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Get to know Great Lakes Higher Education Corporation and Affiliates

Founded in 1967, Great Lakes Higher Education Corporation was a non-profit organization dedicated to helping students and families access higher education. As one of the primary servicers contracted by the U.S. Department of Education, its core business was servicing millions of federal student loans, which involved managing borrower accounts, processing payments, and providing guidance on repayment options. In 2018, Great Lakes was acquired by Nelnet, another major student loan servicer. The Great Lakes brand and platform were gradually phased out, and all borrower accounts were fully migrated to the Nelnet system by 2023.

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Great Lakes Higher Education Corporation and Affiliates

United States

Founded in

1967 (59 Years)

Founded

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FTD LIMITED

(505 reviews)

British Virgin Islands

2017

(9 years)

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A Grade License

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B Grade License

Granted by respected regional regulators, these licenses offer robust safety measures such as fund segregation, financial reporting, and compensation schemes. Though slightly less strict than Tier 1, they provide dependable regional protection.

C Grade License

Issued by regulators in emerging markets, these licenses offer basic protections such as minimum capital requirements and AML policies. Oversight is less stringent, so traders should exercise caution and verify safety measures.

D Grade License

From jurisdictions with minimal oversight, these licenses often lack key protections like fund segregation and insurance. While attractive for operational flexibility, they pose higher risks to traders.

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