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The Department of Education doesn’t directly handle the management and repayment of federal student loans. Instead, it contracts that work out to loan servicing companies like Navient , Nelnet ...
The arm that managed private and federal student loans was known as ACS Education Services. The Department of Education dropped ACS’ loan servicing contract in 2013, though ACS continued to ...
The U.S. Department of Education administers federal student aid programs such as Pell Grants, direct loans and work-study programs. These initiatives help students afford to attend college and ...
In October 2017, Great Lakes Higher Education Corporation reached an agreement to sell off 100% of the stock of its subsidiary, the Great Lakes Educational Loan Services, Inc. to Nelnet. [8] The company was to be sold for $150 million, initially keeping CEO Jeff Crosby in charge, but with a plan of consolidating the companies together. [9]
In 2021, it was reported that some FedLoan (Pennsylvania Higher Education Assistance Agency) student servicing loans were transferred to MOHELA. [5] MOHELA became the sole servicer for the Public Service Loan Forgiveness (PSLF) program in July 2022, following the decision of FedLoan to break its ties with the Department of Education. [6]
The National Student Loan Data System (NSLDS) is the U.S. Department of Education’s (ED) central database for Federal Student Aid. [1] NSLDS receives data from schools, guaranty agencies, the Direct Loan program, and other ED programs.