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Nelnet was founded in 1996 by Mike Dunlap and Steve Butterfield. [1] In March 2000, Nelnet bought UNIPAC Service Corporation, [3] an existing loan servicing company which was founded in 1978 and based in Denver, Colorado.
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]
FedLoan Servicing stopped handling federal student loan accounts on December 14, 2021. ... Aidvantage and Nelnet. Borrowers can contact the Federal Student Aid Information Center if they need ...
Longstanding student loan servicer and originator Nelnet Inc. launched its online-only Nelnet Bank in November 2020 to provide student loan refinancing. Note that the situation for student loans ...
However, FedLoan stopped servicing federal student loans after December 2022 and the Department of Education then transferred the loans it was servicing to Nelnet, Edfinancial, Aidvantage or MOHELA.
Navient Corporation is an American student loan servicer based in Wilmington, Delaware.Managing nearly $300 billion in student loans for more than 12 million debtors, the company was formed in 2014 by the split of Sallie Mae into two distinct entities: Sallie Mae Bank and Navient.
The current loan service providers for the Federal Student Aid (FSA) program are: Great Lakes Educational Loan Services, Edfinancial, MOHELA, Aidvantage, Nelnet, OSLA Servicing, ECSI, and the ...
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]