Companies That Consolidate Student Loans

Companies That Consolidate Student Loans

9 min read


Sallie Mae

Sallie Mae was originally created in 1977 and provides financial services to students who want to borrow money to pay for college. Over the last few years, they have been facing heavy competition from private companies offering student loans. In order to stay competitive, Sallie Mae decided to consolidate their student loan debts into a single monthly payment. There are currently many different types of lenders available to students today. Each offers a variety of benefits, including flexible repayment options, lower interest rates, and shorter terms. By consolidating their debt, Sallie Mae’s customer base increased, making them more attractive to potential customers.

Navient Corporation

Navient specializes in providing services related to education financing, personal finance management, and credit information. Today, Navient is the largest collection agency in the United States. However, they faced some issues when they started to compete with both private and government-backed student loan providers. One of the biggest problems was that Navient had many different types of customers with varying levels of income. Because of this, Navient wasn’t able to offer the best possible services to each client. To address this problem, Navient combined their company into a single entity. Once the consolidation took place, the company gained a lot of leverage in negotiating prices with lenders.

Nelnet Inc.

Nelnet is a company that specializes in managing accounts payable and receivable for businesses. Many people think of Nelnet as a bank, but they only provide financing to certain kinds of business. Their services are much broader than that though. Companies that use Nelnet’s services include utilities, telecommunications, retailers, manufacturers, transportation, restaurants, hotels, and healthcare organizations. Due to their vast array of clients, Nelnet is able to receive funding from several different types of lending institutions. As a result, their costs are low and they are able to pass those savings onto their clients.


Credible is a company that focuses on providing services related to personal finance, consumer credit reports, and online bill pay. They offer these services to individuals, small businesses, and major corporations. At first glance, Credible may not seem like a lender at all. But, they actually specialize in borrowing funds for companies that need short-term loans. Credibility is able to offer such services because they work directly with lenders. Lenders are willing to help Credible because they know that Credible will take good care of their funds. When Credible takes over handling a particular account, they charge a flat fee instead of a percentage of the total amount borrowed.

Navient Solutions Group LLC (NSG)

NSG is an American corporation established in 2002 that provides educational financial services to students and parents. NSG operates out of three different divisions: Navient, Federal Family Education Loan Program (FFELP), and Direct Subsidized Loans. They help families make payments on their federal loans, including subsidized Stafford and unsubsidized Stafford loans. They do this by connecting borrowers with lenders and providing access to different repayment options. The company offers various forms of financing for borrowers, including fixed rate products, variable rate products, and even no repayments.

NSL Capital Ltd.

NSL Capital Ltd. (NSLCA) is a publicly traded company based in Toronto Ontario. They specialise in providing capital to businesses and entrepreneurs looking to start up their own ventures. The majority of NSLCA’s business comes from working with smaller businesses that often lack sufficient funding. NSLCA helps these small businesses secure cash flow and gives them time to grow. Additionally, they provide financing to owners when their companies are sold. NSLCA began as a trading company in 1992. Since then, they have become one of Canada’s leading players in the small business market.


FedLoan is an affordable loan program provided by the U.S. Department of Education. Students with excellent grades and test scores, along with parent(s) who make a minimum amount of money, qualify. As long as you meet eligibility requirements, you may be able to get approved without having to go through a private lender. You will need to fill out the Free Application for Federal Student Aid (FAFSA) and submit any necessary documents. If you are denied once, there are some steps you can take to improve your chances of getting funded again.

Companies That Consolidate Student Loans

As of 2019, the average student loan balance was $28,400. By 2023, it is expected to reach $50,000. As of 2018, over 44 million Americans were carrying some type of debt. Of these, about 12 million had a total of $150 billion in student loans. Despite the high cost of college tuition, many students still struggle to pay off their loans after graduation. One way they do this is by taking out private loans. These are expensive loans, averaging 8% APR or higher.

To make matters worse, many companies offer consolidation loans. In order to qualify, borrowers have to consolidate their federal loans with private lenders. While consolidating can save money, it comes at a price. Private lenders are not federally regulated, so the interest rate and fees charged may vary greatly from company to company.

The following companies combine student loans and offer financial aid packages to help lower-income students manage their finances.


Citibank (C) – CitiBank offers direct access to its own online lending platform called CitiConnect, where users can apply for credit cards, auto loans, home equity loans, personal loans, mortgages, small business loans, and more. Borrowers can also use Citibank’s partner website,, to research hundreds of other financial products.

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Companies That Consolidate Student Loans

Navient, Inc.

Navient is a company that was founded in 1997 by former Sallie Mae CEO Stephen Strumpf. He resigned his post at Sallie Mae in 2010 after its $27 billion student loan portfolio grew to 10 times its original size. His departure was seen as a loss for taxpayers who received huge bailouts of their loans with taxpayer dollars (Sallie Mae’s total bailout cost was approximately $10 billion). In 2012, Congress passed and President Obama signed H.R. 1433 which included provisions to create the Consumer Financial Protection Bureau. The new law gave the agency “new powers over student loans – including the authority to police interest rates and the terms borrowers are forced to agree to.”

Nelnet Corporation

Nelnet, Inc. acquired Great Lakes Education Loan Services (GLELS) in 2014. GLELS is a wholly owned subsidiary of Navient, Inc., which is now the largest student loan servicer in the United States. GLELS offers online education loans, federal direct loans, private alternative loans, student loans guaranteed by the U.S. Department of Education, and private alternative loans underwritten by third party companies. Nelnet also owns NelNet Solutions, LLC, a provider of IT services to the mortgage industry; NetCredit, LLC, a business-to-business credit information vendor; and NetScore Solutions, LLC, a credit risk management software provider. In addition, Nelnet provides credit reporting and fraud protection products to consumers.

OneUnited Bank, FSB

OneUnited Bank, FSB is the successor to National City Bank, which began servicing student loans in 1986. Prior to being purchased by OneUnited Bank, FSLIC became known as NCB Group, which had been created in 1990 by the Federal Savings & Loan Insurance Corp. (FSLIC), the Resolution Trust Corp. (RTC) and NCNB Corporation. The bank currently has branches in New York, Florida, Ohio, Connecticut, Michigan, Pennsylvania, Indiana, and Washington D.C.

Pinnacle West Capital Corporation

Pinnacle West Capital Corporation is the parent company of Arizona Public Service (APS), one of the state’s three investor-owned electric utilities. APS serves customers throughout Arizona and parts of Nevada and California. PWC also owns two insurance companies, Western Surety Company and Phoenix Companies, and a real estate investment trust, Arizona Property Holdings, Inc. APS serves nearly 1.8 million customers in urban and rural Arizona.

Sallie Mae

Sallie Mae is a privately held American multinational corporation based in Reston, Virginia. The company provides financial aid, information technology solutions, and consumer lending and education services, primarily in the United States. As of December 31, 2015, Sallie Mae’ s net income was $2.9 billion. Its subsidiaries include SLMES,,, Navient, Inc., ECSL, LLC, and Great Lakes Education Loan Services. Sallie Mae has offices in Canada, England, Japan, Mexico, Singapore, South Korea, Taiwan, Ukraine, and the United Arab Emirates.

SunTrust Banks, Inc.

SunTrust Banks, Inc. operates under four segments: Banking, Investment Management, Commercial Real Estate Finance, and Wealth Management. The banking segment consists of commercial and retail banking, branch banking, corporate banking, and wealth management. The investment management segment includes mutual funds, annuities, pension plans, retirement plan services, and other investment products and services. The commercial real estate finance segment consists of mortgage origination and servicing, construction financing, property management, asset management, facility leasing, and development activities. The wealth management segment consists of cash management, brokerage, investment advisory, trust administration, and other wealth management products and services.

State Street Corporation

State Street Corporation is the holding company for several related banks: State Street Bank, N.A. (SFBNA); State Street Bank International (SSBI); State Street Global Advisors (SSGA), a registered investment adviser; State Street Bank, Managemen t & Trust (SSBMT); State Street Mortgage Securities, Inc.; State Street Corporate Treasury Management; State Street Asset Servicing (SSAS), and State Street Home Mortgage (SSHM). SFBNA is the second largest depository institution in the United States, serving businesses and individuals in Massachusetts, New Hampshire, Maine and Rhode Island. SSBI is a full service international money center focused on providing comprehensive global custody, clearing, trade, payments, settlement, and fund transfer capabilities. SSGA is a leading provider of independent investment advice and solutions to institutional investors worldwide. SSGA has approximately $2.9 trillion of assets under management. SSMBT is the nation’s leader in asset management and works with more than 300 institutional and individual clients to provide them with superior investment expertise, access to capital markets, and sophisticated technology solutions. SSAS is the world’s largest independent broker-dealer in structured securities. SSAS helps market participants manage their exposures in a wide variety of financial instruments, including debt obligations, equity securities, derivatives transactions, and repo/lending facilities. SSAMT is a leading provider of non-bank deposit taking institutions with approximately $12.4 trillion in deposits globally. SSAC, formerly known as State Street Asset Clearing, Inc., is a leading provider of automated clearinghouse (ACH) services for U.S. payment systems. Established in 1983, SSAC clears ACH traffic for approximately 20,000 participating banks, brokers and retailers.

Companies That Consolidate Student Loans

Great Lakes Education Loan (GLEC)

Great Lakes Education Loan Corporation (GLEC) is a student loan servicer that offers consolidation, refinancing, and repayment plans for federal loans. GLEC was founded in 2002 and currently operates in 23 states nationwide plus Washington D.C., Puerto Rico, Guam, Saipan, American Samoa, and the U.S. Virgin Islands.


Navient is a company that provides educational financial services including lending, servicing, collections, credit scoring, and information technology services. Navient was founded in 1997 in Houston Texas and has since expanded its service area to over 5 million customers throughout the United States.


Nelnet is a debt collection agency that collects payments on behalf of lenders when students default on their education loans. Nelnet was founded in 1954 and today has a portfolio of $65 billion dollars worth of consumer debt and serves over 700,000 clients across the country.

Sallie Mae

Sallie Mae Servicing Corp. is the parent company of Sallie Mae, Inc., who buys private student loans originated by banks, savings institutions and insurance companies. According to the company’s website, Sallie Mae was formed in 1989 as a result of the merger between Bankers Trust Company and Mellon Bank. In 2006, Sallie Mae acquired Student Loan Xpress, LLC and added a portfolio of loans totaling approximately $40 billion at the time of acquisition.

Alliant Credit Union

Alliant Credit Union is a not-for-profit, federally chartered, member owned credit union based out of San Diego, California. Alliant CU focuses on serving members by providing a full suite of banking products and services, including personal checking accounts, home equity loans, automobile loans, and business banking solutions. Additionally, they offer insurance policies for health, auto, homeowners and renters, and investment products such as IRA’s and bonds.


Navient is a debt collection agency who collects payments on behalf of creditors when borrowers default on their debts. Nelnet was established in 1954 and today serves nearly 500,000 consumers and businesses each year.

AARP Federal Credit Union

AARP Federal Credit Union is a member owned cooperative headquartered out of Alexandria, Virginia. Founded in 1994, AARP FCU provides financial products and services to members age 50+ and those who actively serve them. They provide a wide array of account options, ranging from traditional checking and savings accounts to CD’s and IRAs.

Companies That Consolidate Student Loans

The following companies provide student loan consolidation services.

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