie Mae inventory. A review of construction activities indicates that most transactions were for projects at 4-year private schools and were most often financed by bonds. A total of 183 transactions totally nearly $2 billion were classified into seven major project categories. Seven of the 183 transactions were selected as cases and reviewed. Regarding the impact of the 1992 Higher Education Amendments of construction financing, Sallie Mae officials estimate that they would not have approved $1.1 billion of 52 percent of the transactions under the 1992 changes. Appendices contain Sallie Mae inventories of academic facility projects through December 31, 1991; a description of seven selected financing transactions; classification of facilities financing by school and project type; classification of facility-financing instruments by project type; and a list of major contributors to the report. (Contains three tables and two figures.) (LMI)