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Largest Education Lenders (FY2005)

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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 10, 2006, and represents 2005 data. The list of consolidators is accurate as of March 1, 2006, and represents 2005 data. The list of holders is accurate as of March 17, 2006 and represents 2005 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.

Another source of similar data is Student Marketmeasure.
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Originators

These lenders originate 82.9% of all FFELP loans.

RankLenderOrigination Volume
1.Sallie Mae$5,029,830,965
2.Citibank Student Loan Corp$3,346,069,151
3.Bank One Education Finance Group$3,197,640,899
4.Bank of America$2,862,057,505
5.Wells Fargo Education Financial Services$2,344,544,398
6.JP Morgan Chase Bank$2,160,790,878
7.First Union National Bank (Classnotes)$2,141,887,770
8.College Loan Corp$1,171,135,476
9.US Bank$1,143,164,529
10.Access Group$1,074,784,380
11.EdAmerica$1,007,611,957
12.Pittsburgh National Corp$853,019,724
13.Northstar Guarantee$831,617,666
14.Suntrust Bank$778,517,776
15.Education Lending Group$644,876,653
16.Citizens Bank Education Finance$639,241,887
17.Pennsylvania Higher Education Assistance Agency$594,246,998
18.College Foundation Inc.$589,111,017
19.National Education Loan Network (NELNET)$516,557,075
20.National City Bank$444,283,675
21.South Carolina Student Loan Corp$442,883,154
22.Brazos Group$405,695,323
23.Kentucky Higher Education Student Loan Corp$403,967,370
24.Illinois Student Assistance Commission/IDAAP$403,162,127
25.Nova Southeastern University$392,124,176
26.College Board/College Credit$371,884,271
27.Amsouth Bancorp Ed Fin Group$370,209,473
28.Key Corp$359,803,203
29.Union Bank \& Trust Company$356,702,408
30.Stillwater National Bank$292,181,736
31.Washington Mutual Savings Bank$273,255,407
32.Commerce Bank$259,705,965
33.Vermont Student Assistance Corporation (VSAC)$246,914,314
34.Dollar Bank$245,374,878
35.Regions Bank$242,376,907
36.Comerica Bank$236,444,213
37.Rhode Island Student Loan Authority (RISLA)$218,974,657
38.University of Phoenix$213,650,695
39.HSBC Bank USA$206,556,976
40.Manufacturers & Traders Bank$200,514,927
41.New Hampshire Higher Education Loan Corp$196,523,623
42.All Student Loan Corp$184,838,269
43.Twin City Federal Savings Bank (TCF)$170,991,758
44.Bank of Lake Mills$160,507,237
45.California Higher Education Loan Authority (CHELA)$149,936,585
46.Zions First National Bank$149,190,498
47.Fifth Third Bank$142,661,281
48.First National Bank (Sioux Falls, SD)$141,011,693
49.New Mexico Education Assistance Foundation$140,658,417
50.First Midwest Bank$137,459,687

Holders

These lenders hold 95.1% of all FFELP loans. Many of the largest holders of student loans are secondary markets.

RankLenderHolder Volume
1.Sallie Mae$102,334,111,716
2.Citibank Student Loan Corporation$24,644,330,229
3.National Education Loan Network (NELNET)$15,786,437,294
4.Wachovia Education Finance$10,734,387,673
5.Wells Fargo Education Financial Services$9,646,571,135
6.Brazos Group$8,978,458,929
7.College Loan Corporation$7,837,005,058
8.Pennsylvania Higher Education Assistance Agency (PHEAA)$6,759,407,132
9.Collegiate Funding Services$5,522,106,565
10.Goal Financial$5,325,967,590
11.Education Lending Group$4,659,623,304
12.Missouri Higher Education Loan Authority (MOHELA)$4,300,116,227
13.Access Group$3,817,983,616
14.Bank of America$3,803,122,585
15.Suntrust Bank$3,569,941,322
16.EdAmerica$3,443,465,248
17.Northstar Guarantee$3,287,162,602
18.Illinois Designated Account Purchase Program (IDAAP)$2,770,385,438
19.California Higher Education Loan Authority (CHELA)$2,272,919,476
20.South Carolina Student Loan Corp$2,227,475,560
21.College Foundation Inc.$2,169,664,094
22.Key Corp$2,166,646,887
23.Education Loans Inc. (Aberdeen, SD)$1,935,020,427
24.US Bank$1,904,455,500
25.Pittsburgh National Corp (PNC)$1,717,961,699
26.Iowa Student Loan Liquidity Corp (ISLLC)$1,561,001,403
27.Utah State Board of Regents$1,525,165,497
28.Citizens Bank$1,502,773,257
29.Michigan Higher Education Student Loan Authority$1,487,554,774
30.GCO-ELF$1,398,675,479
31.Vermont Student Assistance Corporation (VSAC)$1,359,625,874
32.Kentucky Higher Education Student Loan Corp$1,321,043,845
33.Bank One Education Finance Group$1,305,603,839
34.Panhandle Plains Higher Education Authority$1,244,899,378
35.Montana Higher Education Student Assistance Corp$1,141,791,622
36.North Texas Higher Education Authority (NTHEA)$1,069,712,971
37.New Hampshire Higher Education Loan Corp$1,015,643,308
38.CollegeInvest$995,561,565
39.Mississippi Higher Education Assistance Corp$961,489,337
40.LoanStar Funding Group Inc.$955,906,678
41.Regions Bank$881,185,918
42.ALL Student Loan Corp$840,002,557
43.Oklahoma Student Loan Authority$813,380,756
44.JP Morgan Chase Bank$721,012,366
45.Indiana Secondary Market$681,588,851
46.Education Loan Trust$662,297,419
47.New Mexico Education Assistance Foundation$590,385,153
48.Bank of North Dakota$557,514,448
49.Connecticut Student Loan Foundation$493,835,699
50.Rhode Island Student Loan Authority (RISLA)$483,839,837

Consolidators

These lenders consolidate 97.9% of all FFELP loans.

RankLenderConsolidation Volume
1.Sallie Mae$19,263,222,567
2.Citibank Student Loan Corporation$4,752,100,983
3.National Education Loan Network (NELNET)$3,564,672,101
4.Collegiate Funding Services$1,986,682,349
5.Suntrust Bank$1,857,777,560
6.Northstar$1,707,700,357
7.Goal Financial$1,651,711,682
8.College Loan Corporation$1,602,828,362
9.Brazos Group$1,591,224,030
10.PA Higher Education Assistance Agency (PHEAA)$1,572,139,072
11.Wachovia Education Finance$1,308,546,696
12.Wells Fargo Education Financial Services$1,158,806,755
13.Education Lending Group (Student Loan Xpress)$880,304,900
14.Access Group$824,838,015
15.Missouri Higher Education Loan Authority (MOHELA)$817,655,260
16.Pittsburgh National Corporation (PNC)$789,116,794
17.NextStudent$707,619,705
18.EdAmerica/EdSouth$529,151,067
19.California Higher Education Loan Authority (CHELA)$411,946,442
20.Utah State Board of Regents$376,505,509
21.SC Student Loan Taxable$371,621,886
22.Pacific Loan Proc$343,279,456
23.Bank of America$317,375,209
24.College Foundation Inc.$308,030,148
25.Illinois Designated Account Purchase Program (IDAAP)$298,967,769
26.Iowa Student Loan Liquidity Corporation$298,424,590
27.Academic Loan Group$289,278,280
28.Key Corporation$270,250,572
29.Education Loans Inc.$259,551,394
30.VSAC Education Loan Finance Program$254,050,604
31.Indiana Secondary Market$232,314,975
32.Education Loan Company$218,220,241
33.Mississippi Higher Education Student Assistance Corporation$200,889,373
34.New Hampshire Higher Education Loan Corporation$187,233,114
35.North Texas Higher Education Authority (NTHEA)$177,198,517
36.ALL Student Loan Corporation - JPMorgan Chase$168,992,303
37.Montana Higher Education Student Assistance Corporation$168,258,779
38.GCO-ELF$157,454,277
39.Panhandle Plains HEA$140,543,215
40.Oklahoma Student Loan Authority$134,496,332
41.US Bank NA$131,660,672
42.Kentucky Higher Education Student Loan Corporation$130,946,665
43.CollegeInvest$129,381,473
44.Bank of North Dakota$128,174,400
45.Citizens Bank$116,052,218
46.Academic Financial Services$108,115,189
47.Graduate Leverage$91,699,471
48.LoanStar Funding Group Inc.$91,294,755
49.CSLF/Susie Mae$87,126,276
50.Michigan Higher Education Student Loan$80,823,512
 

 
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