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Great Lakes Higher Education Corporation

Great Lakes Higher Education Corporation was one of many largest student loan suppliers and guarantors within the United States.[1] Headquartered in Madison, Wisconsin, the company is non-profit. It was one of many 4 largest corporations which service United States federal student loans: Great Lakes, Nelnet, Navient, and the Pennsylvania Higher Education Assistance Agency.[2] In 2018, the loan servicing a part of the group was bought to Nelnet.

The firm typically provides education-related grants,[3][4] with a give attention to growing entry to larger schooling.[5]

Loan servicing[edit]

The former loan servicing arm of Great Lakes, the Great Lakes Educational Loan Services, Inc. assured over $51 billion in loans beneath FFELP, and works with 6,000 colleges, 1,100 lenders and 10,000,000 debtors.[7]

In order to switch their loan servicing contract with the United States Department of Education, which expired on June 16, 2019, Great Lakes determined in 2016 to make its bid for a brand new contract in cooperation with the competing student loan servicer, Nelnet.[2] In October 2017, Great Lakes Higher Education Corporation reached an settlement to dump 100% of the inventory of its subsidiary, the Great Lakes Educational Loan Services, Inc. to Nelnet.[8] The firm was to be bought for $150 million, initially maintaining CEO Jeff Crosby in cost, however with a plan of consolidating the businesses collectively.[9] On February 7, 2018, Nelnet introduced that it had accomplished the acquisition of Great Lakes Educational Loan Services, Inc..[6] The loan servicing operation is now a completely owned subsidiary of Nelnet, the mixed firm now servicing 42% of the entire federal student loan debt.[10]

READ:   American Education Services (AES) – Learn How Student Loans Are Managed


  1. ^ Hoover’s, Inc – Great Lakes Higher Education Company Description – [1](retrieved September 7, 2009)
  2. ^ a b Matt Olberding (1 Jul 2016). “Nelnet teams up with Great Lakes to bid on new federal loan servicing contract”. Lincoln Journal Star. Retrieved 28 Aug 2018.
  3. ^ http://www.entrepreneur.com/PRNewswire/release/192657.html (Press launch retrieved September 7, 2009)
  4. ^ Great Lakes Higher Education Guaranty Corporation. “Great Lakes Awards $225,000 to Wisconsin Educators Supporting College Access”. National Association of Student Financial Aid Administrators. Archived from the unique on 2010-04-20. Retrieved 7 Sep 2009.
  5. ^ Balousek, Marv (December 6, 2007). “Working with Students to Pay for College”. Wisconsin State Journal. Madison, Wisconsin. ISSN 0749-405X. Archived from the unique on January 9, 2016.
  6. ^ a b c d Nelnet (7 Feb 2018). “Nelnet Completes Acquisition of Great Lakes Educational Loan Services, Inc”. PR Newswire. Retrieved 28 Aug 2018.
  7. ^ https://home.mygreatlakes.org/web/about/gl/WorkWith (retrieved March 18, 2014)
  8. ^ Nelnet (19 Oct 2017). “Nelnet to Acquire Great Lakes Educational Loan Services”. PR Newswire. Retrieved 28 Aug 2018.
  9. ^ Chris Aadland (20 Oct 2017). “Nebraska company buys Madison-based Great Lakes Educational Loan Services for $150 million”. Wisconsin State Journal. Retrieved 28 Aug 2018.
  10. ^ Jillian Berman (6 Mar 2018). “One company will now handle close to half of all student-loan payments”. Market Watch. Retrieved 28 Aug 2018.

External hyperlinks[edit]

Official web site Edit this at Wikidata

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