The Student Loan Marketing Assn. has named a new manager for the company's loan servicing center in Lawrence.
Elaine Nelson has been promoted to the position of assistant vice president for the loan servicing company, more commonly known as Sallie Mae. Nelson, who served as the controller for the center since 1986, succeeds Phillip D. Nowak.
Nowak has accepted a position at a lending institution in California, where he lived before joining Sallie Mae's Lawrence operation in August 1989.
In her new post, Nelson will be responsible for managing the day-to-day servicing operations at the facility. The center now has 450 employees who manage the accounts of more than 700,000 customers.
In addition to her managerial experience in finance as controller, Nelson also has managed many of the line areas at the local center, including customer service, claims, quality control, document storage-center support, facilities and loan acquisitions.
Nelson is the third manager of the Lawrence center, which began operation in Lawrence in 1984 under the direction of Barry A. Brotman, who left Lawrence in 1989 to head the company's center in Panama City, Fla.
The local loan servicing center, which was designated as the prototype for future Sallie Mae facilities, is the largest of seven such centers currently operated by the company.
A $43 billion financial services corporation, Sallie Mae is the country's largest investor of insured education loans. The company provides financing for education loans primarily by purchasing loans from banks and other originating lenders.