Great Lakes Higher Education Corporation

Great Lakes Higher Education Corporation was one of the largest student loan providers and guarantors in the United States.[1] Headquartered in Madison, Wisconsin, the corporation is non-profit. It was one of the four largest companies which service United States federal student loans: Great Lakes, Nelnet, Navient, and the Pennsylvania Higher Education Assistance Agency.[2] In 2018, the loan servicing part of the organization was sold to Nelnet.

The company sometimes gives education-related grants,[3][4] with a focus on increasing access to higher education.[5]

Loan servicing
Great Lakes Educational Loan Services, Inc.
TypeSubsidiary
IndustryFinancial services
Headquarters
Madison, Wisconsin[6]
,
United States
ProductsStudent loans
Revenue$230 million[6] (2017)
Number of employees
1,800[6]
ParentNelnet
Websitemygreatlakes.org

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

In order to replace their loan servicing contract with the United States Department of Education, which expired on June 16, 2019, Great Lakes decided in 2016 to make its bid for a new contract in cooperation with the competing student loan servicer, Nelnet.[2] In October 2017, Great Lakes Higher Education Corporation reached an agreement to sell off 100% of the stock of its subsidiary, the Great Lakes Educational Loan Services, Inc. to Nelnet.[8] The company was to be sold for $150 million, initially keeping CEO Jeff Crosby in charge, but with a plan of consolidating the companies together.[9] On February 7, 2018, Nelnet announced that it had completed the acquisition of Great Lakes Educational Loan Services, Inc..[6] The loan servicing operation is now a fully owned subsidiary of Nelnet, the combined company now servicing 42% of the total federal student loan debt.[10]

References
  1. Hoover's, Inc - Great Lakes Higher Education Company Description - (retrieved September 7, 2009)
  2. 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 release 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 original 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 original on January 9, 2016.
  6. 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.

Official website

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