Great Lakes Higher Education Corporation was one of many largest student loan suppliers and guarantors within the United States. 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. In 2018, the loan servicing a part of the group was bought to Nelnet.
The firm typically provides education-related grants, with a give attention to growing entry to larger schooling.
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.
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. 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. 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. On February 7, 2018, Nelnet introduced that it had accomplished the acquisition of Great Lakes Educational Loan Services, Inc.. 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.
- Hoover’s, Inc – Great Lakes Higher Education Company Description – (retrieved September 7, 2009)
- 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.
- http://www.entrepreneur.com/PRNewswire/release/192657.html (Press launch retrieved September 7, 2009)
- 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.
- 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.
- Nelnet (7 Feb 2018). “Nelnet Completes Acquisition of Great Lakes Educational Loan Services, Inc”. PR Newswire. Retrieved 28 Aug 2018.
- https://home.mygreatlakes.org/web/about/gl/WorkWith (retrieved March 18, 2014)
- Nelnet (19 Oct 2017). “Nelnet to Acquire Great Lakes Educational Loan Services”. PR Newswire. Retrieved 28 Aug 2018.
- 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.
- Jillian Berman (6 Mar 2018). “One company will now handle close to half of all student-loan payments”. Market Watch. Retrieved 28 Aug 2018.
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