Education Department Names 4 Lenders to Service Student Loans: Chronicle of Higher Ed
Washington - Ending months of speculation, the Education Department announced today that it had chosen four lenders to service its educational loans: American Education Services/Pennsylvania Higher Education Assistance Agency, Great Lakes Educational Loan Services Inc., Nelnet Inc., and the Sallie Mae Corporation.
The department’s announcement had been eagerly anticipated among lenders, which are awaiting details of Congress’s plan to overhaul the student-loan programs. If lawmakers adopt President Obama’s proposal to abolish the bank-based guaranteed-loan program, servicing contracts like those announced today could become the primary way banks and other lenders participate in student lending.
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Tags: American Education Services/Pennsylvania Higher Education Assistance Agency, and the Sallie Mae Corporation, Great Lakes Educational Loan Services Inc., Nelnet Inc.
