Nellie Mae

DEFINITION of 'Nellie Mae'

A non-profit organization that provides education loans in the United States. Nellie Mae was founded in Massachusetts and is the largest non-profit provider of student loans in the United States, helping student across the country pay for their education. It has been a wholly owned subsidiary of SLM Corporation, known as Sallie Mae, since 1999.


Nellie Mae stands for New England Education Loan Marketing Corporation.

BREAKING DOWN 'Nellie Mae'

Nellie Mae was created in order to purchase student loans, securitizing them to be sold off to investors. Student loans were guaranteed by the Federal Family Education Loan Program (FFELP), with further financial backing by the U.S. Department of Education (DOE).

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RELATED FAQS
  1. How can I find out what Sallie Mae's interest rates are?

    Learn how to find fixed and variable interest rates that Sallie Mae charges in its education loans for graduate and undergraduate ... Read Answer >>
  2. Do Sallie Mae loans go directly to your school?

    Understand the types of financial aid and student loans that Sallie Mae offers college students. Learn when funds are disbursed ... Read Answer >>
  3. Can I get a loan sent to me instead of my school, so that I can pay my living expenses? ...

    I receive financial aid and it covers my tuition, but I need additional funds for living expenses. Can... Read Answer >>
  4. Should I continue to pursue a career in the public sector or change to the private ...

    I am currently in heavy student loans and currently unemployed. Most recently, I was employed in the P... Read Answer >>
  5. How do you use the FNMA selling guide?

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  6. How do I apply for a loan through a government agency?

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