Upon completion of the transaction, the mixed firm will service $455 billion of student loans for 16.2 million borrowers, including $397 billion in authorities-owned student loans for 13.Four million borrowers, $38 billion in FFEL Program loans for 1.9 million borrowers, and $20 billion in non-public or shopper loans for almost 918,000 borrowers. As of December 31, 2017, Great Lakes was servicing $224.4 billion in authorities-owned student loans for 7.5 million borrowers, $10.7 billion in Federal Family Education Loan (FFEL) Program loans for nearly 479,000 borrowers, and $8.5 billion in personal or consumer loans for over 415,000 borrowers. To apply for a Direct Loan Consolidation or an FFEL Consolidation the borrower should contact the lender and complete an software. LINCOLN, Neb., Feb. 7, 2018 /PRNewswire/ — Nelnet (NYSE: NNI) announced at the moment it has accomplished its previously announced acquisition of Great Lakes Educational Loan Services, Inc. (referred to as Great Lakes all through this press release) from Great Lakes Higher Education Corporation.
Nelnet (NYSE: NNI) is a diversified and innovative firm centered on providing academic services, technology solutions, telecommunications, and asset management. The servicing platform below development will make the most of modern technology to successfully scale for extra quantity, protect buyer info, and assist enhanced borrower expertise initiatives. Headquartered in Madison, Wisconsin, Great Lakes has roughly 1,800 workers and beforehand served as Great Lakes Higher Education Corporation & Affiliates’ expertise provider and student loan servicing firm. During 2017, Great Lakes acknowledged roughly $230 million in servicing income. Nelnet paid $150.0 million in cash for 100 p.c of the stock of Great Lakes, following the satisfaction of all required closing conditions. We discover, using the worth of a comparable property bought in August 2008, that 1.Forty three million seems to be right after accounting for the luxury options his house incorporates! Department of Education’s direct loans, serving approximately 8 million borrowers with debt totaling over $220 billion. While efficient non-legal debt counseling is normally the preferred -more financial and fewer disruptive- choice, client default can end-up in legal debt settlement or consumer bankruptcy procedures, the last starting from 1-year procedures within the UK to 6-yr procedures in Germany.
Going ahead, Great Lakes and Nelnet will proceed to service their respective authorities-owned portfolios on behalf of the Department, whereas sustaining their distinct manufacturers, impartial servicing operations, and groups. Among the key elements which will have a direct bearing on Nelnet’s working outcomes, efficiency, or monetary situation expressed or implied by the ahead-looking statements are dangers associated to the uncertain nature of the anticipated benefits from the acquisition and the ability to efficiently integrate mortgage servicing operations and successfully maintain and increase allocated volumes of student loans serviced beneath existing and any future servicing contracts with the Department, risks to Nelnet and Great Lakes related to the Department’s initiative to acquire new contracts for federal student loan servicing, including the risk that the corporate is probably not awarded a contract, risks associated to the development by Nelnet and Great Lakes of a brand new student loan servicing platform, including dangers as to whether or not the anticipated advantages from the new platform will probably be realized, and different risks and uncertainties, together with the risk of increased regulatory costs and uncertainties inherent in estimates and assumptions with respect to unaudited monetary and pro forma info.
In 2009, Great Lakes and Nelnet have been awarded contracts to service authorities-owned student loans on behalf of the U.S. Here’s what you must learn about Great Lakes. Welcome to the Michigan listing of Great Lakes Loan Closets. Great Lakes is now the second-largest servicer of federal student loans, behind American Education Services (AES). Great Lakes Educational Loan Services is without doubt one of the nation’s largest servicers, dealing with about 1 in four student loans issued by the federal authorities. Federal Government is the one largest source of monetary assistance for college college students. Department of Education. The federal authorities points billions of dollars of student loans annually, but it surely doesn’t supervise the repayment of those loans. The efficiencies gained by leveraging a single platform for authorities-owned loans supporting tens of millions more borrowers will give Great Lakes and Nelnet alternatives to put money into methods to further enhance borrower experiences. Nelnet and Great Lakes have also been working collectively for nearly two years to develop a new, state-of-the-artwork servicing system for government-owned student loans via a joint enterprise.