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. Are Sallie Mae loans considered federal loans?

    Identify the differences between federal and private student loans, explore the qualities of each type of loan, and find ... Read Answer >>
  2. Can Sallie Mae loans be consolidated?

    Understand whether Sallie Mae loans can be consolidated. Learn about additional options that can lower the monthly payments ... Read Answer >>
  3. Can my Sallie Mae student loans be forgiven?

    I started my nursing career at age 19. In 2006, age 34, I took out student loans to further my education and my nursing career. ... Read Answer >>
  4. How should I fund my college education?

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  5. Can I use interest payments from a U.S. Treasury I Bond to pay off my student loans?

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