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Largest Education Lenders (FY2003)
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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.
| Rank | Lender | Origination 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 |
| 12. | Edamerica | $652,112,687 |
| 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.
| Rank | Lender | Holder 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 |
| 12. | SLCC | $2,563,739,335 |
| 13. | Bank of America | $2,508,554,470 |
| 14. | EdAmerica | $2,371,127,336 |
| 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.
| Rank | Lender | Consolidation 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 |
| 5. | SLCC | $1,879,527,895 |
| 6. | Nelnet | $1,741,690,431 |
| 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 |
| 18. | EdAmerica | $247,924,379 |
| 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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