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Largest Education Lenders (FY2003)


The following table shows the top 50 originators, holders and consolidators of Federal Family Education Loan Program loans. (The list of originators, holders and consolidators is accurate as of September 30, 2003. 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.

Based on these statistics, the largest purchaser of student loans is Sallie Mae, followed by College Loan Corporation, Citibank, Brazos Group, Key Corp, EFS Finance and Mellon Bank. Similarly, the largest seller of student loans is JP Morgan Chase, followed by Bank One, National City Bank, American Express, TIAA-CREF, and SC Student Loan Corp.

These lenders originate 84.1% of all FFELP loans.

RankLenderOrigination Volume
1.Bank One Education Finance Group$3,317,548,154
2.Sallie Mae$3,160,646,632
3.Citibank Student Loan Corp$2,995,226,114
4.JP Morgan Chase Bank$2,466,034,112
5.Bank of America $2,157,500,177
6.Wells Fargo Education Financial Services$2,042,201,054
7.Wachovia Education Finance$1,780,791,739
8.National City Bank$1,377,752,621
9.U.S. Bank$1,031,211,817
10.Pittsburgh National Corp$670,691,587
11.Suntrust Bank$660,650,728
13.Northstar Guarantee$634,708,246
14.Pennsylvania Higher Education Assistance Agency$633,356,158
15.Fleet Bank$593,299,377
16.Academic Management Services$479,908,433
17.College Foundation Inc.$477,161,517
18.Citizens Bank Education Finance$440,614,987
19.College Loan Corp$426,613,954
20.Union Bank & Trust Company$417,344,509
21.Nova Southeastern University$375,901,957
22.SC Student Loan Corp$370,119,565
23.Key Corp$365,828,971
24.Education Lending Group$318,053,434
25.Teachers Insurance & Annuity Association of America$306,516,843
26.Brazos Group$289,071,504
27.Illinois Student Assistance Commission/IDAAP$280,085,423
28.Commerce Bank$257,400,175
29.Amsouth Bancorp Ed Fin Group$253,265,964
30.Washington Mutual Savings Bank$234,736,031
31.AELMAC/Southwest Student Services Corp$229,423,164
32.Kentucky Higher Education Student Loan Corp$224,371,559
33.Vermont Education Loan Finance Program$223,428,762
34.HSBC Bank USA$196,464,685
35.Comerica Bank$191,845,473
36.Rhode Island Student Loan Authority$186,594,436
37.New Hampshire Higher Education Loan Corp$175,786,918
38.Regions Bank $171,812,529
39.Provincial Bank Academic Funding Group$164,108,594
40.Twin City Federal Savings Bank (TCF)$161,621,161
41.All Student Loan Corp$154,097,942
42.First National Bank $152,869,360
43.Stillwater National Bank$148,215,884
44.Manufacturers & Traders Bank$140,699,179
45.Fifth Third Bank $130,407,416
46.Connecticut Student Loan Foundation$123,795,415
47.Bancorpsouth Bank $117,241,525
48.Zions First National Bank$111,792,337
49.EFS Finance Co$105,864,443
50.First Midwest Bank$104,343,028

These lenders hold 93.1% of all FFELP loans. Many of the largest holders of student loans are secondary markets.

RankLenderHolder Volume
1.Sallie Mae$75,626,511,514
2.Citibank Student Loan Corporation$19,955,607,527
3.Wachovia Education Finance$9,662,991,301
4.National Education Loan Network (NELNET)$7,794,920,858
5.Wells Fargo Education Financial Services$7,553,949,263
6.Brazos Group$5,469,653,067
7.College Loan Corporation$4,510,093,076
8.Pennsylvania Higher Education Assistance Agency (PHEAA)$4,142,292,013
9.AELMAC/Southwest Student Services Corp$3,196,329,830
10.Missouri Higher Education Loan Authority$2,849,227,827
11.Education Lending Group$2,734,944,406
13.Bank of America$2,508,554,470
15.Key Corp$2,317,485,131
16.California Higher Education Loan Authority (CHELA)$2,126,526,227
17.Collegiate Funding Services$1,995,421,955
18.Suntrust Bank$1,965,995,654
19.Illinois Designated Account Purchase Program$1,941,834,497
20.South Carolina Student Loan Corp$1,798,745,607
21.Access Group$1,732,582,872
22.EFS Finance Co$1,694,053,751
23.Northstar Guarantee$1,616,793,819
24.US Bank$1,596,206,540
25.College Foundation Inc.$1,550,877,533
26.Citizens Bank$1,339,311,829
27.Pittsburgh National Corp (PNC)$1,296,236,130
28.Bank One Education Finance Group$1,269,162,145
29.Student Loan Finance Association$1,247,612,126
30.Academic Management Services$1,150,229,568
31.Education Loans Inc.$1,149,830,249
32.Utah State Board of Regents$1,134,351,797
33.Vermont Education Loan Finance Program$1,118,799,967
34.Iowa Student Loan Liquidity Corp (ISLLC)$1,002,927,878
35.Panhandle Plains Higher Education Authority$937,651,275
36.Michigan Higher Education Student Loan Authority$918,344,333
37.Kentucky Higher Education Student Loan Corp$867,414,037
38.New Hampshire Higher Education Loan Corp$842,776,996
39.JP Morgan Chase Bank$835,464,990
40.Fleet Bank$783,504,089
41.National City Bank$762,737,061
42.Colorado Student Obligation Bond Authority$761,082,712
43.North Texas Higher Education Authority$751,092,516
44.Rhode Island Student Loan Authority (RISLA)$694,408,069
45.Mississippi Higher Education Assistance Corp$676,282,913
46.Regions Bank$668,645,261
47.ALL Student Loan Corp$624,894,028
48.Union Bank & Trust Company$602,862,776
49.Oklahoma Student Loan Authority$553,688,059
50.Montana High Education Student Assistance Corp$511,748,830

These lenders consolidate 98.4% of all FFELP loans.

RankLenderConsolidation Volume
1.Sallie Mae$10,822,882,451
2.College Loan Corporation$3,465,599,445
3.Citibank Student Loan Corporation$3,211,904,122
4.Education Lending Group$2,279,033,570
7.Collegiate Funding Services$1,460,497,300
8.Brazos Group$1,336,550,971
9.Wachovia Education Finance$1,169,679,487
10.Wells Fargo Education Financial Services$831,562,388
11.AELMAC/Southwest Student Services Corporation$596,551,773
12.Suntrust Bank$571,061,145
13.PA Higher Education Assistance Agency (PHEAA)$418,843,486
14.Missouri Higher Education Loan Authority$368,117,707
15.Firstar Bank ELT Access Group$340,266,139
16.Key Corporation$290,117,355
17.Fleet Bank$280,569,125
19.VSAC Education Loan Finance Program$220,712,624
20.SC Student Loan Taxable$213,729,544
21.Academic Management Services$204,849,383
22.US Bank ELT Northstar$196,331,124
23.Next Student$179,348,286
24.Union Bank ELT Student Partner Services$166,846,393
25.Utah State Board of Regents$163,666,269
26.Student Loan Finance Association$155,110,168
27.Illinois Designated Account Purchase Program$152,568,065
28.Iowa Student Loan Liquidity Corporation$136,022,966
29.Mississippi Higher Education Student Assistance Corporation$129,349,433
30.Panhandle Plains HEA$127,480,613
31.MT Higher Education Student Assistance Corporation$115,813,653
32.College Foundation Inc.$108,900,585
33.US Bank NA Trust Education Loans Inc.$105,238,872
34.New Hampshire Higher Education Loan Corporation$97,683,791
35.Pittsburgh National Corporation (PNC)$89,028,681
36.Bank One NA Trustee for NTHEA$86,711,132
37.Citizens Bank$79,081,153
38.Rhode Island Student Loan Authority$77,308,620
39.Michigan Higher Education Student Loan$75,138,521
40.Kentucky Higher Education Student Loan Corporation$72,174,957
41.Colorado Student Obligation Bond Authority$68,664,949
42.All Student Loan Corporation - JPMorgan Chase$67,909,794
43.US Bank National Association$63,894,029
44.Union Bank of California Trustee CHELA$63,872,152
45.Bank of America$62,969,720
46.Greater Texas Student Loan Corporation$61,040,100
47.Bank of North Dakota$59,275,299
48.Oklahoma Student Loan Authority$54,853,880
49.Charter One Bank FSB$52,471,328
50.Regions Bank$49,599,860

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