Beneath the terms of this new agreement, Nelnet pays $150.0 million during the bucks for everybody of the a good inventory regarding Higher Lakes. Your order often choose , susceptible to classic closing conditions, primarily the newest expiration or termination of your own relevant waiting periods significantly less than the Hart-Scott-Rodino Antitrust Developments Operate out of 1976.
Higher Ponds will also consistently render technology and you can specific management service properties so you can Great Ponds Advanced schooling Firm pursuant to good guarantor services arrangement.
Nelnet’s requested purchase of High Lakes sets a couple of ED’s four number 1 education loan servicers; others is Navient and you may FedLoan Upkeep.
This transaction comes just a few months after U.S. Secretary of Education (ED) Betsy DeVos announced her purpose to transform how the Federal Student Aid Fund (FSA) provides customer service to more than 42 million student loan borrowers, calling it “Next Generation Processing and Servicing.” As part of ED’s August announcement, Dr. A. Wayne Johnson, brand new Head Operating Officer regarding FSA commented:
“The fresh FSA Student loan System is short for the same as being the prominent special-purpose consumer lender global. To evolve customer support, we’ll make ideal records and possibilities available and set these to work for People in the us that have figuratively speaking. Whenever FSA customers transition towards this new processing and you may servicing ecosystem in the 2019, they will certainly select a customer care program which is as able Iowa payday loans to because the people about personal sector. The outcome would be a better sense for students – the users – and meaningful positives to the American taxpayer.”
A single-platform for servicing ED’s portfolio, estimated $1.4 trillion, certainly makes sense for borrowers with multiple loans, who may currently deal with multiple servicers on different databases. Continue Reading
