Nelnet Purchases Residual Interest in $1.9B of Federal Student Loans from Greystone & Co

Nelnet NNI today announced that it closed on a transaction to purchase the residual interest in $1.9 billion of Federal Family Education Loan Program consolidation loans from an affiliate of Greystone & Co., Inc. Nelnet acquired the ownership interest in GCO SLIMS Trust-1 giving the company rights to the residual interest in GCO Education Loan Funding Trust-I. As a part of the agreement, Nelnet will become master servicer and administrator for Trust-I and administrator for the SLIMS Trust. The company expects the purchase will be immediately accretive to base net income. The student loans and debt within the trusts will be included in Nelnet's consolidated financial statements and increases its student loan portfolio to more than $25 billion.