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Largest Education Lenders (FY2002)


The following table shows the top 50 originators and holders of Federal Family Education Loan Program loans as of September 30, 2001. (This is the most recent data available.) The figures for origination exclude consolidation loans. The figures for holders include consolidation loans.

Based on these statistics, the largest purchaser of student loans is Sallie Mae, followed by 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.JP Morgan Chase Bank$2,295,000,000
2.Bank One Education Finance Group$2,203,300,000
3.Citibank Student Loan Corp$2,167,000,000
4.Bank of America $1,639,600,000
5.Wells Fargo Education Financial Services$1,583,500,000
6.Sallie Mae$1,383,500,000
7.First Union National Bank (CLASSNOTES)$1,248,700,000
8.National City Bank$896,600,000
9.American Express Education Assurance Co$882,500,000
10.Firstar Bank$798,600,000
11.Academic Management Services$605,500,000
12.Pittsburgh National Corp$538,600,000
13.Fleet Bank$493,000,000
14.Pennsylvania Higher Education Assistance Agency$488,400,000
15.Suntrust Bank $479,200,000
16.Union Bank & Trust Company$447,900,000
17.Northstar Guarantee$376,700,000
18.Key Corp$369,600,000
19.College Foundation Inc.$327,900,000
20.Educational Funding of the South$304,400,000
21.Teachers Insurance & Annuity Association of America$281,800,000
22.SC Student Loan Corp$267,600,000
23.Nova Southeastern University$260,400,000
24.Commerce Bank$212,500,000
25.Citizens Bank Education Finance$180,900,000
26.Illinois Student Assistance Commission/IDAAP$175,800,000
27.HSBC Bank USA$174,900,000
28.Amsouth Bancorp Education Finance Group$165,300,000
29.Brazos Group$163,900,000
30.Rhode Island Student Loan Authority$161,900,000
31.Marquette Bank$154,400,000
32.New Hampshire Higher Education Loan Corp$153,000,000
33.Vermont Education Loan Finance Program$135,800,000
34.Regions Bank $134,900,000
35.Twin City Federal Savings Bank (TCF)$126,100,000
36.Washington Mutual Savings Bank$125,200,000
37.Mellon Bank$116,900,000
38.Connecticut Student Loan Foundation$105,900,000
39.Bancorpsouth Bank $102,400,000
40.EFS Finance Co$97,200,000
41.Kentucky Higher Education Student Loan Corp$96,400,000
42.Manufacturers & Traders Bank$90,200,000
43.First Midwest Bank$83,200,000
44.University of Pennsylvania$80,800,000
45.Maine Educational Loan Marketing$80,700,000
46.Fifth Third Bank $80,600,000
47.Zions First National Bank$79,700,000
48.Union Planters National Bank $77,500,000
49.Stillwater National Bank & Trust Co$77,100,000
50.ALL Student Loan Corp$74,900,000

These lenders hold 92.3% of all FFELP loans.

RankLenderHolder Volume
1.Sallie Mae$65,291,000,000
2.Citibank Student Loan Corporation$16,030,200,000
3.First Union National Bank (Classnotes)$7,102,000,000
4.Wells Fargo Education Financial Services$5,913,000,000
5.National Education Loan Network$4,185,700,000
6.Brazos Group$3,909,700,000
7.Key Corp$2,743,100,000
8.Bank of America $2,549,700,000
9.Pennsylvania Higher Education Assistance Agency$2,545,100,000
10.EFS Finance Co$2,487,400,000
11.California Higher Education Loan Authority$1,978,800,000
12.Missouri Higher Education Loan Authority$1,890,200,000
13.Suntrust Bank$1,834,600,000
14.Pittsburgh National Corp$1,637,300,000
15.Mellon Bank$1,583,200,000
16.Educational Funding of the South$1,570,500,000
17.Illinois Designated Account Purchase Program$1,497,500,000
18.South Carolina Student Loan Corp$1,495,900,000
19.College Foundation Inc.$1,201,400,000
20.Bank One Education Finance Group$1,183,300,000
21.Firstar Bank$1,174,700,000
22.Academic Management Services$1,063,700,000
23.Arizona Educational Loan Marketing$1,033,800,000
24.Fleet Bank$1,024,700,000
25.Utah State Board of Regents$965,400,000
26.Vermont Education Loan Finance Program$871,900,000
27.Education Loans Inc.$866,900,000
28.Access Group$839,900,000
29.Michigan Higher Education Student Loan Authority$767,400,000
30.JP Morgan Chase Bank$748,600,000
31.Northstar Guarantee$711,000,000
32.New Hampshire Higher Education Loan Corp$685,200,000
33.Iowa Student Loan Liquidity Corp$675,600,000
34.Kentucky Higher Education Student Loan Corp$670,600,000
35.Greater Texas Student Loan Corp$650,600,000
36.Colorado Student Obligation Bond Authority$624,300,000
37.Panhandle Plains Higher Education Authority$617,300,000
38.National City Bank$600,700,000
39.Rhode Island Student Loan Authority$586,500,000
40.Union Bank & Trust Company$575,800,000
41.North Texas Higher Education Authority$570,300,000
42.Regions Bank$514,900,000
43.Mississippi Higher Education Assistance Corp$503,300,000
44.ALL Student Loan Corp$495,100,000
45.New Mexico Education Assistance Foundation$474,600,000
46.Bank of North Dakota$472,300,000
47.Maine Educational Loan Marketing $443,400,000
48.HSBC Bank USA$410,700,000
49.Oklahoma Student Loan Authority$407,100,000
50.Montana High Education Student Assistance Corp$394,300,000


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