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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]
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On February 7, 2018, Nelnet completed its acquisition of Great Lakes Educational Loan Services, Inc. [8] 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. [9]
Student loan forgiveness is in legal limbo as facets of the Biden Administration’s broader student loan forgiveness has been stifled by numerous lawsuits. While the judiciary wields significant ...
FFEL loans and private loans are packaged, rated by rating agencies, and sold off as Student Loan Asset-Backed Securities (SLABS). For-profit student loan servicers have included Maximus Inc., Sallie Mae, Navient, Great Lakes Borrowers and Nelnet. [97] In 2020, there was a resurgence in private student loans. [98]
Even though the U.S. Supreme Court struck down President Biden's proposal for student loan forgiveness, ... Sign in. Mail. 24/7 Help. For premium support please call: 800-290-4726 more ways to ...
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