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Largest Education Lenders (FY2008)


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 February 27, 2009, and represents FY2008 data. The list of consolidators is accurate as of April 12, 2009, and represents FY2008 data. The list of holders is accurate as of February 27, 2009 and represents FY2008 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.


The top 100 lenders originated 95.7% of all FFELP loan volume in FY2008, up from 91.5% in FY2007. The total of FFELP loan originations for the all lenders was $63.2 billion in FY2008, up from $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 FY2008 as compared with FY2007, possibly because of the credit crisis, include: AES/PHEAA, Affinity Direct, American University, Bank of Lake Mills, Brazos Group, Capital One, Carnegie Insurance Company, College Board/College Credit, College Loan Corporation, College Solutions Network, Comerica Bank, DeVry University, Drexel University, FNB Sioux Falls, Franklin Bank SSB, Frost National Bank, George Washington University, Goal Financial, Graduate Leverage, HSBC Bank USA, ISAC/IDAPP, Independence FSB, Indiana Secondary Market, Kansas State Bank, Lasalle Bank, M&T Bank Educational Lending, MEFA, MHESAC, Michigan State University, NextStudent, Northstar, Nova Southeastern University, PCOM Student Loan LLC, Palmer College of Chiropractic, PlainsCapital Bank, Provincial Bank Academic Funding Group, Purdue Employees FCU, Sovereign Bank FSB, Stillwater National Bank & Trust Company, Student Loan Xpress, TCF Bank, Tufts University, University of Chicago, University of Colorado, University of Denver, University of Miami, University of Missouri, University of Pennsylvania, Walden University, Wayne State University, Webster University, Western University of Health Sciences and Zions First National Bank. These lenders represent more than half of the top 100 lenders from FY2007.

RankLenderOrigination Volume
1.Sallie Mae$14,265,565,764
2.Citi Student Loans$6,201,259,820
3.Wachovia Education Finance Inc.$5,127,627,297
4.Bank of America$4,274,724,700
5.Wells Fargo Education Financial Services$3,935,244,464
6.JP Morgan Chase Bank$3,418,043,051
7.U.S. Bank$2,278,185,004
9.Pittsburgh National Corp$1,268,808,625
10.Suntrust Bank$1,091,749,012
11.Access Group$1,057,591,547
12.National Education Loan Network (NELNET)$1,021,830,929
13.Citizens Bank Education Finance$941,595,360
14.National City Bank$929,733,567
15.Regions Bank$834,052,156
16.Fifth Third Bank$828,981,748
17.College Foundation Inc.$809,858,737
18.South Carolina Student Loan Corp$628,999,138
19.Kentucky Higher Education Student Loan Corp$575,585,850
20.Key Corp$487,795,779
21.College Loan Corp$380,399,397
22.Dollar Bank$345,860,210
23.Commerce Bank$339,781,699
24.Vermont Student Assistance Corporation (VSAC)$328,755,188
25.All Student Loan Corp$326,243,488
26.Education Lending Group (Student Loan Xpress)$326,147,909
27.Rhode Island Student Loan Authority (RISLA)$318,394,731
28.Carnegie Insurance Company$297,560,876
29.CollegeInvest (Colorado)$265,028,162
30.Northstar Education Finance$259,829,900
31.Discover Bank$244,664,966
32.Union Bank \& Trust Company$239,306,596
33.New Hampshire Higher Education Loan Corp$201,684,359
34.Walden University$175,643,333
35.Compass Bank$174,800,547
37.New Mexico Education Assistance Foundation (NMEAF)$168,535,077
38.University of Phoenix$160,727,681
39.USC Credit Union$134,242,681
40.First Tennessee Bank$130,178,121
41.Associated Bank$124,298,361
42.Bank of North Dakota$115,430,771
43.Pennsylvania Higher Education Assistance Agency (PHEAA)$115,174,429
44.Louisiana Public Facilities Authority$110,805,105
45.Arizona Higher Education Loan Authority$108,497,998
46.Midwestern University$107,606,735
47.Illinois Student Assistance Commission/IDAPP$106,355,991
48.Banc First$106,253,373
49.Marshall & Isley Bank$106,186,517
50.University Federal Credit Union$103,835,352
51.Stillwater National Bank$102,866,427
52.Connecticut Student Loan Foundation$102,006,510
53.Brazos Group$96,224,585
54.University of Wisconsin CU$95,684,714
55.Bancorp South Bank$93,783,363
56.Boone County National Bank$88,623,233
57.Navy Federal Credit Union$87,843,558
58.Georgia Student Finance Authority$87,062,959
59.Missouri Higher Education Loan Authority (MOHELA)$83,108,821
60.Bank of Lake Mills$82,416,410
61.Simmons First National Bank$75,040,750
62.Nova Southeastern University$73,890,340
63.Arkansas Student Loan Authority$73,327,418
64.America First Credit Union$68,082,878
65.First Financial Bank$67,326,080
66.College Solutions Network$63,644,992
67.Pennsylvania State Employees Credit Union$63,122,542
68.Education Services Foundation$62,691,176
69.Franklin Bank, SSB$62,286,060
70.Touro College$60,977,600
71.Utah State Board of Regents$58,493,501
72.Bremer Bank$56,425,057
73.Trustmark National Bank$53,210,624
74.Comerica Bank$51,452,961
75.Emory University$50,507,886
76.Alaska SLC (ACPE)$47,492,326
77.Manufacturers & Traders Bank$46,934,937
78.First National Bank of Texas$46,012,275
79.Twin City Federal Savings Bank (TCF)$45,464,407
80.Beneficial Bank$44,217,675
82.HSBC Bank USA$43,399,787
83.Bank of NY ELT Ed Loan Trust IV, LLC$41,948,798
84.New York Institute of Technology$40,288,109
85.Wyoming Student Loan Corp$39,510,868
86.Montana Higher Education Student Assistance Corp (MHESAC)$37,338,043
87.Parker College of Chiropractic$36,879,857
88.DeVry University$36,103,283
89.Campus Federal Credit Union$35,319,733
90.Security Service FCU$34,935,237
91.St. Louis University$34,719,996
92.American Savings Bank FSB$34,456,867
93.Independence FSB$34,046,087
94.Mountain America Credit Union$34,030,811
95.First National Bank of Omaha$33,512,738
96.Palmer College of Chiropractic$33,365,082
97.First Hawaiian Bank$32,299,181
98.University of New Mexico$32,162,670
99.Southern Methodist University$32,018,777
100.Graduate Leverage$31,314,171


The top 100 lenders hold 99.0% of all FFELP loans in FY2008, up from 98.6% in FY2007. The total of FFELP loan holdings for all lenders was $406.1 billion in FY2008, up from $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.

Former top 100 lenders that experienced a decline of more than 50% in holdings in FY2008 as compared with FY2007, possibly because of the credit crisis, include: Affinity Direct, Bank of Lake Mills, Carnegie Insurance Company, College Board, College Solutions Network, Collegiate Solutions, Fifth Third Bank, Franklin Bank SSB, Frost National Bank, Midwestern University, Union Bank \& Trust and Western University of Health Sciences.

RankLenderHolder Volume
1.Sallie Mae$141,498,570,633
2.Citi Student Loan Corp$31,321,756,422
3.National Education Loan Network (NELNET)$25,911,813,115
4.Wells Fargo Education Financial Services$14,245,015,634
5.Brazos Group$14,111,360,293
6.Wachovia Education Finance$12,331,124,450
7.Pennsylvania Higher Education Assistance Agency (PHEAA)$11,986,801,065
8.JP Morgan Chase Bank$11,944,280,346
9.Student Loan Xpress$11,097,406,178
10.College Loan Corporation$10,447,377,457
11.Goal Financial$7,435,821,599
12.Bank of America$6,783,803,724
13.Access Group$6,355,303,009
14.GCO Education Loan Funding$6,068,374,087
15.Northstar Guarantee$5,500,509,521
16.Missouri Higher Education Loan Authority (MOHELA)$4,866,981,778
18.U.S. Bank$4,087,601,295
19.Suntrust Bank$3,768,549,811
20.College Foundation Inc.$3,371,340,944
21.Panhandle Plains Higher Education Authority$3,088,429,300
22.South Carolina Student Loan Corp$3,061,843,130
23.Education Loan Trust$2,543,868,771
24.Education Loans Inc. (Aberdeen, SD)$2,535,437,043
25.Iowa Student Loan Liquidity Corp (ISLLC)$2,368,771,059
26.Kentucky Higher Education Student Loan Corp$2,323,820,189
27.Key Corp$2,287,562,969
28.Pittsburgh National Corp (PNC)$2,246,686,656
29.Academic Loan Group$2,126,013,617
30.Utah State Board of Regents$2,057,974,877
31.Michigan Higher Education Student Loan Authority (MHESLA)$1,926,813,034
32.ALL Student Loan Corp$1,875,489,906
33.Vermont Student Assistance Corporation (VSAC)$1,872,305,687
34.Indiana Secondary Market (ISM)$1,798,545,365
35.Montana Higher Education Student Assistance Corp (MHESAC)$1,712,877,440
36.CollegeInvest (Colorado)$1,711,225,050
37.North Texas Higher Education Authority (NTHEA)$1,710,234,723
39.Citizens Bank$1,410,863,465
40.Educational Services America$1,324,246,286
41.Oklahoma Student Loan Authority$1,254,262,603
42.New Hampshire Higher Education Loan Corp (NHHELCO)$1,238,898,170
43.Mississippi Higher Education Assistance Corp$1,168,042,429
44.National Education$1,149,574,738
45.Graduate Leverage$1,036,758,600
46.New Mexico Education Assistance Foundation (NMEAF)$1,032,257,185
48.Regions Bank$810,059,998
49.Illinois Designated Account Purchase Program (IDAPP)$794,510,758
50.Connecticut Student Loan Foundation$740,901,409
51.National City Bank$728,815,186
52.Bank of North Dakota$678,896,521
53.Arkansas Student Loan Authority$642,425,373
54.Rhode Island Student Loan Authority (RISLA)$609,462,546
55.South Texas Higher Education Authority$585,040,383
56.Finansure Student Loans$563,169,664
57.K2 Financial, LLC$548,108,340
58.Louisiana Public Facilities Authority$530,486,652
59.Associated Bank NA$500,906,033
60.HSBC Bank USA$483,951,250
61.Dollar Bank$392,846,064
62.Commerce Bank NA$373,036,240
63.Knowledge Funding Ohio$372,895,772
64.Navy Federal Credit Union$367,701,212
65.Wyoming Student Loan Corp$336,493,866
67.Massachusetts Educational Financing Authority (MEFA)$288,522,865
68.San Antonio FCU$284,616,838
69.Education Loan Funding$274,212,504
70.University of Wisconsin CU$230,625,345
71.Arizona Higher Education Loan Authority$230,318,141
72.College Savings Bank$200,848,047
73.Finance Authority of Maine (FAME)$193,064,319
74.Greater Texas Foundation$170,658,346
76.USC Credit Union$145,249,423
77.Bancorp South Bank$137,315,295
78.New Jersey Higher Education Assistance Authority$130,233,430
79.Alaska (ACPE)$128,128,039
80.Georgia Student Finance Authority$126,393,645
81.Beneficial Bank$120,329,848
82.Discover Bank$117,610,905
83.Compass Bank$110,439,471
84.Banc First$110,304,610
85.Knowledge Works Foundation$107,506,106
86.SMS Corp - HI$103,021,233
87.Simmons First National Bank$102,755,940
88.M\&T Bank Educational Lending$93,850,454
89.Comerica Bank$86,559,966
90.Pennsylvania State Employees Credit Union$85,726,183
91.America First Credit Union$85,324,138
92.University of Pennsylvania$84,469,189
93.Bremer Bank$84,422,928
94.Notre Dame Credit Union$82,188,465
95.First Tennessee Bank$81,472,583
96.Stillwater National Bank \& Trust Co$66,806,487
97.Alabama Higher Education Loan Corp$65,202,118
98.Members 1st Federal Credit Union$61,766,116
99.Tinker Federal Credit Union$61,120,060
100.Trustmark National Bank$58,234,761


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

RankLenderConsolidation Volume
1.Sallie Mae$774,651,818
2.Citi Student Loan Corp$625,685,453
3.JPMorgan Chase Bank$410,435,429
4.PA Higher Education Assistance Agency (PHEAA)$404,364,956
5.Collegiate Solutions$320,220,729
7.National Education Loan Network (NELNET)$313,228,741
8.Wells Fargo Education Financial Services$278,980,051
9.Student Loan Proc$278,208,761
11.Atlas Education Finance$193,290,510
12.Missouri Higher Education Loan Authority (MOHELA)$193,219,196
13.Student Loan Xpress$174,011,538
14.Bank of America$168,223,869
16.Wachovia Education Finance$155,469,324
17.College Foundation Inc.$133,804,215
18.Suntrust Bank$132,375,926
19.College Loan Corporation$126,777,179
20.Key Corporation$122,543,099
21.Indiana Secondary Market$109,195,023
22.VSAC Education Loan Finance Program$106,941,186
23.South Carolina Student Loan Corp$106,699,604
24.North Texas Higher Education Authority (NTHEA)$106,184,918
25.CollegeInvest (Colorado)$99,639,856
26.Affinity Direct$90,869,261
27.Education Loans Inc.$85,454,762
28.Brazos Group$81,358,914
29.Iowa Student Loan Liquidity Corporation$77,290,195
30.Goal Financial$70,815,511
31.Pittsburgh National Corporation (PNC)$68,895,448
32.Access Group$66,372,389
33.Kentucky Higher Education Student Loan Corporation$58,490,920
34.Panhandle Plains HEA$57,165,134
35.ALL Student Loan Corporation$55,964,683
36.Academic Loan Group$37,736,134
37.Oklahoma Student Loan Authority$36,589,390
38.Montana Higher Education Student Assistance Corporation (MHESAC)$34,734,263
39.Rhode Island Student Loan Authority (RISLA)$33,541,099
40.Citizens Bank$32,562,101
41.New Hampshire Higher Education Loan Corporation$31,909,468
42.Graduate Leverage$28,432,178
43.Utah State Board of Regents$27,003,531
44.Navy Federal Credit Union$26,539,121
45.CSLF/Susie Mae$26,476,997
46.New Mexico Education Assistance Foundation (NMEAF)$22,436,556
46.Arizona Higher Education Loan Authority$21,218,987
47.South Texas Higher Education Authority$21,003,565
48.Ed Loan Trust IV$20,963,755
50.U.S. Bank$19,025,923
51.Arkansas Student Loan Authority$18,213,405
52.GCO Education Loan Funding (Zions FNB ELT)$18,201,191
53.Fulton Bank$17,882,488
54.Pacific Loan Proc$16,575,799
55.Franklin Bank, S.S.B.$16,167,320
56.Comerica Bank$16,056,480
57.University of Wisconsin CU$15,426,908
58.Bank of North Dakota$15,361,075
59.Erie Processing Self Service Corp$14,591,269
60.Law School Financial$13,215,112
61.Illinois Designated Account Purchase Program (IDAPP)$12,497,883
62.Beneficial Bank$12,387,925
63.Wyoming Student Loan Corporation$12,345,115
64.Associated Bank NA$10,989,803
65.Massachusetts Educational Financing Authority (MEFA)$10,664,480
66.Mississippi Higher Education Student Assistance Corporation$10,628,745
67.Scholarpoint Financial Inc.$10,147,958
68.Firstrust Savings Bank$9,986,624
69.Louisiana Public Facilities Authority$9,335,665
70.Education Loan Source, Inc.$9,160,242
71.CIT Bank$7,361,035
72.Student Help Foundation$6,678,567
73.New Jersey Higher Education Assistance Authority$6,563,123
74.Education Loan Company$6,361,313
75.Finance Authority of Maine (FAME)$5,889,743
76.Alaska (ACPE)$5,680,694
77.Knowledge Works Foundation$5,349,632
78.HSBC Bank USA$5,075,229
79.Michigan Higher Education Student Loan Authority (MHESLA)$4,750,223
81.Academic Financial Solutions$4,112,514
82.National Education$3,929,916
83.American Optometric Association$3,879,315
84.FinanSure Student Loan$3,758,986
85.School Loans Corp$3,655,432
86.Anchorbank FSB$3,476,148
87.National City Bank$2,819,664
88.National Student Loan Group$2,718,615
89.Members 1st Federal Credit Union$2,709,023
90.Farmers Savings Bank$2,705,885
91.Dow Chemical Employees' Credit Union$2,604,547
92.College Savings Bank$1,929,808
93.San Antonio FCU$1,703,699
94.Royal Credit Union$1,677,558
95.Educators Credit Union$1,607,130
96.Summit Credit Union$1,603,581
97.Bank of New York Mellon ELT SMS Corp - HI$1,577,737
98.Philadelphia Federal Credit Union$1,496,831
99.Michigan State University FCU$1,378,425
100.Teachers FCU$1,355,785

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