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SLM Corporation is a publicly traded U.S. corporation that provides consumer banking. Its nature has changed dramatically since it was set up in the early 1970s. At first, it was a government entity that serviced federal education loans. It then became private and started offering private student loans, although at one point it had a contract to service federal loans.
A student loan is a type of loan designed to help students pay for post-secondary education and the associated fees, such as tuition, books and supplies, and living expenses. It may differ from other types of loans in the fact that the interest rate may be substantially lower and the repayment schedule may be deferred while the student is still in school. It also differs in many countries in the strict laws regulating renegotiating and bankruptcy. This article highlights the differences of the student loan system in several major countries.
ITT Technical Institute was a private for-profit technical institute with its headquarters in Carmel, Indiana and many campuses throughout the United States. Founded in 1969 and growing to 130 campuses in 38 states of the United States, ITT Tech was one of the largest for-profit educators in the US before it closed in 2016.
The Pennsylvania Higher Education Assistance Agency is a quasi-governmental agency that administers several state-level and national higher education student financial aid programs.
Peterson's, founded in 1966, is an American company that has a wide range of print and digital products and services, including test preparation, career exploration tools, memory retention techniques, and school, financial aid, and scholarship searches. Peterson's is currently headquartered in Denver, Colorado. It was formerly headquartered for many years in Lawrence Township, New Jersey.
National City Corporation was a regional bank holding company based in Cleveland, Ohio, USA, founded in 1845; it was once one of the ten largest banks in America in terms of deposits, mortgages and home equity lines of credit. Subsidiary National City Mortgage is credited for doing the first mortgage in America. The company operated through an extensive banking network primarily in Ohio, Illinois, Indiana, Kentucky, Michigan, Missouri, Pennsylvania, Florida, and Wisconsin, and also served customers in selected markets nationally. Its core businesses included commercial and retail banking, mortgage financing and servicing, consumer finance, and asset management. The bank reached out to customers primarily through mass advertising and offered comprehensive banking services online. In its last years, the company was commonly known in the media by the abbreviated NatCity, with its investment banking arm even bearing the official name NatCity Investments.
Regions Financial Corporation is an American bank holding company headquartered in the Regions Center in Birmingham, Alabama. The company provides retail banking and commercial banking, trust, stockbrokerage, and mortgage services. Its banking subsidiary, Regions Bank, operates 1,952 automated teller machines and 1,454 branches in 16 states in the Southern and Midwestern United States.
Everest College was a system of colleges in the United States, and with Wyotech, made up Zenith Education. It was until 2015 a system of for-profit colleges in the United States and the Canadian province of Ontario, owned and operated by Corinthian Colleges, Inc. In 2021, former Everest students were made eligible for automatic student loan debt relief through the US Department of Education.
Flagstar Bank is a Michigan-based bank that has one of the largest residential mortgage servicers in the United States, as well as included in a list of the largest banks in the country. On April 26, 2021, New York Community Bancorp, Inc. (NYCB) issued a press release indicating that they were acquiring Flagstar Bank (FSB) in an all stock strategic merger.
MyRichUncle was a loan product that was marketed to students by the American company MRU Holdings, Inc.. Incorporated in the state of Delaware on March 2, 2000, MyRichUncle entered the student lending market as an originator and holder of private student loans. By 2007, the company was listed on the NASDAQ composite and expanded into holding Federal Family Education Loan Program (FFELP) loans. MyRichUncle was one of the first companies to use credit algorithms, combined with traditional credit scoring, to determine the terms a student's loan would carry. These proprietary analytic models and decision tools were positioned as a "human capital investment" approach to underwriting student loans.
The Higher Education Loan Authority of the State of Missouri, aka the Missouri Higher Education Loan Authority or MOHELA, is one of the largest holders and servicers of student loans in the United States. Its headquarters are in St. Louis, Missouri.
In the United States, student loans are a form of financial aid intended to help students access higher education. In 2018, 70 percent of higher education graduates had used loans to cover some or all of their expenses. With notable exceptions, student loans must be repaid, in contrast to other forms of financial aid such as scholarships, which are not repaid, and grants, which rarely have to be repaid. Student loans may be discharged through bankruptcy, but this is difficult.
Nelnet, Inc., is a United States-based conglomerate that deals in the administration and repayment of student loans and education financial services. The company is headquartered in Lincoln, Nebraska.
Brightwood College, formerly Kaplan College, was a system of for-profit colleges in the United States, owned and operated by Education Corporation of America. Main qualifications offered included health, business, criminal justice, information technology, nursing and professional training (trades) programs. On December 5, 2018, Brightwood's parent company, Education Corporation of America, announced unexpectedly via an email that all of its schools would be closing in two business days. Staff were terminated without legally required notice.
Cengage Group is an American educational content, technology, and services company for the higher education, K-12, professional, and library markets. It operates in more than 20 countries around the world.
Cadence Bank is a commercial bank with dual headquarters in Tupelo, Mississippi and Houston, Texas with operations in Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, Missouri, Tennessee, Texas, and Illinois. In 1876, Raymond Trice and Company received a charter to create a bank in its hardware store in Verona, Mississippi. In 1886, the banking operation was moved to Tupelo, Mississippi and the company was renamed to Bank of Lee County, Mississippi. Soon after, it was renamed to the Bank of Tupelo. The bank was renamed to Bank of Mississippi in 1966. In 1997, the bank changed its name to BancorpSouth. In October 2021, the bank changed its name to Cadence Bank. It has the naming rights to Cadence Bank Amphitheatre in Atlanta and Cadence Bank Arena in Tupelo.
Navient Corporation is an American student loan servicer based in Wilmington, Delaware. Managing nearly $300 billion in student loans for more than 12 million debtors, the company was formed in 2014 by the split of Sallie Mae into two distinct entities: Sallie Mae Bank and Navient. Navient employs 6,000 people at offices across the U.S. As of 2018, Navient services 25% of student loans in the United States.
For-profit higher education in the United States refers to the commercialization and privatization of American higher education institutions. For-profit colleges have been the most recognizable for-profit institutions, but commercialization has been a part of US higher education for centuries. Privatization of public institutions has also been increasing since at least the 1980s.
TCF Financial Corporation was a bank holding company based in Detroit, Michigan. The current incarnation of the company was formed by a 2019 merger between the former TCF, which was established in 1923 in Wayzata, Minnesota, and the Michigan-based Chemical Financial Corporation. In December 2020, TCF announced a merger with Huntington Bancshares. It was announced on May 26, 2021, that TCF Bank will be required by the Department of Justice to sell off 13 branches in Michigan. These branches were purchased by Horizon Bank at the end of the third quarter. The final approval has been given for the merger and the merger was complete on June 9, 2021. The combined bank has $175 billion in assets.
EducationDynamics (EDDY) is a privately owned higher education management corporation. Founded in 2005, the firm provides market research, advertising agency, multichannel marketing, lead generation, and enrollment management for over 500 US colleges with a particular focus on adult online education. It also partners with private lenders who provide student loans, produces marketing research about adult online students, and hosts the InsightsEDU Conference, formerly known as (CALEM).
References
- ↑ Hoover's, Inc - Great Lakes Higher Education Company Description - (retrieved September 7, 2009)
- 1 2 Olberding, Matt (1 Jul 2016). "Nelnet teams up with Great Lakes to bid on new federal loan servicing contract". Lincoln Journal Star. Retrieved 28 Aug 2018.
- ↑ http://www.entrepreneur.com/PRNewswire/release/192657.html (Press release retrieved September 7, 2009)
- ↑ Great Lakes Higher Education Guaranty Corporation. "Great Lakes Awards $225,000 to Wisconsin Educators Supporting College Access". National Association of Student Financial Aid Administrators. Archived from the original on 2010-04-20. Retrieved 7 Sep 2009.
- ↑ Balousek, Marv (December 6, 2007). "Working with Students to Pay for College". Wisconsin State Journal. Madison, Wisconsin. ISSN 0749-405X. Archived from the original on August 29, 2018.
- 1 2 3 4 Nelnet (7 Feb 2018). "Nelnet Completes Acquisition of Great Lakes Educational Loan Services, Inc". PR Newswire. Retrieved 28 Aug 2018.
- ↑ https://home.mygreatlakes.org/web/about/gl/WorkWith (retrieved March 18, 2014)
- ↑ Nelnet (19 Oct 2017). "Nelnet to Acquire Great Lakes Educational Loan Services". PR Newswire. Retrieved 28 Aug 2018.
- ↑ Aadland, Chris (20 Oct 2017). "Nebraska company buys Madison-based Great Lakes Educational Loan Services for $150 million". Wisconsin State Journal. Retrieved 28 Aug 2018.
- ↑ Berman, Jillian (6 Mar 2018). "One company will now handle close to half of all student-loan payments". Market Watch. Retrieved 28 Aug 2018.
