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Nelnet to find High Lakes Instructional Loan Services

Nelnet to find High Lakes Instructional Loan Services

In terms of the arrangement, Nelnet pays $150.0 mil from inside the cash for everybody of one’s the stock regarding High Lakes. The transaction usually settle on , at the mercy of customary closure conditions, mostly new conclusion or termination of one’s appropriate wishing episodes below new Hart-Scott-Rodino Antitrust Advancements Work out-of 1976.

High Lakes will also continue steadily to give technical and certain administrative assistance services so you’re able to Higher Lakes Degree Enterprise pursuant so you’re able to an excellent guarantor services contract.

Nelnet’s questioned purchase of Great Lakes pairs a couple of ED’s five no. 1 student loan servicers; the rest is actually Navient and you will FedLoan Repair.

This transaction comes just a few months after U.S. Secretary of Education (ED) Betsy DeVos launched this lady 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, the newest Chief Operating Manager out-of FSA commented:

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