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April 27, 2022 at 7:55 AM. Great Lakes Educational Loan Services is a student loan servicer that handles both private and federal student loans. A loan servicer doesn’t lend the money. Instead ...
Over the past few years, several student loan servicers have ended their relationship in servicing government student loans. This includes popular servicers such as Navient and Great Lakes.
The Education Secretary on Thursday announced a settlement of claims that would give roughly 264,000 student loan borrowers approximately $7.5 billion in debt relief.
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. 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.
In the United States, student loans are a form of financial aid intended to help students access higher education. In 2018, 70 percent of higher education graduates had used loans to cover some or all of their expenses. [1] With notable exceptions, student loans must be repaid, in contrast to other forms of financial aid such as scholarships ...
On February 7, 2018, Nelnet completed its acquisition of Great Lakes Educational Loan Services, Inc. The combined company is the largest servicer of student loans in the United States, with $397 billion in loans, or around 42% of all student loans in the United States. Lines of business Nelnet Diversified Services (NDS)
The settlement will result in the cancellation of $1.7 billion in student loans. Another $95 million will be distributed in restitution payments.
This could result in surprise late fees. In 2015, the Consumer Financial Protection Bureau found that changes in loan ownership results in lost payments, paperwork processing issues, missing ...
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