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Nelnet became a publicly traded company in 2003, at which point the two founders were co-CEOs. [1] In August 2003, the parent company was renamed from Nelnet Loan Services, Inc. to simply Nelnet, Inc. [7] The initial public offering occurred on August 19, 2003, for $200 million. [8] Steve Butterfield stepped down as CEO in 2007. [1]
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]
The False Claims Suit was filed on behalf of the federal government by former DOE researcher Dr. Jon Oberg against Sallie Mae, Nelnet, and other lenders. Oberg argued that the lenders overcharged the United States Government and defrauded taxpayers of over $22 million. In August 2010, Nelnet settled and paid $55 million. [132]
If you have a lender that manages both federal and private student loans — like Nelnet — you may have to call to see which type of loans you have. Federal vs. private student loans Federal
The Higher Education Act was passed to give greater college access to women and minorities. [5] President Bill Clinton set a phase-in of direct lending, by signing into law the Omnibus Budget Reconciliation Act of 1993, [6] although in 1994 the 104th Congress passed legislation to prevent the switch to 100% direct lending. [6]
Most college students in the United States qualify for federal student loans. [33] Students can borrow the same amount of money, at the same price, regardless of their own income or their parents' incomes, regardless of their expected future income, and regardless of their credit history .
SLM Corporation (commonly known as Sallie Mae; originally the Student Loan Marketing Association) is a publicly traded U.S. corporation that provides consumer banking.Its nature has changed dramatically since it was set up in the early 1970s; initially a government entity that serviced federal education loans, it then became private and began offering private student loans.
Naviance is an American college and career readiness software provider that partners with high schools and other K–12 institutions to provide students with college planning and career assessment tools. The company reports that its products reach more than 7 million students at nearly 8,500 schools in 100 countries.