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Key takeaways. CornerStone was previously one of eight approved federal student loan servicing agencies that provided loans nationwide. Although Cornerstone was contracted to service loans through ...
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Around 44% of federal student loan borrowers who begin repayment in October have a new loan service provider, according to the Consumer Financial Protection Bureau, after three loan service ...
On February 7, 2018, Nelnet completed its acquisition of Great Lakes Educational Loan Services, Inc. [8] 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.
SLM Corporation (commonly known as Sallie Mae; originally the Student Loan Marketing Association) is a publicly traded U.S. corporation that provides consumer banking.Its nature has changed dramatically since it was set up in the early 1970s; initially a government entity that serviced federal education loans, it then became private and began offering private student loans.
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 6,000 schools, 1,100 lenders and 10,000,000 borrowers. [7]
Aspire Servicing Center is a student loan provider that services parent and student loans from an Aspire affiliate. They also serviced Direct loans until 2015 when they transferred them to MOHELA.
It also has a loan servicing operation for student loans that it owns and for lenders under contract. Originally a small student loan guarantor with approximately 5,000 student loans a year after its formation, it at one point managed more than $100 billion in total assets and serves nearly four million students through its various programs.