I thought it would be interesting to take a look at which state agencies and non-profits originate the highest percentage of federal loans made by educational institutions in their state. The origination data for the state agencies only include those agencies that recently landed on the top 100 originators list for FY09. I pulled total federal loan originations by state from the Dept. of Education Data Center site. Note that there is a timing mismatch as Top 100 data is based on federal fiscal year (September year-end), while originations by state data is based on academic year (June year-end). Note that many of the agencies on this list are also student loan secondary markets who have historically purchased many of the loans originated in their states.
Here is how the various state agencies and non-profits stack up (in millions of dollars):
|VSAC EDUCATION LOAN FINANCE PROGRAM||VT||$303||$342||113%|
|RISLA/RHODE ISLAND STUDENT LOAN AUT ||RI||$339||$303||89%|
|SC STUDENT LOAN TAXABLE||SC||$871||$754||87%|
|ALASKA SLC (ACPE)||AK||$83||$62||75%|
|NEW MEXICO EDUC ASST FOUNDATION||NM||$310||$215||69%|
|COLLEGE FOUNDATION ELT SEAA||NC||$1,404||$967||69%|
|BANK OF NORTH DAKOTA||ND||$237||$159||67%|
|KENTUCKY HIGHER ED STUD LOAN CORP ||KY||$927||$577||62%|
|NEW HAMPSHIRE HIGHER ED LOAN CORP||NH||$402||$159||40%|
|WYOMING STUDENT LOAN CORPORATION||WY||$118||$43||37%|
|UTAH STATE BOARD OF REGENTS||UT||$661||$228||35%|
|LOUISIANA PUBLIC FACILITIES AUTH||LA||$894||$122||14%|
|MISSOURI HIGHER EDUCATION LOAN AUTH ||MO||$1,872||$177||9%|
|ARKANSAS STUDENT LOAN AUTHORITY||AR||$598||$55||9%|
|GEORGIA STUDENT FINANCE AUTHORITY ||GA||$1,591||$135||9%|
|ALL STUDENT LOAN CORP ||CA||$5,704||$280||5%|
|OKLAHOMA STUDENT LOAN AUTHORITY||OK||$703||$29||4%|
|CONNECTICUT STUDENT LOAN FOUND ||CT||$747||$24||3%|
|ILL DESIGNATED ACCOUNT PURCHASE PR||IL||$4,116||$64||2%|
- Vermont, Rhode Island and South Carolina originated the highest percentage of their state's federal loans. Vermont's figure of 113% could be caused by the timing difference discussed above or perhaps they originate loans in neighboring states also.
- Eight of the state agencies originate over 50% of the federal student loans originated in their state. Several of these agencies were continuing to waive fees on Stafford loans for 2008-09 while for-profit lenders were not which probably explains the strong share many of them captured.