Ascendium Education Empowering Student Loan Borrowers

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As the largest federal student loan servicer in the United States, Ascendium Education Group plays a critical role in shaping the experiences of millions of borrowers.

The company’s evolution from Great Lakes Educational Loan Services to Ascendium, and its subsequent expansion into a broad range of services like default assistance and financial wellness education, signifies their commitment to empower student loan borrowers.

However, the question arises: Is this commitment being fully realized? And how does Ascendium’s approach compare to other loan servicers in the industry? These are intriguing aspects that warrant further exploration.

Key Takeaways

  • Ascendium Education Group, formerly Great Lakes, is the largest guarantor of Federal Family Education Loans.
  • Ascendium Education Solutions, a subsidiary, offers default assistance and financial wellness education to borrowers.
  • Ascendium’s services aim to empower borrowers to achieve their educational goals.
  • FFEL loans can be consolidated into a Direct Consolidation Loan for potential qualification in Public Service Loan Forgiveness program.

Overview of Ascendium Education Group

Ascendium Education Group, previously known as Great Lakes, stands as a significant entity in the American education sector. It serves as the largest guarantor of Federal Family Education Loans and acts as a parent company after its name change on November 15, 2018. Ascendium solidified its position following the acquisition of Great Lakes Educational Loan Services by Nelnet, making Nelnet the largest federal student loan servicer in the United States. Despite the acquisition, Ascendium continues to operate independently.

With its headquarters in Madison, Wisconsin, Ascendium emphasizes its commitment to supporting post-secondary education access and success for millions of students. The name change to Ascendium did not alter the services provided, continuing the legacy of Great Lakes in the education sector.

Services Offered by Ascendium Education Solutions

Delving into the range of services provided, Ascendium Education Solutions stands as a guarantor of Federal Family Education Loans, while also offering thorough default assistance and financial wellness education to borrowers.

As a guarantor, Ascendium guarantees the repayment of loans to lenders in case of default, death, disability, or bankruptcy of the borrower.

Their default assistance service provides resources and support to borrowers struggling with repayments, helping them to understand their options and avoid default.

Additionally, Ascendium emphasizes financial wellness education, offering tools and guidance to help borrowers manage their loans effectively.

This all-encompassing approach reflects Ascendium’s commitment to empowering borrowers, providing not just loan guarantees, but also essential support and education services.

Transition From Great Lakes to Ascendium

In a remarkable industry shift, Great Lakes underwent a name change to Ascendium on November 15, 2018, marking a new chapter for the company’s student loan business. This change illustrated Ascendium’s commitment to evolving with the demands of the industry, while aligning with their overarching mission to empower student loan borrowers.

The change was more than just cosmetic; it represented a strategic realignment of the company’s operations. However, despite the change in name, the core services of the company remained the same. Federal Direct Loans serviced by Great Lakes could still be managed through their existing platform.

Importantly, the name change didn’t impact loan management websites, ensuring a seamless shift for borrowers. The shift to Ascendium symbolized a renewed dedication to supporting student loan borrowers.

Ascendium Group Vs Ascendium Solutions

While the name change from Great Lakes to Ascendium signaled a significant shift, it is equally important to understand the distinct roles and services offered by Ascendium Education Group and its subsidiary, Ascendium Education Solutions.

As the parent company, Ascendium Education Group functions as the largest guarantor of Federal Family Education Loans. On the other hand, Ascendium Education Solutions, a subsidiary, specifically provides default assistance and financial wellness education to borrowers.

Both entities play vital roles in managing federal student loans, but each with its unique focus. The change from Great Lakes to Ascendium did not affect these roles, rather it further enhanced the commitment of both the Group and Solutions to empower student loan borrowers.

Ascendium’s Contact Information

For borrowers seeking assistance or further information, Ascendium Education Group provides a thorough set of contact details. Their headquarters is located at 2501 International Lane, Madison, WI 53704. This address can be used for all official correspondence, including sending letters, payments, or invoices.

Ascendium’s website, ascendiumeducation.org, is another resource for information and updates. Additionally, Ascendium Education Solutions, a subsidiary of the group, also operates from this location. This division focuses on providing default assistance and financial wellness education to borrowers.

It’s worth noting that all inquiries and communications should be directed to the aforementioned address and website. Ascendium’s provision of clear contact details underlines their commitment to transparency and borrower support.

Understanding Ascendium’s Loan Management

Building on the detailed contact information provided by Ascendium, it is equally important to understand how this organization manages student loans, particularly in regard to default assistance and financial wellness education. Ascendium Education Solutions, a subsidiary of Ascendium Education Group, plays a pivotal role in this respect.

As a primary guarantor of Federal Family Education Loans (FFEL), it provides indispensable services to borrowers. These services include essential assistance, which is vital in helping students avoid the repercussions of loan default. This assistance takes the form of proactive communication, personalized advice, and effective solutions.

Ascendium’s financial wellness education, on the other hand, equips borrowers with the necessary knowledge and skills to manage their loans effectively, promoting long-term financial stability.

Improving Financial Wellness With Ascendium

Ascendium Education Solutions plays a pivotal role in improving the financial wellness of student loan borrowers through its extensive range of services and resources. This subsidiary of Ascendium Education Group provides default assistance, offering a lifeline to borrowers struggling with loan repayments.

Additionally, it offers financial wellness education to borrowers, a vital tool in promoting responsible borrowing and fostering a healthier financial future. By understanding the intricacies of their loans and the options available to them, borrowers can effectively manage their debt.

Consolidating loans into a Direct Consolidation Loan is an option Ascendium suggests to borrowers. These services, coupled with Ascendium’s commitment to education philanthropy, go a long way in empowering student loan borrowers and promoting financial wellness.

Conclusion

Ascendium Education Group, evolving from Great Lakes Educational Loan Services, has solidified its position as a leader in the student loan industry. Through its subsidiary, Ascendium Education Solutions, it offers thorough services to borrowers, emphasizing financial wellness education.

As the largest federal student loan servicer, Ascendium continues to empower borrowers, helping them navigate the complexities of loan management. The Wisconsin-based corporation remains committed to facilitating the attainment of education goals through its array of products and services.

Frequently Asked Questions

What Are the Specific Philanthropic Initiatives Undertaken by Ascendium Education Group?

Ascendium Education Group’s philanthropic efforts focus on improving educational access, success, and postsecondary workforce handover, particularly for underrepresented groups. These initiatives include grant-making, research, and initiatives aimed at systemic change in higher education.

How Does Ascendium Education Solutions Help Borrowers Who Are at Risk of Loan Default?

Ascendium Education Solutions aids at-risk borrowers through initiatives such as default prevention and financial wellness education. They provide resources and guidance to help borrowers manage their loans effectively and avoid defaulting.

What Is the Process for Consolidating Loans Into a Direct Consolidation Loan With Ascendium Education Solutions?

Borrowers can consolidate loans into a Direct Consolidation Loan through Ascendium Education Solutions by applying online via the Federal Student Aid website, selecting Ascendium as the servicer, and completing the necessary loan consolidation paperwork.

How Did the Transition From Great Lakes to Ascendium Impact Existing Loan Borrowers?

The shift from Great Lakes to Ascendium did not impact existing loan borrowers. The loan management services remained the same and existing loans continued to be serviced through the mygreatlakes.org website with no disruption to borrowers.

Are There Any Specific Resources or Tools Provided by Ascendium to Help Borrowers Manage Their Loans and Improve Their Financial Wellness?

Ascendium provides resources such as default prevention assistance, financial wellness education, and loan consolidation advice to help borrowers manage their loans and improve their financial health. These tools aim to empower and support borrowers in their repayment journey.

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