The U.S. Department of Education (USDOE) is the federal body overseeing education and student loans. Great Lakes Educational Loan Services Inc. (GLELSI), which has now become Ascendium Education Group, is a nonprofit loan servicer based in Madison, Wisconsin.
This company collaborates closely with the USDOE, managing federal student loans and borrower accounts. That’s why you might see this notation on your credit report.
As part of its ongoing evolution, Great Lakes is transferring its loan management duties to Nelnet, another federal student loan servicer. Nelnet acquired Great Lakes in 2018, but the two entities handled servicing separately. This transition began in March 2022 and is expected to wrap up by the end of June 2023.
If you hold a USDOE/GLELSI loan, this means your loan is managed by Great Lakes Loan Services, now known as Ascendium Education Group. Should your loan be in the process of transfer, you’ll be notified two weeks before your transfer date and will receive subsequent notification from Nelnet once the transfer is complete and a new federal student loan account number is assigned.
During this transfer process, it’s vital to ensure your monthly payments continue seamlessly to avert any potential negative effect on your credit score. If you encounter any issues or have queries about the transfer, contact Ascendium Education Group, formerly Great Lakes Loan Services, at 1 (800) 236-4300.