While many investors and most analysts are steering clear of student loan stocks, CNBC’s “Mad Money” Show Host Jim Cramer says that Sallie Mae (NYSE: SLM) will continue to make student loans and he advises you to invest money into the company.  On his show Friday, he called Sallie Mae the “speculative stock of the year.”   Trading just north of $6 a share, there is little doubt that the ongoing plan of the Obama administration to eliminate FFELP subsidies has hurt the SLAM stock.  Cramer indicated with a 3x earnings ratio and a likely liquidation value of as much as $14 a share, the stock is significantly undervalued.   Whether the company can change its business model if subsidies are eliminated and the portfolio of loans it owns can continue to perform at current levels remains to be seen.