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Montana Guaranteed Student Loan Program to Transfer Portfolio to Great Lakes

—The Montana Guaranteed Student Loan Program (MGSLP), a program within the Montana Office of the Commissioner of Higher Education, is transitioning its portfolio of loans made under the Federal Family Education Loan Program to its long-time partner, Great Lakes Higher Education Guaranty Corporation. Great Lakes will also serve as the designated guarantor for Montana, effective October 1, 2017.

For more than 15 years, MGSLP has been utilizing the Great Lakes loan servicing system to better serve the borrowers of Montana and to ensure they succeed in repayment. Great Lakes' many years of industry experience has been a compliment to the agency's goal of increasing student access to higher education. Together, they have played a role in advocating for policies that are in the best interest of the borrowers. Representatives in Helena and Madison have already begun working together to ensure a smooth transition of the MGSLP portfolio.

"We are pleased to be working with Great Lakes as the successor guarantor," said Ron Muffick, Director of Student Affairs. "As a business partner, they have provided excellent customer service and have demonstrated they understand the best way to build relationships with student loan borrowers and their families is to help them understand their loans and provide continued support throughout student loan repayment. We are certain they will continue MGSLP's commitment to meet the individual needs of the borrowers of Montana."

"Great Lakes commends MGSLP's long-standing and demonstrated commitment to upholding superior customer service," said Dick George, Chairman and CEO of Great Lakes. "We are excited about the opportunity to continue providing the se same high levels of customer service and support for Montana's student loan borrowers in their loan repayment journey."

The MGSLP transfer marks Great Lakes' sixth successful guarantor portfolio conversion since 2009. As the current designated guarantor for eight states and U.S. territories, including South Dakota, Minnesota, Iowa, Ohio, Wisconsin, Arkansas, the Virgin Islands, and Puerto Rico, Great Lakes has the experience to ensure Montana student loan borrowers and their schools and lenders receive the best possible service in the years ahead.


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