The common name for SLM Corporation, parent firm of several subsidiaries engaged in education lending, debt collection, and college savings programs. Sallie Mae provides a secondary market in student loans, the majority of which are government guaranteed. This organization was the first government-sponsored enterprise to be transformed into a private company. As such, the firm lost the implied government backing of its debt that is enjoyed by Fannie Mae and Freddie Mac. SLM Corporation is also the parent company of Nellie Mae, a major provider of higher education loans for students and parents. Formerly called Student Loan Marketing Association.