Nelnet Inc. has completed the acquisition of Madison, Wis.-based Great Lakes Educational Loan Services Inc. from Great Lakes Higher Education Corp.
Nelnet paid $150.0 million in cash for 100% of the stock of Great Lakes Educational Loan Services, following the satisfaction of all required closing conditions.
Great Lakes Educational Loan Services and Nelnet will continue to service their respective government-owned portfolios on behalf of the U.S. Department of Education, while maintaining their distinct brands, independent servicing operations and teams. Additionally, each entity will continue to compete for new student loan volume under its respective existing contract with the department.
