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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]
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]
TCF Financial Corporation began business in 1923 as Twin City Building and Loan Association. In 1936, it was given a federal charter and renamed as Twin City Federal Savings and Loan Association. In 1986, it became a public company. In 1995, TCF acquired Great Lakes National Bank. [2]
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