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Largest Education Lenders (FY2006)


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 March 15, 2007, and represents 2006 data. The list of consolidators is accurate as of March 22, 2007, and represents 2006 data. The list of holders is accurate as of April 5, 2007 and represents 2006 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. Student Marketmeasure reports gross loan volume and not net disbursements.


These lenders originate 83.4% of all FFELP loans. The total of FFELP loan originations for all lenders was $50.1 billion in FY2006, up from $47.4 billion in FY2005.

RankLenderOrigination Volume
1.Sallie Mae$6,961,748,670
2.Citibank Student Loan Corp$3,871,254,165
3.Bank of America$2,897,350,033
4.Wells Fargo Education Financial Services$2,653,557,823
5.First Union National Bank (Classnotes)$2,573,859,140
6.Bank One Education Finance Group$2,285,671,013
7.JP Morgan Chase Bank$1,574,734,141
8.College Loan Corp$1,414,918,025
9.US Bank$1,159,176,596
11.Access Group$935,651,976
12.Pittsburgh National Corp$852,033,113
13.Northstar Guarantee$836,870,113
14.Suntrust Bank$834,382,913
15.Education Lending Group (Student Loan Xpress)$804,789,805
16.National Education Loan Network (NELNET)$767,844,258
17.Citizens Bank Education Finance$663,487,874
18.College Foundation Inc.$627,557,595
19.Pennsylvania Higher Education Assistance Agency$601,480,876
20.Kentucky Higher Education Student Loan Corp$490,016,751
21.South Carolina Student Loan Corp$459,734,502
22.National City Bank$436,651,762
23.Brazos Group$418,146,068
24.Amsouth Bancorp Ed Fin Group$399,992,215
25.College Board/College Credit$389,702,089
26.Illinois Student Assistance Commission/IDAAP$373,057,311
27.Dollar Bank$333,234,074
28.Key Corp$314,728,564
29.Union Bank \& Trust Company$300,299,422
30.Carnegie Insurance Company/MEDFUNDS$298,469,305
31.Bank of Lake Mills$291,845,970
32.Commerce Bank$273,526,589
33.Vermont Student Assistance Corporation (VSAC)$265,978,322
34.Regions Bank$242,921,559
35.Nova Southeastern University$241,563,034
36.Stillwater National Bank$222,614,566
37.Comerica Bank$214,294,491
38.Rhode Island Student Loan Authority (RISLA)$212,236,531
39.University of Phoenix$204,820,585
40.Manufacturers & Traders Bank$200,289,416
41.HSBC Bank USA$193,909,999
42.New Hampshire Higher Education Loan Corp$185,179,902
43.All Student Loan Corp$183,907,905
44.Twin City Federal Savings Bank (TCF)$169,180,013
46.New Mexico Education Assistance Foundation$134,918,733
47.First National Bank (Sioux Falls, SD)$133,080,580
48.Purdue Employees FCU$119,094,968
49.Connecticut Student Loan Foundation$119,068,142
50.Webster University$118,050,035


These lenders hold 95.8% of all FFELP loans. The total of FFELP loan holdings for all lenders was $324.9 billion in FY2006, up from $281.6 billion in FY2005. Many of the largest holders of student loans are secondary markets.

RankLenderHolder Volume
1.Sallie Mae$112,384,663,040
2.Citibank Student Loan Corporation$26,426,967,614
3.National Education Loan Network (NELNET)$22,188,592,280
4.Brazos Group$12,258,638,850
5.Wachovia Education Finance$11,146,094,339
6.Wells Fargo Education Financial Services$10,625,450,808
7.Pennsylvania Higher Education Assistance Agency (PHEAA)$9,992,936,379
8.College Loan Corporation$9,631,311,571
9.Education Lending Group (Student Loan Xpress)$7,222,806,394
10.Goal Financial$7,181,742,869
11.JP Morgan Chase Bank/CFS$6,407,117,322
12.Missouri Higher Education Loan Authority (MOHELA)$5,292,130,879
13.Access Group$4,697,276,251
16.Northstar Guarantee$4,062,934,986
17.Bank of America$3,951,271,026
18.Illinois Designated Account Purchase Program (IDAAP)$3,119,960,759
19.Suntrust Bank$3,061,714,595
20.Bank One Education Finance Group$2,514,343,557
21.College Foundation Inc.$2,512,411,795
22.South Carolina Student Loan Corp$2,420,561,154
23.Education Loans Inc. (Aberdeen, SD)$2,258,257,410
24.Key Corp$1,999,226,274
25.Iowa Student Loan Liquidity Corp (ISLLC)$1,921,522,803
26.Utah State Board of Regents$1,755,929,207
27.Education Loan Trust$1,722,127,747
28.US Bank$1,648,878,376
29.Michigan Higher Education Student Loan Authority$1,622,059,338
30.Kentucky Higher Education Student Loan Corp$1,618,479,171
31.Academic Loan Group$1,578,017,017
32.Vermont Student Assistance Corporation (VSAC)$1,520,514,248
33.Panhandle Plains Higher Education Authority$1,464,927,992
34.Pittsburgh National Corp (PNC)$1,444,954,123
35.Indiana Secondary Market$1,442,020,767
36.Montana Higher Education Student Assistance Corp$1,408,857,551
37.North Texas Higher Education Authority (NTHEA)$1,246,051,574
39.New Hampshire Higher Education Loan Corp$1,080,708,052
40.Citizens Bank$1,073,333,290
41.Mississippi Higher Education Assistance Corp$1,048,336,789
42.ALL Student Loan Corp$1,032,639,937
43.Regions Bank$967,160,724
44.Oklahoma Student Loan Authority$935,774,070
46.New Mexico Education Assistance Foundation$730,363,276
47.Graduate Leverage$608,095,003
48.Bank of North Dakota$589,504,218
49.Connecticut Student Loan Foundation$584,408,064
50.Arkansas Student Loan Authority$458,173,383


These lenders consolidated 96.0% of all FFELP loans. The total of all FFELP consolidations from all lenders was $72.4 billion in FY2006, up from $54.4 billion in FY2005.

RankLenderConsolidation Volume
1.Sallie Mae$19,996,617,434
2.National Education Loan Network (NELNET)$4,869,837,773
3.Citibank Student Loan Corporation$4,775,848,452
5.Goal Financial$2,475,616,822
6.College Loan Corporation$2,217,043,754
7.PA Higher Education Assistance Agency (PHEAA)$2,062,834,322
8.Education Lending Group (Student Loan Xpress)$1,887,340,111
9.Brazos Group$1,880,240,502
10.Wachovia Education Finance$1,654,269,325
11.Suntrust Bank$1,588,107,335
12.Access Group$1,483,318,909
13.JP Morgan Chase Bank/CFS$1,453,052,299
14.Graduate Leverage$1,417,347,720
15.Missouri Higher Education Loan Authority (MOHELA)$1,333,500,421
16.Pacific Loan Proc$1,304,119,118
17.Academic Loan Group$1,212,426,458
18.Wells Fargo Education Financial Services$1,193,260,054
19.Affinity Direct$1,008,827,311
20.Bank One Education Finance Group$1,004,860,731
23.Indiana Secondary Market$815,106,316
24.FinanSure Student Loan$657,831,539
25.Pittsburgh National Corporation (PNC)$632,843,058
26.Iowa Student Loan Liquidity Corporation$544,471,060
27.College Foundation Inc.$512,503,522
28.Bank of America$495,723,663
29.South Carolina Student Loan Corp$463,799,688
30.VSAC Education Loan Finance Program$439,851,575
31.Illinois Designated Account Purchase Program (IDAAP)$434,203,439
32.Education Loans Inc.$366,868,345
34.Montana Higher Education Student Assistance Corporation$349,965,915
35.Utah State Board of Regents$332,346,456
36.Business Financial Solutions$286,242,016
37.K2Financial, LLC$279,128,101
38.North Texas Higher Education Authority (NTHEA)$258,368,276
39.Panhandle Plains HEA$251,473,459
40.Key Corporation$245,058,060
41.Kentucky Higher Education Student Loan Corporation$209,238,494
42.ALL Student Loan Corporation - JPMorgan Chase$201,080,084
43.New Mexico Education Assistance Foundation$195,641,553
44.Erie Processing Self Service Corp$194,155,633
45.New Hampshire Higher Education Loan Corporation$187,426,534
46.Mississippi Higher Education Student Assistance Corporation$180,442,906
47.Education Loan Company$179,912,590
49.California Higher Education Loan Authority (CHELA)$168,849,984
50.Federal Association of Financial Services$167,553,357

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