SLM Corp. operates as a bank holding company for Sallie Mae Bank, which provides financial services. It operates through four business segments: Consumer Lending, Business Services, FFELP Loans and Other. The Consumer Lending segment originates, acquires, finances and services private education loans. These loans are primarily to bridge the gap between the cost of higher education and the amount funded through financial aid, federal loans or customer's resources. The Business Services segment services its FFELP Loan portfolio and performs servicing, default aversion and contingency collections work on behalf of Guarantors of FFELP Loans and other institutions. The FFELP Loans segment consists of its FFELP Loan portfolio and the underlying debt and capital funding the loans. FFELP Loans are insured or guaranteed by state or not-for-profit agencies and are also protected by contractual rights to recovery from the United States pursuant to guaranty agreements among ED and these agencies. The Other segment includes the repurchase of debt, the corporate liquidity portfolio and all overhead. The company was founded in 1972 and is headquartered in Newark, DE.