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I don't mean to spam you with Sallie Mae links, but clearly you can see the heading of this page...

https://www.salliemae.com/about/investors/debtasset/




From one of the links: "... financial characteristics and servicing information related to the underlying student loan assets...."

The student loans themselves are assets (the fit the above definition), my point is that they themselves are not asset based like a house or car loan.

Sallie Mae's use of the term "asset" here might be slightly misleading, but being essentially part of the government they can get away with it.

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