What's In The News: September 17th, 2010
publicly traded, for $500M-$600M. It's rumored that Great Lakes Educative Loan Services and Pennsylvania Higher Education Assistance Workings ...
great lakes higher education student loan - Bookshelf
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1200 pages |
The law of higher education, a comprehensive guide to legal implications of administrative decision making Great Lakes Higher Education Corporation: Governmental Agencies That Grant Educational Loans May Separate Against Student Bankrupts Who Default on Prior ... |
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638 pages |
Financial aids for higher education GREAT LAKES GUARANTEED STUDENT LOAN PROGRAM Offered by — Great Lakes Higher Education Corporation (formerly the Wisconsin Higher Education Corporation). ... |
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House Document No. 83 Averral OF DISBURSEMENTS SERVICE DATES DESCRIPTION GREAT LAKES HIGHER ED SVC CORP 10/01/05 10/31/05 STUDENT LOANS GREAT LAKES HIGHER EDUCATION 11/22/05 ... |
Nelnet 10-Q Provides Details on DL Servicing Contract and Another Whistleblower Suit
Nelnet (NYSE: NNI) today reported base net income of $50.2 million, or $1.01 per share, for the third quarter of 2009, compared with $23.4 million, or $0.47 per share, for the same quarter a year ago. For the first nine months of 2009, the company reported base net income of $113.5 million, or $2.30 per share, compared with $65.2 million, or $1.33 per share, for the first nine months of 2008. Base net income excludes discontinued operations, restructuring charges, and certain liquidity-related charges. "The Company began servicing loans and recognized approximately $30,000 of revenue under this contract in September 2009. As of September 30, 2009 and October 31, 2009, the Company was servicing approximately $177 million and $2.5 billion, respectively, of loans under the Department’s servicing contract , which includes approximately $12 million and $740 million, respectively, of loans not previously serviced by the Company that were sold by third parties to the Department as part of the ECASLA Purchase Program." Based on Secretary Duncan's recent letter , we know that the Department purchased $46.3 billion of FFEL loans through the ECASLA purchase program (see October 15th purchase report here ). In their 3Q announcement , Sallie Mae noted that they were servicing $19 billion of loans as of October 15th or about 41% of the total (these are the loans that they originated that they retain servicing rights on). With Nelnet at $2.5 billion (or 5.%) that would suggest that AES/PHEAA and Great Lakes are splitting the other 54%. It also may mean that the allocation of these loans to the 4 servicers is continuing apace and Nelnet's share will increase. Might be a good question for analysts to ask on the earnings call tomorrow. "On May 1, 2009, the Company received the Department’s preliminary program review report, which covered the Department’s review of the period from October 1, 2002 to September 30, 2007. The preliminary program review report contained certain initial findings of noncompliance with the Higher Education Act’s prohibited inducement provisions and required that the Company provide an explanation for the basis of the arrangements noted in the preliminary program review report. The Company has responded and provided an explanation of the arrangements noted in the Department of Education’s initial findings, and the Department of Education is expected to issue a final program review determination letter and advise the Company whether it intends to take any additional action. To the extent any findings are contained in a final letter, the additional action may include the assessment of fines or penalties, or the limitation, suspension, and termination of the Company’s participation in the FFELP." On November 4, 2009, the Company was served with a Summons and Third Amended Complaint naming the Company as one of three defendants in an unrelated qui tam action brought by Rudy Vigil (the “Vigil Complaint”). This matter was filed under seal in the U.S. District Court for the District of Nebraska on July 11, 2007 and was unsealed on October 15, 2009 following the government’s notice that it declined to intervene in the matter [ click here for complaint ]. The Vigil Complaint, filed by a former employee of the Company, appears to allege that the Company engaged in false advertising and offered prohibited inducements to student loan borrowers in order to increase the Company’s loan holdings, and subsequently submitted false claims to the Department of Education in order to obtain special allowance payments and default claim payments on such loans. Earlier this month, this post highlighted another whistleblower suit that had been brought against Nelnet (the "Oberg Complaint" The company's stance on both cases is as follows: "The Company believes the allegations in both of the above matters to be frivolous and without merit and intends to vigorously defend the claims. However, the Company cannot currently predict the ultimate outcome of this matter or any liability which may result, which could have a material adverse effect on the Company's results of operations and financial condition."
Servicing on Student Loan Xpress Loans Not Expected To Be Impacted by CIT Bankruptcy Filing
&Quot;Fitch spoke with XLS regarding the potential implications of the CIT bankruptcy filing to XLS' operations and its capacity as servicer of the above mentioned transactions. XLS stated that it is 'business as usual' and that they continue to fill open positions as turnover occurs. Fitch believes that if XLS becomes part of the bankruptcy proceedings, a bankruptcy judge would consider the servicing operations necessary to protect trust assets and the total value of the estate. Therefore, the servicing operations would be maintained and expenses, including payroll, would continue to be funded. Additionally, the servicing platform itself is an asset and could be acquired by a third-party in a bankruptcy proceeding." "Currently, XLS services approximately $9 billion in student loans, which includes about $2.6 billion within the above referenced transactions. Additional named servicers on the ELG transactions include Great Lakes Educational Loan Services, Inc. (GLELSI) and the Pennsylvania Higher Education Assistance Agency (PHEAA). Other servicers named on the PARTS transaction include GLELSI and ACS Education Services."
great lakes higher education student loan - News
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All Share Services And it encourages them to do things that absolutely help the economy — like extending loans to entrepreneurs with effects ideas, to middle-class families who want to buy a home, to students who crave to pursue higher education,” he said. |
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UMD students call attention to student debt People be conversant with that higher education is expensive, Mullins said, but most really don't fathom the brand of expenses students face. When he asked how many in the group had student loan debts beyond $10000, most hands went up. When he raised the amount |
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Talk of the County We now wish to forgive all the students that owe money and students that have graduated and still owe money on their student loans. How about a great agnomen for them like deadbeat graduates because they are no different from a deadbeat dad. |
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Valley community calendar ALAMOSA — The Desk of Land Management's San Luis Valley Field Favour will host a community education session about federal oil and gas development on Saturday, May 19, from 10 am to 2:30 pm at the Adams Grandeur College Student Union Building, Room 309 |
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Obama Ad Attacks Romney Bain Capital Record Romney communistic Bain in 1999 to manage the Salt Lake City Olympic Games, and his competition says he bears no responsibility for layoffs that occurred after his tenure. “The Obama run is going to do everything they can to distract voters from the fact |
