* Q1 shareholder loss $47.8 mln, or 10 cents a share

* Bond market dislocations squeeze margins

* Government loan originations up, private lending down (Adds detail on lending margins)

NEW YORK, April 22 (Reuters) - Sallie Mae, the largest student U.S. loan company, posted a first quarter loss after bond market dislocations squeezed its lending margins.

The company's net loss for common shareholders for the quarter was $47.8 million, or 10 cents a share, compared with a net loss for shareholders of $132.8 million, or 28 cents a share, in the same quarter last year.

Sallie Mae's core earnings, which exclude changes in the value of its derivatives were $13.89 million, compared with $188.3 million in the same quarter last year.

The company, legally known as SLM Corp, made a total of $6.6 billion of government-backed student loans in the quarter, up from $6.0 billion in last year's first quarter. It made $1.5 billion of private education loans, down from $2.5 billion in the same quarter last year.

The bank said it suffered because its assets generate interest based on commercial paper rates, while its liabilities are linked to the London Interbank Offered Rate, or Libor. The shrinking gap between these two rates hived 0.42 percentage points off its net interest margins.

The student loan industry has been in disarray for over a year, as secured and unsecured markets have at various times been closed to non-bank lenders. The U.S. government has taken multiple steps to improve student loan companies' access to funding. (Reporting by Dan Wilchins; Editing by Bernard Orr)