Madison, Wis. -- Great Lakes Educational Loan Services, Inc. (Great Lakes) is pleased to announce it has received notice from the U.S. Department of Education (Department) that it has passed the initial major milestone and is positioned to begin servicing Title IV Federal Family Education Loan Program (FFELP) loans put to the Department under ECASLA.
This approval demonstrates the significant efforts Great Lakes has made to prepare for put loan servicing since being awarded a Title IV Loan Servicing Contract in June. Great Lakes now looks forward to servicing FFELP put loans in early September for the Department.
Great Lakes will offer borrowers the same experience and high level of support for put loans as it does for the FFELP and private loans that it already services. Regardless of loan type, Great Lakes remains committed to doing what’s best for each borrower and school.
"Approval to service put loans means Great Lakes is well positioned to continue offering our high-quality services to borrowers, schools, and lenders across the country," said Mike Noack, Chief Servicing Officer. "It also represents the first of three major milestones we must pass successfully to eventually service any Title IV federal student loan."
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 08/31/09 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.
