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Largest Education Lenders (FY2007)


The following tables show the top 100 originators, holders and consolidators of Federal Family Education Loan Program loans. (The list of originators is accurate as of March 28, 2008, and represents FY2007 data. The list of consolidators is accurate as of April 3, 2008, and represents FY2007 data. The list of holders is accurate as of April 14, 2008 and represents FY2007 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 Nelnet, GCO-ELF, Brazos Group, Educational Services America, PHEAA and JPMorgan Chase. (Some of the growth may have been through acquisition of other education lenders.) Similarly, the lenders with the greatest reductions in their holdings net of originations include Wachovia, IDAPP, Bank of America, Wells Fargo, Edamerica, U.S. Bank, Regions Bank, PNC Bank, Suntrust and Citizens Bank. Lenders who appear to have been growing through consolidation include Student Loan Xpress and Next Student.

Another source of similar data is Student Marketmeasure. Student Marketmeasure reports gross loan volume and not net disbursements.


These lenders originate 91.5% of all FFELP loans. The total of FFELP loan originations for all lenders was $47.5 billion in FY2007, down from $49.7 billion in FY2006.

RankLenderOrigination Volume
1.Sallie Mae$9,002,313,480
2.Citi Student Loans$4,764,349,582
3.Bank of America$3,261,557,376
4.JP Morgan Chase Bank$3,064,653,064
5.Wells Fargo Education Financial Services$2,954,783,938
6.Wachovia Education Finance Inc.$2,934,467,940
7.College Loan Corp$1,493,281,941
8.U.S. Bank$1,332,534,098
10.Access Group$1,124,879,576
11.Northstar Education Finance$1,062,054,864
12.Education Lending Group (Student Loan Xpress)$1,020,462,783
13.Suntrust Bank$948,266,318
14.National Education Loan Network (NELNET)$891,458,759
15.Pittsburgh National Corp$838,946,003
16.Citizens Bank Education Finance$715,970,520
17.College Foundation Inc.$662,231,892
18.Regions Bank$647,095,300
19.Pennsylvania Higher Education Assistance Agency (PHEAA)$624,118,540
20.Fifth Third Bank$567,236,817
21.Kentucky Higher Education Student Loan Corp$547,235,201
22.Carnegie Insurance Company$514,691,810
23.South Carolina Student Loan Corp$490,894,591
24.National City Bank$457,254,195
25.College Board/College Credit$434,298,830
26.Brazos Group$427,548,558
27.Illinois Student Assistance Commission/IDAPP$395,466,487
28.Bank of Lake Mills$373,477,866
29.Walden University$353,208,941
30.Dollar Bank$348,217,001
31.Nova Southeastern University$338,861,748
32.Key Corp$330,792,610
33.Vermont Student Assistance Corporation (VSAC)$298,864,817
34.Commerce Bank$296,067,428
35.Union Bank \& Trust Company$279,353,771
36.All Student Loan Corp$251,808,370
37.Rhode Island Student Loan Authority (RISLA)$227,453,423
38.Manufacturers & Traders Bank$213,943,152
39.Comerica Bank$203,810,848
40.College Solutions Network$203,199,238
41.New Hampshire Higher Education Loan Corp$198,114,219
42.CollegeInvest (Colorado)$190,821,833
43.HSBC Bank USA$182,320,863
44.Twin City Federal Savings Bank (TCF)$163,667,456
45.Affinity Direct$161,969,282
46.University of Phoenix$151,523,562
47.Franklin Bank, SSB$150,058,074
48.Stillwater National Bank$148,297,983
49.New Mexico Education Assistance Foundation (NMEAF)$140,726,349
50.First National Bank (Sioux Falls, SD)$132,867,343
51.USC Credit Union$131,112,352
52.Webster University$130,406,282
53.Purdue Employees FCU$122,503,958
54.Graduate Leverage$117,075,551
55.Michigan State University$115,932,085
56.Bancorp South Bank$114,792,115
57.Connecticut Student Loan Foundation$108,642,249
58.Capital One, NA$108,111,055
59.Next Student$103,987,646
60.University of Pennsylvania$100,647,380
61.First Tennessee Bank$99,092,828
62.Massachusetts Educational Financing Authority (MEFA)$96,945,455
63.Midwestern University$95,989,995
64.Goal Financial$91,158,137
65.Bank of North Dakota$90,059,852
66.Frost National Bank$88,205,082
67.Associated Bank$87,461,449
68.Louisiana Public Facilities Authority$86,576,131
69.Kansas State Bank$85,781,905
70.University Federal Credit Union$84,964,677
71.Boone County National Bank$84,199,672
73.Marshall & Isley Bank$81,133,606
74.Arkansas Student Loan Authority$79,470,828
75.Lasalle Bank$78,327,143
76.Indiana Secondary Market (ISM)$78,257,606
77.Compass Bank$78,192,585
78.Provincial Bank Academic Funding Group$78,070,460
79.University of Missouri$77,128,455
80.Palmer College of Chiropractic$76,569,957
81.Zions First National Bank$70,931,752
82.George Washington University$68,981,293
83.Western University of Health Sciences$68,730,426
84.Drexel University$68,429,977
85.Wayne State University$67,645,970
86.University of Colorado$67,270,776
87.Independence FSB$66,389,641
88.University of Denver$65,743,033
89.University of Miami$63,443,819
90.American University$60,378,407
91.PlainsCapital Bank$59,584,470
92.Sovereign Bank FSB$57,966,680
93.Georgia Student Finance Authority$57,559,636
94.Banc First$56,928,991
95.Tufts University$56,239,268
96.Simmons First National Bank$56,027,790
97.University of Chicago$55,982,524
98.U.S. Bank ELT Pcom Student Loan LLC$55,592,302
99.Education Services Foundation$55,013,680
100.Bank of NY ELT Ed Loan Trust IV, LLC$54,374,724


These lenders hold 98.6% of all FFELP loans. The total of FFELP loan holdings for all lenders was $367.6 billion in FY2007, up from $324.9 billion in FY2006 and $281.6 billion in FY2005. Many of the largest holders of student loans are secondary markets.

RankLenderHolder Volume
1.Sallie Mae$128,088,487,338
2.Citi Student Loan Corp$28,037,951,138
3.National Education Loan Network (NELNET)$25,770,105,156
4.Brazos Group$14,390,646,367
5.Wells Fargo Education Financial Services$11,996,236,746
6.Pennsylvania Higher Education Assistance Agency (PHEAA)$11,983,635,543
7.Wachovia Education Finance$10,963,551,712
8.JP Morgan Chase Bank$10,250,360,767
9.College Loan Corporation$10,241,980,279
10.Student Loan Xpress$10,129,828,735
11.Goal Financial$7,540,510,094
12.GCO Education Loan Funding$6,412,745,796
13.Access Group$5,562,258,872
14.Northstar Guarantee$4,959,459,633
15.Missouri Higher Education Loan Authority (MOHELA)$4,543,638,260
16.Bank of America$4,541,269,334
18.Suntrust Bank$3,170,036,978
19.College Foundation Inc.$2,869,586,967
20.South Carolina Student Loan Corp$2,652,573,227
21.Education Loans Inc. (Aberdeen, SD)$2,434,697,216
22.Iowa Student Loan Liquidity Corp (ISLLC)$2,209,365,848
23.Academic Loan Group$2,138,104,131
24.Key Corp$2,035,022,164
25.Panhandle Plains Higher Education Authority$1,979,451,120
26.Kentucky Higher Education Student Loan Corp$1,947,507,009
27.Indiana Secondary Market (ISM)$1,820,322,628
28.Education Loan Trust$1,807,251,853
29.Michigan Higher Education Student Loan Authority (MHESLA)$1,783,972,105
30.Utah State Board of Regents$1,783,799,136
32.Vermont Student Assistance Corporation (VSAC)$1,682,929,871
33.U.S. Bank$1,662,796,790
34.Montana Higher Education Student Assistance Corp (MHESAC)$1,611,282,471
35.Educational Services America$1,452,231,032
36.North Texas Higher Education Authority (NTHEA)$1,442,703,467
37.ALL Student Loan Corp$1,431,825,922
38.Pittsburgh National Corp (PNC)$1,388,574,040
39.CollegeInvest (Colorado)$1,372,525,217
40.Mississippi Higher Education Assistance Corp$1,152,044,816
41.New Hampshire Higher Education Loan Corp (NHHELCO)$1,146,058,153
42.Oklahoma Student Loan Authority$1,077,978,238
43.Citizens Bank$1,023,278,192
44.Graduate Leverage$932,201,575
45.National Education$893,988,404
46.New Mexico Education Assistance Foundation (NMEAF)$877,943,442
47.Finansure Student Loans$796,050,234
48.Illinois Designated Account Purchase Program (IDAPP)$733,961,570
49.Connecticut Student Loan Foundation$712,353,652
50.Regions Bank$656,499,213
51.Bank of North Dakota$619,339,220
52.K2 Financial, LLC$585,668,158
53.Arkansas Student Loan Authority$535,408,451
54.South Texas Higher Education Authority$534,555,750
55.Fifth Third Bank$520,526,980
57.HSBC Bank USA$503,190,502
58.Louisiana Public Facilities Authority$468,177,622
59.Associated Bank NA$430,308,588
60.Rhode Island Student Loan Authority (RISLA)$400,262,502
61.Wyoming Student Loan Corp$325,423,274
62.Navy Federal Credit Union$307,782,010
63.Union Bank \& Trust$303,615,298
64.Commerce Bank NA$286,809,672
65.Education Loan Funding$275,554,694
66.Knowledge Funding Ohio$272,952,396
67.National City Bank$261,678,856
69.Massachusetts Educational Financing Authority (MEFA)$244,065,150
70.Collegiate Solutions$228,384,697
71.Bank of Lake Mills$225,657,017
72.Franklin Bank, SSB$203,895,878
73.Greater Texas Foundation$189,372,140
74.Carnegie Insurance Company$185,361,668
75.San Antonio FCU$169,650,573
76.University of Wisconsin CU$161,235,938
77.Dollar Bank$161,087,522
78.College Board$157,132,043
79.Arizona Higher Education Loan Authority$151,624,202
80.Finance Authority of Maine (FAME)$150,097,278
81.New Jersey Higher Education Assistance Authority$121,753,603
82.Georgia Student Finance Authority$111,317,905
83.Midwestern University$104,110,462
84.Affinity Direct$101,801,282
85.College Savings Bank$99,645,124
86.Alaska (ACPE)$93,536,404
87.USC Credit Union$93,151,523
88.College Solutions Network$92,661,330
89.Beneficial Bank$89,685,455
90.Knowledge Works Foundation$86,205,127
91.M\&T Bank Educational Lending$83,587,739
92.Comerica Bank$82,935,001
93.SMS Corp - HI$81,980,095
94.Simmons First National Bank$77,817,529
95.Banc First$76,601,355
96.Notre Dame Credit Union$74,900,072
97.Stillwater National Bank \& Trust Co$70,739,837
98.Frost National Bank$69,914,996
99.Western University of Health Sciences$69,503,753


These lenders consolidated 99.8% of all FFELP consolidation loans. The total of all FFELP consolidations from all lenders was $47.4 billion in FY2007, down from $72.4 billion in FY2006.

RankLenderConsolidation Volume
1.Sallie Mae$12,554,282,546
2.National Education Loan Network (NELNET)$4,528,970,643
4.Affinity Direct$2,107,506,563
5.JPMorgan Chase Bank$1,825,052,359
6.Student Loan Xpress$1,730,822,951
7.Citi Student Loan Corp$1,585,613,160
8.Wells Fargo Education Financial Services$1,427,941,100
9.College Loan Corporation$1,268,508,596
10.PA Higher Education Assistance Agency (PHEAA)$1,258,263,875
11.Graduate Leverage$1,095,224,419
12.Pacific Loan Proc$1,090,478,393
13.Goal Financial$742,990,626
14.Erie Processing Self Service Corp$674,643,971
15.Missouri Higher Education Loan Authority (MOHELA)$674,316,997
16.Wachovia Education Finance$653,901,737
17.Academic Loan Group$629,758,782
18.FinanSure Student Loan$628,489,765
19.Brazos Group$621,765,317
21.Access Group$552,802,592
22.Indiana Secondary Market$538,479,637
23.K2Financial, LLC$371,387,286
24.GCO Education Loan Funding$366,500,883
25.Student Financial Services$347,859,715
26.Iowa Student Loan Liquidity Corporation$337,455,913
27.Business Financial Solutions$294,051,533
28.Collegiate Solutions$290,254,045
29.LCPA - One Simple Loan$259,901,227
30.Suntrust Bank$226,803,182
31.Education Loan Company$224,061,401
32.Montana Higher Education Student Assistance Corporation (MHESAC)$223,693,973
33.American SLC$180,665,414
34.CollegeInvest (Colorado)$175,398,557
35.Ed Loan Trust IV$168,556,168
36.North Texas Higher Education Authority (NTHEA)$162,770,530
37.South Carolina Student Loan Corp$159,117,509
38.Education Loans Inc.$154,395,272
39.Student Loan Solutions, LLC$151,669,028
40.College Foundation Inc.$151,182,941
41.VSAC Education Loan Finance Program$150,123,950
42.Bank of America$143,072,188
43.Kentucky Higher Education Student Loan Corporation$141,152,540
44.Franklin Bank, S.S.B.$135,399,608
46.CSLF/Susie Mae$133,761,408
48.Law School Financial$126,117,565
49.Student Lending & Consolidation$122,702,815
50.Illinois Designated Account Purchase Program (IDAPP)$118,144,118
51.Panhandle Plains HEA$115,313,219
52.Key Corporation$112,686,803
53.Scholarpoint Financial Inc.$106,745,363
54.Pittsburgh National Corporation (PNC)$105,770,367
55.ALL Student Loan Corporation$104,540,657
56.Student Funding Services$104,053,108
57.New Mexico Education Assistance Foundation (NMEAF)$89,142,021
58.U.S. Bank$86,345,217
59.Academic Financial Solutions$80,402,286
60.MSA Solutions$74,468,402
61.Oklahoma Student Loan Authority$69,409,585
62.Utah State Board of Regents$66,936,288
63.New Hampshire Higher Education Loan Corporation$63,814,209
64.American Optometric Association$59,774,105
65.Arkansas Student Loan Authority$53,845,820
66.Mississippi Higher Education Student Assistance Corporation$48,699,208
67.Louisiana Public Facilities Authority$41,670,941
68.South Texas Higher Education Authority$41,230,126
69.National Student Loan Group$38,931,290
70.College Solutions Network$32,703,846
71.University Financial Lending$31,161,005
72.Michigan Higher Education Student Loan Authority (MHESLA)$29,551,243
73.Federal Association of Financial Services$27,453,901
74.Navy Federal Credit Union$25,140,024
75.Associated Bank NA$24,811,553
76.School Loans Corp$24,069,654
77.Massachusetts Educational Financing Authority (MEFA)$22,945,436
78.Knowledge Works Foundation$22,720,250
79.Comerica Bank$21,493,203
80.Omnis Student Loans$21,162,992
81.Citizens Bank$20,398,967
82.Bank of North Dakota$19,881,674
83.Farmers Savings Bank$15,739,385
84.University of Wisconsin CU$15,437,488
85.Student Help Foundation$14,373,439
86.Regions Bank$12,896,233
87.Finance Authority of Maine (FAME)$10,926,294
88.Wyoming Student Loan Corporation$10,469,408
89.National City Bank$9,428,464
90.Educare Financial$8,831,920
91.Anchorbank FSB$8,265,632
93.California Dental Association$7,083,866
94.HSBC Bank USA$6,985,523
95.Rhode Island Student Loan Authority (RISLA)$6,204,081
96.Student Loan Proc$5,433,061
97.Alaska (ACPE)$5,188,159
98.Atlas Education Finance$4,905,131
99.Loanster Financial Group$4,375,273
100.Education Loan Source, Inc.$3,593,533

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