SLM Corporation

SLM Corporation, foremost provider of funding for higher education to American students commonly known as Sallie Mae. The company, which also offers information and resources to assist students and others in obtaining funding, had a portfolio of some $127 billion in managed student loans by the early 21st cent. The majority of those loans were federally guaranteed. The SLM Corp. also has a number of educational and finance-related subsidiaries and sponsors the Sallie Mae Fund, a charitable organization that promotes access to higher education. The company is headquartered in Reston, Va. Created in 1972 as the Student Loan Marketing Association (SLMA), it was originally a government-sponsored entity. Privatization was initiated in 1997 and finalized in 2004, when Sallie Mae cut all ties to the federal government.

The Columbia Electronic Encyclopedia, 6th ed. Copyright © 2012, Columbia University Press. All rights reserved.

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