SLM Corporation (commonly known as Sallie Mae; originally the Student Loan Marketing Association) 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.

Multi-choice problem: Is it true that is sallie mae backed by the federal government?

Pick your answer from:
1). no;
2). yes;
The answer is:
1).