Education Assistance Corporation

As of February 4, 2009, Education Assistance Corporation was acquired by Great Lakes Higher Education Corporation. Education Assistance Corporation, together with its subsidiary, provides guarantee loans under the federal family education loan (FFEL) program in the United States. The company originates and services FFEL programs and alternative loans made by lending institutions. It guarantees FFEL programs, such as federal Stafford loan programs, federal plus loan programs, and federal consolidation loan programs that are made by participating lending institutions to cover costs for college, university, vocational, and technical training. The company also provides lender listing services that allows students to search by lender name or code, and state; spending plan budget calculator for students to set up a budget; and financial aid information and technical services to students and schools. It serves post-secondary students, educational institutions, lending institutions, high school students and their parents, college students, and high school counselors. The company was founded in 1978 and is based in Aberdeen, South Dakota.