Nelnet buying rival student loan firm for $150 million
LINCOLN, Neb. (AP) — Nelnet is buying rival student loan servicing company Great Lakes Educational Loan Services for $150 million.
The Lincoln, Nebraska-based company announced the acquisition on Thursday.
Nelnet said Great Lakes will initially continue to operate separately from its headquarters in Madison, Wisconsin. Great Lakes has about 1,800 employees.
Over time, parts of the two loan-servicing operations will be integrated.