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Great Lakes Higher Education CorporationGreat 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
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
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