From the Ground Up
An Early History of Lumina Foundation for Education
Lumina Foundation is a conversion foundation created in mid-2000 as USA Group, Inc., the nation’s largest private guarantor and administrator of education loans, sold most of its operating assets to Sallie Mae. Proceeds from the sale established the USA Group Foundation with an endowment of $770M. The Foundation was renamed Lumina Foundation for Education in February, 2001. Information about the early history of Lumina Foundation can be found in this publication from 2007.