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Definition: Sallie Mae - Student Loan Marketing Association
A government institution formed in 1972, which is largest provider of education loan in the USA. But as of 2004, it became a publicly traded company and is now traded on the New York Stock Exchange. Sallie Mae along with providing loans, it also purchases student loans from other private players and provides loan to state run education institutions.
Currently Sallie Mae manages around $180.4 billion in debt from around 10 million borrowers, who are all students of state run government education institutions and the loans provided are usually federally approved. It employees around 6500 employees, around 71 offices in USA. It is also listed in the Forbes global 2000 and fortune 500 companies list.
Along with the loan provisions, through its subsidiaries and divisions, it also provides debt management services and also some financial products to a range of clients including the colleges, loan guarantors and also the universities.