Madison, Wis. - Great Lakes Educational Loan Services, Inc. (Great Lakes) is pleased to announce that it has been selected by the U. S. Department of Education (Department) to be one of its servicers under the Title IV Loan Management/Servicing Solicitation.
The initial five year ordering period calls for capacity to service any type of federally held student loan debt, including Federal Family Education Loan Program (FFELP) and Federal Direct Loan Program (FDLP) loans. Commencement of FFELP put loan servicing is scheduled to begin no later than September of this year.
"This new contract positions Great Lakes to continue to provide its high quality borrower focused services to students and schools nationwide regardless of the type of federal student loan program," said Mike Noack, Chief Servicing Officer.
Great Lakes has previously been selected as an Exceptional Servicer for FFELP loans by the Department and currently services over $43 billion nationally in federal and private student loans. Great Lakes’ corporate emphasis is on integrity, quality of service, and "doing the right thing" for borrowers and schools.
About Great Lakes
Great Lakes Higher Education Corporation and Affiliates works with schools, lenders, and community organizations to change lives for the better through higher education. Great Lakes supports these partners with financial, educational, and operational resources that help students and families pay for college and build brighter futures. As a leading guarantor, originator, and servicer of student loans for over forty years, Great Lakes serves more than 2,700 schools and 1,400 lenders across the nation. One of the nation’s largest integrated providers of student loan services, Great Lakes services student loans for more than two million borrowers and holds guarantees on nearly $51 billion in FFELP loans. Great Lakes member corporations serve as the designated guarantor for Minnesota, Ohio, South Dakota, Wisconsin, Puerto Rico, and the U.S. Virgin Islands under the Higher Education Act. Great Lakes is headquartered in Madison, Wisconsin, with operating centers in South Dakota, Ohio, Minnesota, and Wisconsin. For additional information, visit mygreatlakes.org.
Posted 06/22/09 to www.NASFAA.org. Posting of press releases is done as a service to Members and does not imply endorsement or support by NASFAA. NASFAA does not review this information for content or accuracy.
