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Largest Education Lenders (FY2004)

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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 is accurate as of February 16, 2005, and represents 2004 data. The list of holders and consolidators is accurate as of March 3, 2005 and represents 2004 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.

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 83.5% of all FFELP loans.

RankLenderOrigination Volume
1.Sallie Mae$4,208,675,080
2.Bank One Education Finance Group$3,927,750,155
3.Citibank Student Loan Corp$3,422,658,882
4.JP Morgan Chase Bank$2,549,391,841
5.Bank of America$2,414,279,502
6.Wells Fargo Education Financial Services$2,253,261,606
7.Wachovia Education Finance$1,893,224,091
8.US Bank$1,123,747,998
9.Access Group$1,062,042,916
10.EdAmerica$894,135,944
11.College Loan Corp$777,400,704
12.Pittsburgh National Corp$775,480,937
13.Northstar Guarantee$759,354,473
14.Suntrust Bank$732,799,096
15.Pennsylvania Higher Education Assistance Agency$649,863,703
16.College Foundation Inc.$563,460,427
17.Citizens Bank Education Finance$556,465,167
18.Fleet Bank$512,636,838
19.Education Lending Group$486,084,019
20.National City Bank$475,443,602
21.South Carolina Student Loan Corp$438,615,437
22.Union Bank & Trust Company$438,483,845
23.Brazos Group$405,624,802
24.National Education Loan Network (NELNET)$377,073,363
25.Nova Southeastern University$374,737,106
26.Key Corp$370,674,538
27.Illinois Student Assistance Commission/IDAAP$357,573,580
28.College Board/College Credit$340,505,991
29.Kentucky Higher Education Student Loan Corp$324,901,155
30.Amsouth Bancorp Ed Fin Group$320,108,336
31.AELMAC/Southwest Student Services Corp$315,105,449
32.Commerce Bank$283,425,224
33.Washington Mutual Savings Bank$266,592,032
34.Stillwater National Bank$263,335,770
35.Comerica Bank$254,774,913
36.Vermont Education Loan Finance Program (VSAC)$235,015,911
37.Provincial Bank Academic Funding Group$224,240,531
38.HSBC Bank USA$206,971,069
39.Rhode Island Student Loan Authority (RISLA)$203,944,648
40.Regions Bank$198,843,648
41.New Hampshire Higher Education Loan Corp$198,335,119
42.Manufacturers & Traders Bank$180,234,501
43.All Student Loan Corp$177,404,747
44.Twin City Federal Savings Bank (TCF)$170,140,629
45.First National Bank (Sioux Falls, SD)$164,407,490
46.Fifth Third Bank$159,512,304
47.Zions First National Bank$150,948,064
48.Connecticut Student Loan Foundation$132,234,523
49.Bancorpsouth Bank$126,054,201
50.University of Phoenix$120,128,082

These lenders hold 93.9% of all FFELP loans. Many of the largest holders of student loans are secondary markets.

RankLenderHolder Volume
1.Sallie Mae$85,095,399,452
2.Citibank Student Loan Corporation$21,547,879,168
3.National Education Loan Network (NELNET)$12,308,182,384
4.Wachovia Education Finance$10,071,248,713
5.Wells Fargo Education Financial Services$8,567,243,223
6.Brazos Group$7,532,597,186
7.College Loan Corporation$6,314,429,571
8.Pennsylvania Higher Education Assistance Agency (PHEAA)$5,447,528,332
9.AELMAC/Southwest Student Services Corp$4,712,666,483
10.Goal Financial$4,041,540,448
11.Collegiate Funding Services$4,036,641,645
12.Education Lending Group$4,024,207,850
13.Missouri Higher Education Loan Authority (MOHELA)$3,543,536,794
14.Access Group$2,992,651,379
15.Bank of America$2,926,199,207
16.EdAmerica$2,922,431,586
17.Illinois Designated Account Purchase Program (IDAAP)$2,322,223,983
18.Northstar Guarantee$2,294,785,004
19.California Higher Education Loan Authority (CHELA)$2,273,865,898
20.Key Corp$2,210,391,409
21.Suntrust Bank$2,013,286,168
22.South Carolina Student Loan Corp$2,004,423,986
23.College Foundation Inc.$1,823,534,691
24.US Bank$1,707,634,388
25.Student Loan Finance Association$1,654,646,396
26.Education Loans Inc. (Aberdeen, SD)$1,533,079,555
27.Bank One Education Finance Group$1,463,689,050
28.Citizens Bank$1,335,259,256
29.Utah State Board of Regents$1,318,066,397
30.Pittsburgh National Corp (PNC)$1,299,256,640
31.Iowa Student Loan Liquidity Corp (ISLLC)$1,279,675,378
32.Vermont Education Loan Finance Program (VSAC)$1,241,935,282
33.Michigan Higher Education Student Loan Authority$1,213,728,136
34.Kentucky Higher Education Student Loan Corp$1,070,486,265
35.Panhandle Plains Higher Education Authority$1,054,780,759
36.New Hampshire Higher Education Loan Corp$926,409,520
37.North Texas Higher Education Authority (NTHEA)$889,771,781
38.LoanStar Funding Group Inc.$863,034,574
39.CollegeInvest$858,990,221
40.JP Morgan Chase Bank$857,328,866
41.Mississippi Higher Education Assistance Corp$830,709,710
42.Regions Bank$753,286,832
43.GMAC$740,462,746
44.ALL Student Loan Corp$723,391,397
45.Education Loan Trust$707,737,163
46.Oklahoma Student Loan Authority$692,388,490
47.Montana Higher Education Student Assistance Corp$659,867,322
48.Fleet Bank$638,520,321
49.Rhode Island Student Loan Authority (RISLA)$612,825,054
50.Union Bank & Trust Company$575,120,504

These lenders consolidate 98.4% of all FFELP loans.

RankLenderConsolidation Volume
1.Sallie Mae$10,718,440,775
2.National Education Loan Network (NELNET)$2,972,835,394
3.Citibank Student Loan Corporation$2,726,933,899
4.Collegiate Funding Services$2,268,882,506
5.College Loan Corporation$1,974,378,494
6.Brazos Group$1,763,474,398
7.Goal Financial$1,690,340,707
8.AELMAC/Southwest Student Services Corporation$1,535,590,796
9.Education Lending Group$1,354,682,235
10.Suntrust Bank$747,387,380
11.Wachovia Education Finance$703,272,137
12.Wells Fargo Education Financial Services$660,587,796
13.PA Higher Education Assistance Agency (PHEAA)$556,975,522
14.Missouri Higher Education Loan Authority (MOHELA)$503,869,542
15.NextStudent$499,483,048
16.Access Group$391,956,866
17.Northstar$357,136,771
18.EdAmerica$295,090,283
19.Mississippi Higher Education Student Assistance Corporation$261,444,098
20.Pittsburgh National Corporation (PNC)$248,780,972
21.Illinois Designated Account Purchase Program (IDAAP)$233,883,484
22.SC Student Loan Taxable$212,942,934
23.Key Corporation$206,107,796
24.California Higher Education Loan Authority (CHELA)$203,851,403
25.Iowa Student Loan Liquidity Corporation$199,556,168
26.VSAC Education Loan Finance Program$190,874,462
27.Utah State Board of Regents$183,047,913
28.Academic Loan Group$171,715,287
29.Student Loan Finance Association$149,874,184
30.Fleet Bank$133,077,358
31.College Foundation Inc.$126,566,401
32.Panhandle Plains HEA$125,720,056
33.Education Loans Inc.$122,475,581
34.Montana Higher Education Student Assistance Corporation$119,876,296
35.North Texas Higher Education Authority (NTHEA)$117,284,177
36.Rhode Island Student Loan Authority$113,938,649
37.Education Loan Company$104,462,273
38.Kentucky Higher Education Student Loan Corporation$92,306,703
39.New Hampshire Higher Education Loan Corporation$88,151,964
40.CollegeInvest$81,270,049
41.Oklahoma Student Loan Authority$73,909,066
42.LoanStar Funding Group Inc.$63,041,135
43.ALL Student Loan Corporation - JPMorgan Chase$60,789,807
44.CSLF/Susie Mae$58,989,001
45.US Bank NA$58,650,411
46.Michigan Higher Education Student Loan$53,453,113
47.Bank of North Dakota$51,313,904
48.Citizens Bank$47,544,366
49.American Optometric Assoc.$47,095,067
50.Regions Bank$46,676,267
 

 
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