Largest Education Lenders
The following tables show the top 100 originators, holders and consolidators of Federal Family Education Loan Program loans. (The list of originators is accurate as of March 5, 2010, and represents FY2009 data. The list of consolidators is accurate as of March 15, 2010, and represents FY2009 data. The list of holders is accurate as of March 26, 2010 and represents FY2009 data. This is the most recent data available.) The figures for origination exclude consolidation loans. The figures for holders include consolidation loans.
Lenders that hold the most loans accomplish this either by buying the loans directly from originators, by originating the loans themselves and not reselling them, or by consolidating a lot of loans held by other lenders.
The top 100 lenders originated 98.1% of all FFELP loan volume in FY2009, up from 95.7% in FY2008 and 91.5% in FY2007. The total of FFELP loan originations for the all lenders was $72.7 billion in FY2009, up from $63.2 billion in FY2008 and $56.7 billion in FY2007.
Note that Wachovia and Wells Fargo have subsequently merged, as have PNC Bank and National City Bank.
Former top lenders (including school-as-lender schools) that experienced a decline of more than 25% in origination volume in FY2009 as compared with FY2008, possibly because of the credit crisis, include: AES/PHEAA, Arizona Higher Education Loan Authority, Arkansas Student Loan Authority, BancorpSouth, Bank of Lake Mills, Beneficial Bank, Boone County National Bank, Brazos Group, Bremer Bank, Carnegie Insurance Company, Chicago School of Professional Psychology, College Loan Corporation, College Solutions Network, Comerica Bank, Compass Bank, Connecticut Student Loan Foundation, Des Moines University, DeVry University, Dollar Bank, ED LOAN TRUST IV, Emory University, First Financial Bank, First National Bank of Omaha, Franklin Bank, HSBC Bank, ISAC/IDAPP, M&T Bank Educational Lending, National City Bank, New York Institute of Technology, Northstar, Nova Southeastern University, Palmer College of Chiropractic, Parker College of Chiropractic, Southern Methodist University, St. Louis University, Student Loan Xpress (Education Lending Group), Touro College, Trustmark National Bank, TCF Bank, University of Phoenix and Walden University. These lenders represent almost two-fifths of the top 100 lenders from FY2008.
Lenders that have gained more than $500 million in loan volume include Sallie Mae ($6.7 billion), Discover Bank ($1.5 billion), PNC Bank ($1.4 billion), Wells Fargo ($1.2 billion), Bank of America ($650 million) and Nelnet ($540 million).
The top 100 lenders held 99.0% of all FFELP loans in FY2009, unchanged from FY2008 and up from 98.6% in FY2007. The top 10 held 69.9% of all FFELP loans in FY2009, down slightly from 70.2% in FY2008. The top 25 held 86.9% of all FFELP loans in FY2009, up slightly from 86.6% in FY2008. The total of FFELP loan holdings for all lenders was $421.3 billion in FY2009, up from $406.1 billion in FY2008, $367.6 billion in FY2007, $324.9 billion in FY2006 and $281.6 billion in FY2005. Many of the largest holders of student loans are secondary markets.
Top 100 lenders that experienced a decline of more than $500 million in holdings in FY2009 as compared with FY2008, possibly because of the credit crisis, include: Brazos, College Loan Corporation, Education Services America, JP Morgan Chase, MOHELA, National City Bank, Nelnet, PHEAA, Panhandle Plains HEA and Student Loan Xpress.
Top 100 lenders that experienced an increase of more than $500 million in holdings in FY2009 as compared with FY2008 include: Bank of America, Citibank SLC, College Foundation Inc., Discover Bank, Ed Fund Resource, EdSouth, H&R Block, PNC Bank, Sallie Mae, South Carolina Student Loan Corporation and Wachovia Education Finance.
These lenders consolidated 89.2% of all FFELP consolidation loans in FY2009, down from 99.3% in FY2008. The total of all FFELP consolidations from all lenders was $219 million in FY2009, down from $7.3 billion in FY2008, $47.4 billion in FY2007 and $72.4 billion in FY2006.
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