Sallie Mae (SLM)
Definition of 'Sallie Mae (SLM)'
Sallie Mae manages more than $180 billion in loans for more than 10 million borrowers (mostly students). Sallie Mae provides private student loans and employs 8,000 people at offices throughout the United States. Previously, Sallie Mae primarily provided federally guaranteed student loans originated under the Federal Family Education Loan Program (FFELP).
The Student Loan Marketing Association was originally created in 1972 as a government-sponsored enterprise (GSE) and began privatizing its operations in 1997, a process it completed at the end of 2004 when Congress terminated its federal charter, ending its ties to the government. The company remains the country's largest originator of federally insured student loans. Through its specialized subsidiaries and divisions, Sallie Mae also provides debt management services as well as business and technical products to a range of business clients, including colleges, universities and loan guarantors.
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