<Li> US $1.2 billion (2013) </Li> <Tr> <Th> Website </Th> <Td> salliemae.com </Td> </Tr> <P> SLM Corporation (commonly known as Sallie Mae; originally the Student Loan Marketing Association) is a publicly traded U.S. corporation that provides consumer banking . Its nature has changed dramatically since it was set up in 1973 . At first, it was a government entity that serviced federal education loans . It then became private and started offering private student loans, although at one point it had a contract to service federal loans . </P> <P> The company's primary business is originating, servicing, and collecting private education loans . The company also provides college savings tools such as its Upromise Rewards business and online planning for college tools and resources . Sallie Mae previously originated federally guaranteed student loans originated under the Federal Family Education Loan Program (FFELP). and worked as a servicer and collector of federal student loans on behalf of the Department of Education . The company now offers private education loans and manages more than $12.97 billion in assets . Sallie Mae employs 1,400 individuals at offices across the U.S. </P>

Is sallie mae backed by the federal government