Most of the borrowers and stakeholders within the student loan industry ask, “Who is the parent company of the Great Lakes?” Knowing who owns and controls Great Lakes Educational Loan Services, Inc. is essential to understanding how it operates, governs, and delivers its services.
This article presents a discussion on the origin of MyGreatLakes, its role in student loan servicing and unveils its mother company.
The Parent Company of the Great Lakes
To answer this question – “Who is the parent company of the Great Lakes?” – it is necessary to look into recent developments in student loan servicing business particularly regarding mergers and acquisitions.
Acquisition by Nelnet
In February 2018, Nelnet Inc., an education finance company based out of Lincoln Nebraska acquired them. Consequently, this was a strategic move on their part to consolidate resources within their student loan servicing business. Therefore making Nelnet become its parent company.
Details Of The Acquisition
- The buyout was valued at about $150 million dollars.
- The merger between these two entities aimed at combining what both organizations do best so that they can improve their service provision capacities.
- This union brought together two largest government lenders in US hence making it provide more vital coverage for borrowers.
The Role Of Nelnet As The Parent Company
“Who is the parent company of Great Lakes?” Those were words heard above when we asked him our query. In fulfilling that responsibility, Nelnet oversees all processes carried out by Great Lakes towards creating mutually consistent and coordinated service platforms based on a shared resource base.
On this point, it should be noted that Nelnet’s experience and wealth of knowledge in the area of education finance has important implications for Great Lakes’ operations.
Overview of Nelnet, Inc.
Developing in 1996, Nelnet is currently one of the leading companies which specialize in student loan consolidation services. It aims at helping people achieve their educational aims by offering financial services through its subsidiaries.
The firm also comprises other development projects, including payment processing systems as well as various asset management tools.
Enhanced Resources And Technology
Consequently, Great Lakes has access to more resources and technologies due to being part of the larger parent company- Nelnet. Its technology investment enables Nelnet to develop efficient online platforms with enhanced security features and better customer support mechanisms.
Operational Efficiency
This was a step towards merging all their activities under one umbrella. The objective was to reduce overlapping hence enhance operational efficiency in servicing loans such as shorter turnaround times better communication channels between borrowers among others.
Financial Stability
For Great Lakes, Nelnet’s financial stability and established presence in the education finance industry provide a strong foundation. Through this stability, Great Lakes ensures that it can still offer its borrowers reliable and consistent services.
Implications for Borrowers
Significantly, “Who is the parent company of the Great Lakes?” has implications for borrowers. Some key considerations are outlined below:
- Improved Customer Service
- Combining resources from Great Lakes and Nelnet is expected to result in better customer service.
- For borrowers, such changes can mean more support for them, wider range of resource materials and quicker problem solving.
- Access to Advanced Tools
- The investment into technology by Nelnet implies that individuals with loans serviced by Great Lakes will be able to use sophisticated online tools in managing their loans.
- Among these may be mobile applications, personalized repayment calculators or automated payment systems.
- Stability and Reliability
- To know that Great Lakes is supported by Nelnet (which is a financially sound and well-regarded organization) makes a borrower feel safe and secure.
- This stability helps guarantee no disruption to loan servicing operations as well as providing consistent support for borrowers.
- Potential Changes in Servicing
- However, while the acquisition looks towards improving service delivery, it is important for borrowers to keep themselves updated on any likely changes in their loan servicing.
- Policy updates, repayment options or any other pertinent information can always be found through communication links from Nelnet and Great Lakes.
Conclusion
In conclusion, the answer to “Who is the parent company of the Great Lakes?” is Nelnet, Inc. With this acquisition under a well-established diversified education services company, Great Lakes now belongs to a larger family that includes several prestigious subsidiaries within its investment portfolio.
Nelnet enhances the capabilities of Great Lakes through resource integration and technology thus its efficiency improves leading into better service provision among borrowers’ students on management of their loans with advanced tools.
This ownership structure carries relevant information regarding how stable and reliable their loan servicer is. Great Lakes, being a subsidiary of Nelnet, will be able to deliver high-quality loan servicing and support to millions of borrowers across the country.
By keeping themselves informed about the alliance between Great Lakes and Nelnet, students can make more rational choices about how they should handle their student loans while taking advantage of the benedictions and protections available to them.
