State run student loan agencies -- what's up with that?

We wonder about the state run student loan agencies sometimes. Are they a good thing? Bad thing? Why do they exist? What do they do with the money they make? Do they even make money? We just don't really know. But we're curious.

On the one hand you've got PHEAA. PHEAA is a student loan powerhouse. They're everywhere. It seems they might spend a little recklessly. But for the most part, a state-run, non-profit, highly competitive player.

Then you've got some small, quiet guys like RIHEAA and NMEAF. It's not their bag to be a big player, they provide services to their respective state university's. Probably do it very well. We just don't hear much about them.

If you have any insight into these groups, we're interested to hear what you think. Especially MOHELA....we hear a lot about MOHELA.

UPDATE: look, how timely....here's an article that talks about ISAC, the Illinois state run student loan agency (they trade under "CollegeZone"). They apparently have the ability to craft their own non-FFELP loan products. So look at that! Make sure you are proactive and check in with your state run student loan agency. We don't think they're so good at advertising/marketing, so it's on you to check these things out.