Madison, Wis., November 10, 2014—The Missouri Department of Higher Education (MDHE) has selected Great Lakes Higher Education Corporation & Affiliates to support its operations as a student loan guarantor under the Federal Family Education Loan Program (FFELP).
Great Lakes is now providing student loan software, data processing, and operational support for the $2.3 billion in outstanding FFELP loans guaranteed by MDHE. Officials in Jefferson City and Madison have already achieved a seamless and expedited transition for the 929,029 borrowers in MDHE's portfolio, with the conversion to Great Lakes' platform completed on October 31. Great Lakes has successfully converted a total of 11 guarantor portfolios from a variety of other platforms since 1991—including five in the last five years.
"We look forward to working with Great Lakes as it provides innovative and effective services that will allow the Department to continue to help Missouri students and families plan and pay for college," said Leanne Cardwell, assistant commissioner for MDHE's student loan group.
"Great Lakes is pleased to be supporting MDHE in its continued service to Missouri students and families, schools, and lenders," said Richard D. George, Great Lakes' President and CEO. "Our organizations share a longstanding commitment to increasing higher education access and success, and together we will make a real and lasting impact."