Company Overview Visit salliemae.com website
Sallie Mae is a U.S. consumer financial services company that funds student loans and offers banking and credit products through its subsidiaries, Sallie Mae Bank (NMLS ID # 9077) and Sallie Mae Investments (NMLS ID # 70449).
The company was founded in 1972 under the name SLM Corporation by former United States Secretary of the Treasury William E. Simon.
In 2004, Sallie Mae was spun off from SLM Corporation because of rising losses with the corporation's other divisions. The spinoff separated traditional education finance from income tax preparation, insurance brokerage, mortgage origination/servicing, etc., which are businesses that could be more profitable without the potential volatility of investments in student loans.