Summary: Sallie Mae was founded in 1972 as the Student Loan Marketing Association, a federal student loan servicer. Over time, Sallie Mae transitioned into a private entity, focusing on private student loans, credit cards, and online banking services. Its deposit products include high-yield savings, CD, and money market accounts. Sallie Mae Bank product overview SmartyPig account This free, online piggy bank account allows customers to save for short- and long-term goals, track progress, and earn up t ...