Definition: Most commonly referred to as Sallie Mae, the SLM Corporation is the largest provider and servicer of student loans in the United States. Sallie Mae is also the largest administrator of Section 529 college savings plans and is the parent company over the UPromise program, which deposits money into a college savings account when family members shop at certain retailers.
Sallie Mae was originally set up as a government-sponsored entity (GSE) in the 1970's, but was fully privatized in 2004.
According to their website, Sallie Mae:
- Owns or services over 10 million student loans.
- Manages over $17 billion in Section 529 plan assets.
- Has rewarded parents with over $450 million through the UPromise program.
- Employs over 8,000 people.
Alternate Spellings: SLM, SLMA
Common Misspellings: Sally May, Sallie May, Sally Mae