EAC - Great Lakes Affiliate
Today, Education Assistance Corporation (EAC), Aberdeen, South Dakota, and Great Lakes Higher Education Corporation (Great Lakes), Madison, Wisconsin, announced the affiliation of their companies. Both companies are private non-profit entities that are significant and well respected participants in the Federal Family Education Loan Program (FFEL).
According to Clark Wold, President of EAC, "For the last 30 years, EAC has been known for the outstanding service it provides to students, families, financial aid administrators, lenders, and school counselors. After considerable research and analysis, we have concluded that the best way to continue this outstanding service is to partner with Great Lakes. Great Lakes' values are remarkably consistent with EAC's - particularly regarding the importance of quality customer service - and Great Lakes has the scale to provide the technology and infrastructure required to ensure that the needs of our constituencies are appropriately met..."
Under the transaction, Great Lakes will acquire EAC's Aberdeen facilities and intends, over time, to integrate its employees and operations as an integral part of Great Lakes' existing operating center construct. According to Wold, "We are thrilled with the expectation that we will be able to continue to serve our customers and to provide them an enhanced set of products and services that will be enabled by this affiliation."
Richard George, President and CEO of Great Lakes shared Wold's enthusiasm about the affiliation stating, "Great Lakes is honored to have EAC join as the newest member of its affiliated group. EAC has developed the well deserved respect of both its customers and the FFEL industry at large. The remarkably consistent quality customer service focus of both organizations will clearly pay dividends for borrowers, schools and lenders as we move forward together."
EAC, a private nonprofit corporation located in Aberdeen, South Dakota, is dedicated to providing financial access to post-secondary education through a service-oriented approach to students, parents, schools, and lenders. EAC is a guarantor in the FFEL Program, provides financial aid information, and offers student loan servicing through its subsidiary, EASCI.
About Great Lakes
Great Lakes Higher Education Corporation and Affiliates works with schools, lenders, and community organizations to change lives for the better through higher education. Great Lakes supports these partners with financial, educational, and operational resources that help students and families pay for college and build bright futures. As a leading guarantor, originator, and servicer of student loans for over forty years, Great Lakes serves more than 2,700 schools and 1,400 lenders across the nation. One of the nation's largest integrated providers of student loan services, Great Lakes services student loans for more than two million borrowers and holds guarantees on more than $47 billion in FFELP loans. Great Lakes serves as the designated guarantor for Minnesota, Ohio, Wisconsin, Puerto Rico, and the U.S. Virgin Islands under the Higher Education Act. Great Lakes is headquartered in Madison, Wisconsin, with operating centers in Ohio, Minnesota, and Wisconsin. For additional information, visit mygreatlakes.org.