After a rather long and arduous process, The Department of Education announced the “winners” of the Direct Loan Servicing contracts.   The four companies selected are selected were AES/PHEAA of Pennsylvania; Great Lakes Education Loan Services, Inc., of Wisconsin; Nelnet, Inc., of Nebraska; and Sallie Mae Corporation of Virginia.  The Department announced that these companies will service a portion of the approximately $550 billion outstanding federal student loan portfolio. "The award of these contracts is another step in the Department's efforts to ensure that all eligible students have access to federal student loans and that, in partnership with the private sector, schools and borrowers receive excellent service," Secretary Arne Duncan said.  Watch today for the impact on the publicly traded companies Nelnet and Sallie Mae.  Investors have been waiting for the Departments decision.