Sallie Mae is a publicly traded U.S. corporation that provides consumer banking. Its nature has changed dramatically since it was set up in 1973. At first, it was a government entity that serviced federal education loans. It then became private and started offering private student loans, although at one point it had a contract to service federal loans. The company's primary business is originating, servicing, and collecting private education loans. The company also provides college savings tools such as its Upromise rewards program. It is headquartered in Newark, Delaware.