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Great Lakes Higher Education Corporation
Great Lakes Higher Education Corporation was one of the largest student loan providers and guarantors in the United States. Headquartered in Madison, Wisconsin, the corporation is non-profit. It was one of the four largest companies which service United States federal student loans: ''Great Lakes'', Nelnet, Navient, and the Pennsylvania Higher Education Assistance Agency. In 2018, the loan servicing part of the organization was sold to Nelnet. The company sometimes gives education-related grants, with a focus on increasing access to higher education. Loan servicing The former loan servicing arm of Great Lakes, the ''Great Lakes Educational Loan Services, Inc.'' guaranteed over $51 billion in loans under FFELP, and works with 6,000schools, 1,100lenders and 10,000,000borrowers. In order to replace their loan servicing contract with the United States Department of Education, which expired on June 16, 2019, Great Lakes decided in 2016 to make its bid for a new contract in cooperation ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Student Loans In The United States
Student loans in the United States are a form of financial aid intended to help students access higher education. In 2018, 70 percent of higher education graduates had used loans to cover some or all of their expenses. With notable exceptions, student loans must be repaid, in contrast to other forms of financial aid such as scholarships, which are not repaid, and grants, which rarely have to be repaid. Student loans may be discharged through bankruptcy, but this is difficult. Student loan debt has proliferated since 2006, totaling $1.73 trillion by July 2021. In 2019, students who borrowed to complete a bachelor's degree had about $30,000 of debt upon graduation. Almost half of all loans are for graduate school, typically in much higher amounts. Loan amounts vary widely based on race, social class, age, institution type, and degree sought. As of 2017, student debt constituted the largest non-mortgage liability for US households. Research indicates that increasing borrowing ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territories, nine Minor Outlying Islands, and 326 Indian reservations. The United States is also in free association with three Pacific Island sovereign states: the Federated States of Micronesia, the Marshall Islands, and the Republic of Palau. It is the world's third-largest country by both land and total area. It shares land borders with Canada to its north and with Mexico to its south and has maritime borders with the Bahamas, Cuba, Russia, and other nations. With a population of over 333 million, it is the most populous country in the Americas and the third most populous in the world. The national capital of the United States is Washington, D.C. and its most populous city and principal financial center is New York City. Paleo-Americ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Madison, Wisconsin
Madison is the county seat of Dane County and the capital city of the U.S. state of Wisconsin. As of the 2020 census the population was 269,840, making it the second-largest city in Wisconsin by population, after Milwaukee, and the 80th-largest in the U.S. The city forms the core of the Madison Metropolitan Area which includes Dane County and neighboring Iowa, Green, and Columbia counties for a population of 680,796. Madison is named for American Founding Father and President James Madison. The city is located on the traditional land of the Ho-Chunk, and the Madison area is known as ''Dejope'', meaning "four lakes", or ''Taychopera'', meaning "land of the four lakes", in the Ho-Chunk language. Located on an isthmus and lands surrounding four lakes—Lake Mendota, Lake Monona, Lake Kegonsa and Lake Waubesa—the city is home to the University of Wisconsin–Madison, the Wisconsin State Capitol, the Overture Center for the Arts, and the Henry Vilas Zoo. Madison is ho ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Non-profit
A nonprofit organization (NPO) or non-profit organisation, also known as a non-business entity, not-for-profit organization, or nonprofit institution, is a legal entity organized and operated for a collective, public or social benefit, in contrast with an entity that operates as a business aiming to generate a profit for its owners. A nonprofit is subject to the non-distribution constraint: any revenues that exceed expenses must be committed to the organization's purpose, not taken by private parties. An array of organizations are nonprofit, including some political organizations, schools, business associations, churches, social clubs, and consumer cooperatives. Nonprofit entities may seek approval from governments to be tax-exempt, and some may also qualify to receive tax-deductible contributions, but an entity may incorporate as a nonprofit entity without securing tax-exempt status. Key aspects of nonprofits are accountability, trustworthiness, honesty, and openness to eve ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nelnet
Nelnet, Inc., is a United States-based conglomerate that deals in the administration and repayment of student loans and education financial services. The company is headquartered in Lincoln, Nebraska. The company provides a range of products through its subsidiaries, which includes customer service for student loan borrowers, technology related to student loan customer service, outsourcing services for guaranty agencies, tuition payment plans, education planning, enrollment-related services and higher education planning tools. On February 7, 2018, Nelnet completed its acquisition of Great Lakes Educational Loan Services, Inc. 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. History Nelnet was founded in 1996 by Mike Dunlap and Steve Butterfield. In March 2000, Nelnet bought ''UNIPAC Service Corporation'', an existing loan servicing company which was founded ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Navient
Navient is an American corporation based in Wilmington, Delaware that services and collects student loans. 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. Navient employs 6,000 people at offices across the U.S. As of 2018, Navient services 25% of student loans in the United States. History Navient was established in 1973 as a Government-Sponsored Enterprise (GSE) called Student Loan Marketing Association (nicknamed Sallie Mae). The company was created by Congress to support the student loan program established by the Higher Education Act of 1965. It was created for two reasons: 1) to purchase student loans in the secondary market; and, 2) to securitize pools of student loans. The objective is to create liquidity for these loans to increase their value to lenders, reducing the costs to borrowers in the process. Sallie Mae's privati ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pennsylvania Higher Education Assistance Agency
Pennsylvania (; (Pennsylvania Dutch language, Pennsylvania Dutch: )), officially the Commonwealth of Pennsylvania, is a U.S. state, state spanning the Mid-Atlantic (United States), Mid-Atlantic, Northeastern United States, Northeastern, Appalachian, and Great Lakes region, Great Lakes regions of the United States. It borders Delaware to its southeast, Maryland to its south, West Virginia to its southwest, Ohio to its west, Lake Erie and the List of Canadian provinces and territories, Canadian province of Ontario to its northwest, New York (state), New York to its north, and the Delaware River and New Jersey to its east. Pennsylvania is the List of U.S. states and territories by population, fifth-most populous state in the nation with over 13 million residents 2020 United States census, as of 2020. It is the List of U.S. states and territories by area, 33rd-largest state by area and ranks List of states and territories of the United States by population density, ninth among al ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Subsidiary
A subsidiary, subsidiary company or daughter company is a company owned or controlled by another company, which is called the parent company or holding company. Two or more subsidiaries that either belong to the same parent company or having a same management being substantially controlled by same entity/group are called sister companies. The subsidiary can be a company (usually with limited liability) and may be a government- or state-owned enterprise. They are a common feature of modern business life, and most multinational corporations organize their operations in this way. Examples of holding companies are Berkshire Hathaway, Jefferies Financial Group, The Walt Disney Company, Warner Bros. Discovery, or Citigroup; as well as more focused companies such as IBM, Xerox, and Microsoft. These, and others, organize their businesses into national and functional subsidiaries, often with multiple levels of subsidiaries. Details Subsidiaries are separate, distinct legal entities f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Services
Financial services are the Service (economics), economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer finance, consumer-finance companies, brokerage firm, stock brokerages, investment management, investment funds, individual asset managers, and some government-sponsored enterprises. History The term "financial services" became more prevalent in the United States partly as a result of the Gramm-Leach-Bliley Act, GrammLeachBliley Act of the late 1990s, which enabled different types of companies operating in the U.S. financial services industry at that time to merge. Companies usually have two distinct approaches to this new type of business. One approach would be a bank that simply buys an insurance company or an investment bank, keeps the original brands of the acquired firm, and adds the Takeover, acquisit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Student Loans
A student loan is a type of loan designed to help students pay for post-secondary education and the associated fees, such as tuition, books and supplies, and living expenses. It may differ from other types of loans in the fact that the interest rate may be substantially lower and the repayment schedule may be deferred while the student is still in school. It also differs in many countries in the strict laws regulating renegotiating and bankruptcy. This article highlights the differences of the student loan system in several major countries. Australia Tertiary student places in Australia are usually funded through the HECS-HELP scheme. This funding is in the form of loans that are not normal debts. They are repaid over time via a supplementary tax, using a sliding scale based on taxable income. As a consequence, loan repayments are only made when the former student has income to support the repayments. Discounts are available for early repayment. The scheme is available to cit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
FFELP
The Federal Family Education Loan (FFEL) Program was a system of private student loans which were subsidized and guaranteed by the United States federal government. The program issued loans from 1965 until it was ended in 2010. Similar loans are now provided under the Federal Direct Student Loan Program, which are federal loans issued directly by the United States Department of Education. The FFEL was initiated by the Higher Education Act of 1965 and was funded through a public/private partnership administered at the state and local level. In 2007-08, FFEL served 6.5 million students and parents, lending a total of $54.7 billion in new loans (or 80% of all new federal student loans). Since 1965, 60 million Americans have used FFEL loans to pay for education expenses. Following the passage of the Health Care and Education Reconciliation Act of 2010 on January 5, 2010 the program was terminated, and no subsequent loans were permitted to be made under the program after June 30, 20 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Department Of Education
The United States Department of Education is a Cabinet-level department of the United States government. It began operating on May 4, 1980, having been created after the Department of Health, Education, and Welfare was split into the Department of Education and the Department of Health and Human Services by the Department of Education Organization Act, which President Jimmy Carter signed into law on October 17, 1979. The Department of Education is administered by the United States Secretary of Education. It has 4,400 employees - the smallest staff of the Cabinet agencies - and an annual budget of $68 billion. The President's 2023 Budget request is for 88.3 billion, which includes funding for children with disabilities (IDEA), pandemic recovery, early childhood education, Pell Grants, Title I, work assistance, among other programs. Its official abbreviation is ED ("DoE" refers to the United States Department of Energy) but is also abbreviated informally as "DoEd". Purpose and fun ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
