Author: Kate Webster

Survey Details Financial Goals of Student Borrowers in 2018

When it comes to those with student debt, the side hustle, otherwise known as making more money, appears to be the main motivation and goal of 2018 according to a recent OnePoll survey run by College Ave Student Loans, a prominent education loan lender.This annual survey looks at financial goals, future planning, and the tax impact that student loan debt has on individuals. The survey was completed by 1,000 U.S. adults that are ages 18 and up. In this year’s version, the top three financial goals for respondents were first and foremost earning extra income, then building up of...

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Recent Lawsuit Might Spell Good News for Private Student Loan Borrowers

At first glance, it looked like one of those regular cases about collecting unpaid debt, in this case private student loan debt, that regulators had resolved multiple times before effortlessly. Well, not this time.About a decade ago before the financial crisis, lenders were giving out private student loans to borrowers who were not ready to pay them back, much like the issue with mortgages. Similar to mortgages, these student loans were bundled into securities to be sold at a premium to a group of buyers, the largest being the National Collegiate Student Loan Trusts.After some time, there have been...

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ReliaMax Insures and Services Another $73 million in Private Student Loans from MetaBank

The student loan industry has seen another major deal. ReliaMax, a large private student loan servicing and insurance-provider for banks, credit unions and other lenders, is picking up an additional $73 million in private student loans from MetaBank. These two companies have worked together in the past, so it should not be unexpected.Within the past year, ReliaMax announced that it was selected to service and insure thousands of MetaBank’s private student loan portfolio according to The Student Loan Report. This additional $73 million in private student loans represents a large portion of the remaining loans with MetaBank following the...

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SoFi Closes the Biggest Loan Securitization Yet

SoFi made it into the news yet again. The leading player in the U.S. student loan refinancing market announced earlier this month its most substantial asset-backed securitization since its inception.In its 10th ABS transaction this year, the company closed a $777 million offering for SoFi Professional Loan Program 2017-E notes. The move raises its total issuance for just this year to over $5 billion, amounting to over $12 billion throughout company history.Deutsche Bank, Bank of America Merrill Lynch, Goldman Sachs, and Morgan Stanley were the joint managers of the deal. Following the closing, SoFi remains a top ABS sponsor.Ashish...

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Nelnet Announces Acquisition of Rival Student Loan Servicer

This past Thursday, Nelnet announced that it has agreed to buy Great Lakes Educational Loan Services, Inc. for $150 million. If the sale is approved by the FDIC, it will be the largest acquisition in the company’s history. Great Lakes is located in Madison, Wisconsin and currently employs 1,800 people.Nelnet’s CEO, Jeff Noordhoek, put out a news release expressing the company’s optimism over the sale. Noordhoek also expressed his belief that this would allow the two companies to provide “a consistent and unmatched borrower experience and the best technology for student loan servicing.”Both companies have contracts that go through...

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