Sallie Mae

Author:

Moneyzine Editor

Last updated on September 25th, 2023

Advertiser Disclosure

Definition

Created by Congress in 1972, Sallie Mae was a government-sponsored enterprise that provided student loan origination and management services. The privatization process began in 1997 and completed in 2004, when the company became a publicly held enterprise.

Explanation

SLM Corporation, more commonly referred to as Sallie Mae, is the leading provider of educational funding in the United States. With over 25 million customers, Sallie Mae specializes in providing financial services to students and their families, offering information to help students, parents, and guidance counselors through the financial aid process.

Products and services include college savings accounts (including 529 plans); undergraduate and graduate student loans; tuition, travel, medical, and life insurance; loan servicing (repayment); and online banking.

A Fortune 500 company, Sallie Mae and its subsidiaries manage nearly $250 billion in student loans and administer nearly $40 billion in 529 college savings plans.

Risk vs Return: The Fundamental Trade-Off in Finance
Modern financial activity also intersects with digital commerce and online spending habits.
May 22nd, 2026
What Can Help You Meet Your Budget While Shopping for Important Items?
Budgeting while ensuring you don't compromise on quality can seem daunting. Whether filling your pantry, updating your wardrobe, or keeping up with the latest tech, smart shopping strategies are crucial for keeping your finances in check.
April 2nd, 2024
How to Make a Million Dollars in 10 Years
Truthfully, this title should actually be “How to Make a Million Dollars in 10 Years Without Going Into Debt", but that is just getting a little too winded for my liking. It’s true though!
December 6th, 2024
How to Apply Maslow’s Hierarchy to Your Money This Year
You might vaguely remember your psychology teacher talking about Maslow. He pointed at a picture of a triangle as you nodded off in the back of the school room.
November 18th, 2024
How to Tackle Multiple Savings Goals
When there’s only so much money to go around, there are often multiple savings goals competing for your money. Think of the young professional who’d like to get a more reliable car, buy a house, and save for retirement. Or consider the young family that’s saving for college, retirement, and a bigger house.
March 22nd, 2024