SLM Holding Corp., the parent of Sallie Mae, announced plans Wednesday to buy Nellie Mae Foundation for $320 million.

The deal combines two student loan secondary marketing giants. Nellie Mae originated more than $375 million last year, and its $2.6 billion student loan portfolio makes it the seventh-largest federal loan holder in the nation. Sallie Mae owns or manages $47 billion.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.