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Nelnet And Great Lakes Will No Further Provider The Federal Figuratively Speaking

Nelnet And Great Lakes Will No Further Provider The Federal Figuratively Speaking

Education Secretary Betsy Devos (Picture by John Lamparski/Getty Images)

If Nelnet or Great Lakes website your federal student education loans, you might get a student loan servicer that is new.

Here’s what you ought to know.

Student Education Loans

Nelnet and Great Lakes, which are section of the exact same company and collectively service federal student education loans for about 13 million education loan borrowers, may no more solution federal student loans after December 2020. The surprise statement comes since the U.S. Department of Education, led by Education Secretary Betsy DeVos, seeks to boost education loan servicing. What exactly is a learning pupil loan servicer? You don’t pay the federal government or Department of Education directly when you pay federal student loans. Rather, you spend your education loan servicer, which gathers your education loan re payments and offers customer support.

“This is yet another major action toward our dedication to improving customer care and keeping our contractors in charge of their performance,” DeVos said. “Students, moms and dads, borrowers, and schools deserve a world-class experience when working with [Federal scholar Aid], and I’m confident that FSA has employed the firms aided by the knowledge, experience and expertise to supply that.”

What Occurred

On June 24, the Department of Education announced that Federal Student Aid — which supplies a lot more than $120 billion of educational funding to significantly more than 68 million pupils across 5,800 postsecondary organizations each 12 months — signed contracts with five student loan servicers to program federal student education loans and supply “enhanced customer support”: