Define: "Federal Consolidated Loan"

Factual Questions
1

What is today’s definition of a “Federal Consolidated Loan”? I thought this was all through SallieMae, but ole “Sallie” claims she’s a private organization! So, who besides Sallie grants these so-called “Federal Consolidated Loans”? :confused:

Can someone please explain? It would be helpful if you could provide insight if the definition of the OP has changed over the years…as student loan terminology will continually do.

Thanks,

  • Jinx
2

Most of the federal loan programs (Sallie Mae, Fannie Mae, Freddie Mac, etc) are federally chartered corporations created by federal legislation. So they act as private organizations, with some interference from the government. Like the Post Office.