SLM Corp was formed in 1972. It is a holding company that operates through a number of subsidiaries. The Company was formed as the Student Loan Marketing Association a federally chartered government sponsored enterprise ("GSE"), with the goal of furthering access to higher education by providing liquidity to the education loan marketplace. The Company commonly known as Sallie Mae, is the saving, planning and paying for education company. It provides products to help families, whether college is a long way off or right around the corner. The Company promotes responsible financial habits that help its customers dream, invest and succeed. The Company's main business is to originate, service and collect loans made to students or their parents to finance the cost of their education. It provides funding, delivery and servicing support for education loans in the United States through its participation in the Federal Family Education Loan Program, as a service of loans for the Department of Education and through its non-federally guaranteed Private Education Loan programs. The Company's Private Education Loan market includes banks such as Wells Fargo Bank NA, Discover Bank, Citizens Financial Group, Inc. and PNC Bank NA, as well as a number of smaller specialty finance companies. It competes with the Private Education Loan market with banks and other consumer lending institutions, many with consumer brand name recognition and greater financial resources. Many others aspects of the Company's businesses are subject to regulation by federal and state regulation and administrative oversight.