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SLM - Sallie Mae: Not A GSE But Don't Tell The Market
SLM Corporation
The Business
Given Sallie Mae’s (SLM) history (and the company’s name), it’s understandable that investors might quickly assume SLM is a Government Sponsored Enterprise (GSE), when in actuality, the company broke ties with the government years ago. As seen below, almost 95% of the loan book are private loans (with the others representing personal loans - none are federal). These are loans that have no ties to the government. The government does not back them in any way - SLM is separate and distinct from the government.