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by josh keller · Published · Updated
MADISON’S GREAT LAKES CORP. GAINS STUDENT LOAN BUSINESS IN OHIO.(Money) here great lakes higher education
The Wisconsin State Journal (Madison, WI) July 12, 1996 The Ohio state agency that has collected student loan payments for 34 years is going out of business. Madison’s Great Lakes Higher Education Corp. will take its place.
The Ohio Student Aid Commission approved a plan that will shut down the agency by June 30. The nine-member commission, citing competition from private companies and a reduction in workload because of direct federal student loans, decided to dissolve. greatlakeshighereducationnow.com great lakes higher education
Great Lakes Higher Education will take over responsibility for collection of the $2.9 billion worth of loans, starting as early as January, said Rae Ann Estep, Ohio commission director. She said no deadlines had been set.
The state created the commission in 1962 to administer subsidized federal loans for college students. The agency lost a third of its business last year to a program in which federal loans are transferred directly to colleges. The commission also was competing with Great Lakes and at least two other private companies that administer federal student loans in Ohio.