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Largest Education Lenders


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 5, 2010, and represents FY2009 data. The list of consolidators is accurate as of March 15, 2010, and represents FY2009 data. The list of holders is accurate as of March 26, 2010 and represents FY2009 data. This is the most recent data available.) The figures for origination exclude consolidation loans. The figures for holders include consolidation loans.

Data is available for previous fiscal years including FY2008, FY2007, FY2006, FY2005, FY2004, FY2003, FY2002.

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.



The top 100 lenders originated 98.1% of all FFELP loan volume in FY2009, up from 95.7% in FY2008 and 91.5% in FY2007. The total of FFELP loan originations for the all lenders was $72.7 billion in FY2009, up from $63.2 billion in FY2008 and $56.7 billion in FY2007.

Note that Wachovia and Wells Fargo have subsequently merged, as have PNC Bank and National City Bank.

Former top lenders (including school-as-lender schools) that experienced a decline of more than 25% in origination volume in FY2009 as compared with FY2008, possibly because of the credit crisis, include: AES/PHEAA, Arizona Higher Education Loan Authority, Arkansas Student Loan Authority, BancorpSouth, Bank of Lake Mills, Beneficial Bank, Boone County National Bank, Brazos Group, Bremer Bank, Carnegie Insurance Company, Chicago School of Professional Psychology, College Loan Corporation, College Solutions Network, Comerica Bank, Compass Bank, Connecticut Student Loan Foundation, Des Moines University, DeVry University, Dollar Bank, ED LOAN TRUST IV, Emory University, First Financial Bank, First National Bank of Omaha, Franklin Bank, HSBC Bank, ISAC/IDAPP, M&T Bank Educational Lending, National City Bank, New York Institute of Technology, Northstar, Nova Southeastern University, Palmer College of Chiropractic, Parker College of Chiropractic, Southern Methodist University, St. Louis University, Student Loan Xpress (Education Lending Group), Touro College, Trustmark National Bank, TCF Bank, University of Phoenix and Walden University. These lenders represent almost two-fifths of the top 100 lenders from FY2008.

Lenders that have gained more than $500 million in loan volume include Sallie Mae ($6.7 billion), Discover Bank ($1.5 billion), PNC Bank ($1.4 billion), Wells Fargo ($1.2 billion), Bank of America ($650 million) and Nelnet ($540 million).

RankLenderOrigination Volume
1.Sallie Mae$20.990 billion
2.Citi Student Loans$5.870 billion
3.Wachovia Education Finance Inc.$5.540 billion
4.Wells Fargo Education Financial Services$5.147 billion
5.Bank of America$4.921 billion
6.JP Morgan Chase Bank$3.548 billion
7.Pittsburgh National Corp$2.656 billion
8.U.S. Bank$2.262 billion
9.Discover Bank$1.726 billion
10.EdAmerica$1.563 billion
11.National Education Loan Network (NELNET)$1.557 billion
12.Citizens Bank Education Finance$1.251 billion
13.Regions Bank$1.147 billion
14.Fifth Third Bank$1.128 billion
15.Access Group$1.012 billion
16.College Foundation Inc.$967.4 million
17.Suntrust Bank$932.2 million
18.South Carolina Student Loan Corp$754.4 million
19.Key Corp$619.4 million
20.Kentucky Higher Education Student Loan Corp$577.4 million
21.Commerce Bank$478.0 million
22.Vermont Student Assistance Corporation (VSAC)$342.4 million
23.Rhode Island Student Loan Authority (RISLA)$303.0 million
24.All Student Loan Corp$279.6 million
25.Arvest$270.0 million
26.Union Bank \& Trust Company$241.7 million
27.Dollar Bank$228.7 million
28.Utah State Board of Regents$228.1 million
29.CollegeInvest (Colorado)$225.8 million
30.New Mexico Education Assistance Foundation (NMEAF)$215.0 million
31.Missouri Higher Education Loan Authority (MOHELA)$177.2 million
32.Associated Bank$176.2 million
33.Banc First$160.1 million
34.Bank of North Dakota$159.3 million
35.New Hampshire Higher Education Loan Corp$158.9 million
36.First Tennessee Bank$137.1 million
37.Georgia Student Finance Authority$135.4 million
38.USC Credit Union$133.9 million
39.University of Wisconsin CU$127.0 million
40.University Federal Credit Union$126.9 million
41.Louisiana Public Facilities Authority$122.1 million
42.Navy Federal Credit Union$122.0 million
43.Marshall & Isley Bank$115.2 million
44.Midwestern University$113.5 million
45.First National Bank of Texas$106.4 million
46.America First Credit Union$99.6 million
47.Simmons First National Bank$92.6 million
48.Compass Bank$89.8 million
49.National Ed Financing II, LLC$89.6 million
50.Education Services Foundation$89.2 million
51.Stillwater National Bank$77.3 million
52.Pennsylvania State Employees Credit Union$75.6 million
53.Illinois Student Assistance Commission/IDAPP$63.7 million
54.Alaska SLC (ACPE)$62.1 million
55.Anchorbank$59.8 million
56.Arkansas Student Loan Authority$54.7 million
57.Mountain America Credit Union$54.3 million
58.Wells Fargo ELT Student Funding Group$50.9 million
59.Herring Bank$50.7 million
60.Aggieland Credit Union$47.2 million
61.American Savings Bank FSB$46.1 million
62.Campus Federal Credit Union$44.1 million
63.Wyoming Student Loan Corp$43.4 million
64.Touro College$40.5 million
65.First Hawaiian Bank$39.6 million
66.First Interstate Bank of Montana$39.1 million
67.Student Lending Works, Inc.$38.2 million
68.Northstar Education Finance$37.3 million
69.Independence FSB$37.2 million
70.Montana Higher Education Student Assistance Corp (MHESAC)$37.1 million
71.First Security Bank$36.1 million
72.Educators Credit Union$35.2 million
73.Utah Community Credit Union$35.1 million
74.Emory University$32.8 million
75.SMART Financial Credit Union$31.6 million
76.Graduate Leverage$30.5 million
77.Oklahoma Student Loan Authority$29.1 million
78.Security Service FCU$28.6 million
79.Wright-Patt Credit Union, Inc.$28.2 million
80.Missoula Federal Credit Union$28.1 million
81.FirstMerit Bank, N.A.$27.9 million
82.Texas Tech Federal Credit Union$27.3 million
83.Hancock Bank$26.9 million
84.University of New Mexico$25.9 million
85.University of Utah CU$25.3 million
86.Austin Bank$25.3 million
87.Duquesne University$25.0 million
88.Northwestern University$25.0 million
89.Notre Dame Credit Union$24.7 million
90.Veridian Credit Union$24.3 million
91.Connecticut Student Loan Foundation$23.8 million
92.Fulton Bank$23.3 million
93.Bancorp South Bank$22.6 million
94.Renasant Bank$22.3 million
95.First Commonwealth$20.4 million
96.Des Moines University$20.2 million
97.Parker College of Chiropractic$20.1 million
98.First National Bank of Omaha$19.9 million
99.Chicago School of Professional Psychology$19.7 million
100.Members 1st Federal Credit Union$18.1 million


The top 100 lenders held 99.0% of all FFELP loans in FY2009, unchanged from FY2008 and up from 98.6% in FY2007. The top 10 held 69.9% of all FFELP loans in FY2009, down slightly from 70.2% in FY2008. The top 25 held 86.9% of all FFELP loans in FY2009, up slightly from 86.6% in FY2008. The total of FFELP loan holdings for all lenders was $421.3 billion in FY2009, up from $406.1 billion in FY2008, $367.6 billion in FY2007, $324.9 billion in FY2006 and $281.6 billion in FY2005. Many of the largest holders of student loans are secondary markets.

Top 100 lenders that experienced a decline of more than $500 million in holdings in FY2009 as compared with FY2008, possibly because of the credit crisis, include: Brazos, College Loan Corporation, Education Services America, JP Morgan Chase, MOHELA, National City Bank, Nelnet, PHEAA, Panhandle Plains HEA and Student Loan Xpress.

Top 100 lenders that experienced an increase of more than $500 million in holdings in FY2009 as compared with FY2008 include: Bank of America, Citibank SLC, College Foundation Inc., Discover Bank, Ed Fund Resource, EdSouth, H&R Block, PNC Bank, Sallie Mae, South Carolina Student Loan Corporation and Wachovia Education Finance.

RankLenderHolder Volume
1.Sallie Mae$154.1 billion
2.Citi Student Loan Corp$32.5 billion
3.National Education Loan Network (NELNET)$25.3 billion
4.Wells Fargo Education Financial Services$14.6 billion
5.Wachovia Education Finance$13.2 billion
6.Brazos Group$13.0 billion
7.Pennsylvania Higher Education Assistance Agency (PHEAA)$11.1 billion
8.JP Morgan Chase Bank$11.1 billion
9.Bank of America$10.1 billion
10.College Loan Corporation$9.7 billion
11.Student Loan Xpress$9.6 billion
12.Goal Financial$7.2 billion
13.Access Group$6.6 billion
14.GCO Education Loan Funding$5.7 billion
15.EdAmerica/Edsouth$5.5 billion
16.Pittsburgh National Corp (PNC)$5.3 billion
17.Northstar Guarantee$5.2 billion
18.U.S. Bank$4.4 billion
19.College Foundation Inc.$4.0 billion
20.Missouri Higher Education Loan Authority (MOHELA)$3.8 billion
21.Suntrust Bank$3.6 billion
22.South Carolina Student Loan Corp$3.6 billion
23.Education Loan Trust$2.4 billion
24.Iowa Student Loan Liquidity Corp (ISLLC)$2.4 billion
25.Kentucky Higher Education Student Loan Corp$2.3 billion
26.Education Loans Inc. (Aberdeen, SD)$2.3 billion
27.Key Corp$2.2 billion
28.Utah State Board of Regents$2.1 billion
29.Academic Loan Group$2.1 billion
30.Vermont Student Assistance Corporation (VSAC)$2.0 billion
31.Panhandle Plains Higher Education Authority$1.9 billion
32.Montana Higher Education Student Assistance Corp (MHESAC)$1.8 billion
33.ALL Student Loan Corp$1.8 billion
34.Michigan Higher Education Student Loan Authority (MHESLA)$1.8 billion
35.CollegeInvest (Colorado)$1.7 billion
36.Indiana Secondary Market (ISM)$1.7 billion
37.North Texas Higher Education Authority (NTHEA)$1.6 billion
38.NextStudent$1.5 billion
39.Citizens Bank$1.3 billion
40.New Hampshire Higher Education Loan Corp (NHHELCO)$1.3 billion
41.New Mexico Education Assistance Foundation (NMEAF)$1.2 billion
42.Discover Bank$1.1 billion
43.Oklahoma Student Loan Authority$1.1 billion
44.National Education$1.1 billion
45.Mississippi Higher Education Assistance Corp$1.1 billion
46.Graduate Leverage$1.0 billion
47.Edamerica$901.5 million
48.Illinois Designated Account Purchase Program (IDAPP)$766.8 million
49.Bank of North Dakota$765.8 million
50.Rhode Island Student Loan Authority (RISLA)$764.4 million
51.Connecticut Student Loan Foundation$741.4 million
52.Ed Fund Resource$685.3 million
53.Commerce Bank NA$648.0 million
54.Louisiana Public Facilities Authority$622.9 million
55.Associated Bank NA$611.9 million
56.Arkansas Student Loan Authority$591.2 million
57.South Texas Higher Education Authority$540.8 million
58.H&R Block$538.1 million
59.Finansure Student Loans$528.9 million
60.K2 Financial, LLC (Ceigis)$516.7 million
61.Navy Federal Credit Union$475.7 million
62.M\&T Bank Educational Lending$441.3 million
63.HSBC Bank USA$437.5 million
64.Regions Bank$352.5 million
65.Anchorbank$350.1 million
66.Knowledge Funding Ohio$344.6 million
67.Wyoming Student Loan Corp$342.9 million
68.University of Wisconsin CU$336.1 million
69.San Antonio FCU$280.8 million
70.Educational Services America$274.5 million
71.Massachusetts Educational Financing Authority (MEFA)$265.0 million
72.Education Loan Funding$264.7 million
73.Arizona Higher Education Loan Authority$259.9 million
74.Arvest$216.7 million
75.Dollar Bank$211.5 million
76.East West Bank$198.3 million
77.College Savings Bank$196.7 million
78.Greater Texas Foundation$189.5 million
79.Georgia Student Finance Authority$187.6 million
80.Finance Authority of Maine (FAME)$185.4 million
81.Alaska (ACPE)$173.9 million
82.Knowledge Works Foundation$149.7 million
83.New Jersey Higher Education Assistance Authority$143.3 million
84.Banc First$142.6 million
85.USC Credit Union$140.1 million
86.SMS Corp - HI$136.9 million
87.Pennsylvania State Employees Credit Union$120.9 million
88.Simmons First National Bank$105.6 million
89.University Federal Credit Union$105.2 million
90.Notre Dame Credit Union$98.5 million
91.First Tennessee Bank$96.0 million
92.Beneficial Bank$94.6 million
93.Comerica Bank$85.9 million
94.Alabama Higher Education Loan Corp$76.9 million
95.Greystone BK & AFF$76.4 million
96.Tinker Federal Credit Union$76.1 million
97.Members 1st Federal Credit Union$74.7 million
98.Aggieland Credit Union$72.6 million
99.First National Bank of Texas$68.5 million
100.Educators Credit Union$67.9 million


These lenders consolidated 89.2% of all FFELP consolidation loans in FY2009, down from 99.3% in FY2008. The total of all FFELP consolidations from all lenders was $219 million in FY2009, down from $7.3 billion in FY2008, $47.4 billion in FY2007 and $72.4 billion in FY2006.

RankLenderConsolidation Volume
1.Navy Federal Credit Union$38.322 million
2.VSAC Education Loan Finance Program$23.196 million
3.US Bank ELT NorthStar$21.299 million
4.New Jersey Higher Education Assistance Authority$13.239 million
5.US Bank NA$12.985 million
6.Summit Credit Union$7.294 million
7.University of Wisconsin CU$6.095 million
8.Belco Community Credit Union$2.735 million
9.Franklin Mint FCU$2.680 million
10.Wyoming Student Loan Corporation$2.621 million
11.Michigan State University FCU$2.611 million
12.Dow Chemical Employees' Credit Union$2.348 million
13.Members 1st Federal Credit Union$2.068 million
14.Fulton Bank$1.905 million
15.Wells Fargo Education Financial Services$1.830 million
16.Educators Credit Union$1.800 million
17.Suncoast Schools FCU$1.704 million
18.Teachers FCU$1.680 million
19.SECU Employees CU$1.649 million
20.Altra FCU$1.553 million
21.Anchorbank FSB$1.506 million
22.Marine Credit Union$1.302 million
23.Pittsburgh National Corporation (PNC)$1.263 million
24.SB1 Federal Credit Union$1.247 million
25.OMEGA FCU$1.242 million
26.Penn State Federal Credit Union$1.180 million
27.Tobyhanna Army Depot$1.106 million
28.NET FCU$1.047 million
29.Community First Credit Union$1.043 million
30.Patriot Federal Credit Union$0.997 million
31.Westconsin Credit Union$0.961 million
32.Erie Insurance Exchange CU$0.953 million
33.BFG Federal Credit Union$0.918 million
34.Comerica Bank$0.859 million
35.Utah State Board of Regents$0.841 million
36.Pittsburgh Central FCU$0.823 million
37.Delta Community CU$0.809 million
38.Americo CU$0.746 million
39.Americhoice FCU$0.744 million
40.Meadville Area FCU$0.712 million
41.Erie FCU$0.704 million
42.Kohler Credit Union$0.685 million
43.Wacopse FCU$0.659 million
44.Unitus Community CU$0.656 million
45.GAP FCU$0.655 million
46.Timberland Federal Credit Union$0.649 million
47.Arizona FCU$0.647 million
48.Ascend Federal Credit Union$0.635 million
49.Lehigh Valley Educators CU$0.616 million
50.Bellco Federal Credit Union$0.602 million
51.Royal Credit Union$0.587 million
52.UnitedOne CU$0.574 million
53.Washington Community FCU$0.572 million
54.Penn East FCU$0.568 million
55.Schuylkill County Schoolemployees CU$0.565 million
56.Wings Financial FCU$0.521 million
57.Firstrust Savings Bank$0.505 million
58.Centra Credit Union$0.500 million
59.Capital Communications FCU$0.498 million
60.Susquehanna Valley FCU$0.486 million
61.First Commonwealth FCU$0.481 million
62.P&G Mehoopany Employees FCU$0.466 million
63.Covantage Credit Union$0.460 million
64.PP&L GOLD Credit Union$0.426 million
65.Wachovia Education Finance$0.423 million
66.Butler Armco Employees CU$0.417 million
67.Iowa Student Loan Liquidity Corporation$0.415 million
68.Affinity Plus Credit Union$0.414 million
69.Lancaster Red Rose CU$0.410 million
70.Notre Dame Credit Union$0.389 million
71.M-C Federal Credit Union$0.388 million
72.New Cumberland Federal Credit Union$0.375 million
73.Freedom United FCU$0.364 million
74.Horizon Federal Credit Union$0.363 million
75.Kemba Financial CU$0.360 million
76.Heritage Valley FCU$0.349 million
77.CACL Federal Credit Union$0.345 million
78.Keystone FCU$0.339 million
79.Eli Lilly Federal Credit Union$0.331 million
80.CO-OP Credit Union$0.331 million
81.Empower Federal Credit Union$0.329 million
82.Los Angeles Firemens CU$0.324 million
83.USSCO Johnstown Federal Credit Union$0.317 million
84.Viriva Community Credit Union$0.315 million
85.Tri-State FCU$0.312 million
86.City-County FCU$0.307 million
87.JSTC Employees FCU$0.300 million
88.City & County Credit Union$0.297 million
89.Toledo Area Community CU$0.297 million
90.Utilities Employees Credit Union$0.292 million
91.Pittsburgh Police FCU$0.281 million
92.Emory Alliance FCU$0.280 million
93.MERHO Federal Credit Union$0.277 million
94.Sun East FCU$0.276 million
95.State Employees FCU$0.270 million
96.Buffalo Metropolitan FCU$0.265 million
97.Focus CU$0.258 million
98.West Branch Valley CU$0.252 million
99.Ulster Federal Credit Union$0.252 million
100.Georgia Student Finance Authority$0.249 million

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