Author: Drew Cloud

Nelnet Completes Great Lakes Acquisition for $150 Million

Nelnet's acquisition of Great Lakes Educational Loan Services has been completed for a cool $150 million.  Last week, Nelnet announced that its acquisition Great Lakes Educational Loan Services, Inc. is complete. Nelnet purchased Great Lakes for $150 million.In October, Nelnet announced its plans to acquire Great Lakes. In December, the acquisition was temporarily delayed pending further regulatory approval.Located in Madison, Wisc., Great Lakes currently employs 1,800 people. At the end of 2017, Great Lakes serviced $224.4 billion in federal student loans, $10.7 billion in Federal Family Education Loan (FFEL) Program loans, and $8.5 billion in private loans.Jeff Noordhoek, CEO of...

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CBO Report Shows That the PROSPER Act Could Limit FinAid

A report released by the CBO estimated that the PROSPER Act could cause college students to lose $15 billion in federal student loans if passed. On Tuesday, the nonpartisan Congressional Budget Office released a report evaluating the costs of the PROSPER Act. The report estimated that if passed, this bill could cause college students to lose $15 billion in federal student loans over the next ten years.The PROSPER Act is the House Republicans’ attempt to reauthorize the Higher Education Act. The bill made it through the House Committee on Education last December but not without its share of controversy.Democrats on...

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Education Groups Begin Voicing Their Concerns About the PROSPER Act

Lawmakers on Capitol Hill are beginning to hear concerns from higher education groups regarding the PROSPER Act.In December, House Republicans finalized a bill that would reauthorize the Higher Education Act. Known as the PROSPER Act, the bill aims to streamline student aid programs, get rid of several regulations, limit certain benefits to graduate students, and more.The initial response from higher education groups was surprisingly restrained, in part because so many people were focused on the tax bill. But that began to change this past month when higher education groups began expressing their concerns about the bill.Peter McPherson is the...

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Bank of North Dakota Student Loans Review

The Bank of North Dakota (BOND) is a private student loan provider. Although federal student loans are the primary option for covering tuition, there are times when federal loans may not cover all expenses. A private loan can be an effective way to make sure all education costs are covered.Bank of North Dakota student loans are available to North Dakota residents who plan on attending an in-state or out-of-state college or to out-of-state residents attending a North Dakota school. Qualified borrowers can apply for private student loan and student loan refinancing options through the bank of North Dakota.Private Student...

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Secretary DeVos Hosts Higher Education Summit

Secretary of Education Betsy DeVos held the Education Innovation Summit on Higher Education recently. Secretary of Education Betsy DeVos hosted more than 20 leaders in education from across the country at the Education Innovation Summit on Higher Education. The four-hour summit was held in Washington, D.C. at the U.S. Department of Education’s headquarters. It included some feature presentations as well as a time for discussion about the future of higher education in America.Secretary DeVos spoke about the need for leaders to embrace new ways of thinking in education and to continually look for ways to improve. DeVos added that for...

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