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SLM Corporation (commonly known as Sallie Mae; originally the Student Loan Marketing Association) is a publicly traded U.S. corporation that provides consumer banking.Its nature has changed dramatically since it was set up in the early 1970s; initially a government entity that serviced federal education loans, it then became private and began offering private student loans.
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Nelnet, Inc., is a United States–based conglomerate that primary focused on financial services including student and consumer loan origination and servicing.Additionally, the company operates an investing arm, an internet bank and owns Allo Fiber, a cable and internet provider.
The U.S. Department of Education selected Sallie Mae in 2009 to service federal loans on its behalf. [ 10 ] In 2010, Congress passed the Health Care and Education Reconciliation Act of 2010 , which eliminated the federally guaranteed loan program known as Federal Family Education Loan Program (FFELP) , under which banks and companies like ...
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