Great Lakes loan servicing arm sold

Great Lakes Educational Loan Services Inc., the student loan-servicing arm of Great Lakes Higher Education Corp. in Madison, has been sold to Nelnet, a competitor based in Nebraska, for $150 million.

According to the Wisconsin State Journal, the transaction will affect 700 Madison-based workers.

Great Lakes employs about 2,000 employees around the country.

The transaction will close Jan. 1.