Nelnet buys residual interest in federal student loan
– Nelnet said it bought a residual interest in 1.9 billion of federal student loan from an affiliate of Greystone & Co Inc.
The student finance company acquired the interest in notes issued by GCO Student Loan Interest Margin Securities Trust-I , giving the company rights to the residual interest in GCO Education Loan Funding Trust-I.
The company expects the purchase to add immediately to base net income.
Nelnet said the loans and debt within the trusts will increase its student loan portfolio to more than 25 billion.
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