Overview The Great Lakes Loans system is a well-established student loan servicer that has aided millions of borrowers in paying off their education debt. If you carry federal student loans, you may have stumbled upon My Great Lakes, an online portal that is intended to help students track and repay their loans successfully.
This detailed guide to Great Lakes Loans covers what they are, how to log in to My Great Lakes and repayment options, forgiveness programs, and tips on managing your student debt.
What Are Great Lakes Loans?
Great Lakes Educational Loan Services, Inc. is one of the biggest student loan servicers nationwide, contracted with the U.S. Department of Education to manage federal student loans. They primarily help borrowers navigate repayment options, make payments and stay up to date regarding their student loans responsibilities.
Great Lakes Loans primarily service Direct Loans, Federal Family Education Loans (FFEL) and Perkins Loans. They don’t issue loans but assist borrowers with repayment and remaining compliant with federal mandates.
My Great Lakes: A Simple Portal for Managing Your Loans
My Great Lakes is the digital platform where borrowers go to log in and access information on their student loans, to make payments on their loans, and to explore their repayment options. Here’s how to get started:
Creating an Account
To get to My Great Lakes, visit:
- Visit www.mygreatlakes.org.
- If you don’t already have an account, click on “Sign Up.”
- Enter your SSN, date of birth and email.
- Create a username and password.
- Authenticate and log in
Navigating the Dashboard in great lakes loans
Once logged in, you can:
- See loan balances and interest rates
- Pay bills and create autopay
- Explore options for repayment plans
- Update personal information
- Get deferment or forbearance
Repayment Plans for Great Lakes Loans
Great Lakes offers a variety of repayment plans to accommodate individuals with various financial circumstances. Borrowers should pick the one that fits the best with their income and career goals.
Standard Repayment Plan
- Smoothed monthly payments over a decade.
- Best for people with loans they want to pay off quickly and reduce interest costs.
Graduated Repayment Plan
- Payments begin low and ratchet up every other year.
- Good for borrowers who anticipate rising income over time
Extended Repayment Plan
- Max loan term is 25 years.
- Good for people who want lower monthly payments.
Income-Driven Repayment (IDR) Plans in great lakes loans
Great Lakes also has Income-Driven Repayment (IDR) plans, which adjust monthly payments based on income and family size:
- Income-Based Repayment (IBR): 10% 15% of discretionary income.
- Pay as you earn (PAYE): 10% of discretionary income.
- Revised Pay As You Earn (REPAYE): 10% of discretionary income
- Income-Contingent Repayment (ICR): 20% of discretionary income or the amount of a fixed plan for 12 years, whichever is less.
IDRs offer loan forgiveness after 20-25 years of qualifying payments.
Forgiveness programs and Loan assistance
You can apply for loan forgiveness through My Great Lakes if you are struggling with student debt. Some key programs include:
Public Service Loan Forgiveness (PSLF)
- Available to government and non-profit workers
- Need 120 qualifying payments on an IDR plan.
Teacher Loan Forgiveness
- They could get $5,000 to $17,500 in forgiveness after five years in a low-income school.
Unemployment Discharge (TDU)
- Borrowers with permanent disabilities can have their loans discharged.
Borrower Defense to Repayment
- If your school used the deceptive practices, you may be eligible for full discharge of your loans.
How To Effectively Manage Your Great Lakes Loans
Managing your student loans properly will reduce financial strain. Here are a few tips to help you keep track of your Great Lakes Loans:
Set Up Auto-Pay
Setting up automatic payments can drop your interest rate by 0.25 percent, and help you never miss a due date.
Pay More Than the Minimum
Try to make additional payments, which would accelerate the paydown of the principal, therefore there is less time for interest to accumulate.
Keep in Touch with Great Lakes
Check My Great Lakes often for updates, repayment plan options, and important notifications.
Look Into Refinancing (If Needed)
If you have private loans or a high credit score, refinancing with a lower interest rate may be worth considering. However, you should not refinance federal loans, which lose federal protections and forgiveness options.
Consider Deferment or Forbearance if Needed
If you’re in financial distress, you might be eligible for either deferment (where interest may not be charged on subsidized loans) or forbearance (interest is charged on both types of loans).
What to Do If You Are in Default on Your Great Lakes Loans
Consequences of Ignoring Student Loans Ignoring student loans can have dire financial consequences, such as:
- Delinquency: Not making your loan payment can lead to delinquency, which can also impact your credit score.
- Default: After 270 days of not paying, loans default, which can result in wage garnishment, tax refund seizure, and lawsuits.
- Loss of Federal Benefits: Defaulted loans lose eligibility for IDR plans and forgiveness programs.
If you’re in trouble, reach out to Great Lakes Loans customer service to help you find an affordable repayment option.
Switch from Great Lakes to Nelnet
Great Lakes was purchased by Nelnet, another big student loan servicer, in 2020. Great Lakes may remain responsible for servicing federal loans, but borrowers may find themselves transitioning to Nelnet in the future. Please always verify official communication and log into My Great Lakes account to confirm.
Conclusion
Great Lakes Loans : My Great Lakes portal — The My Great Lakes portal helps you manage your federal students loans. Knowing how to best repay your loans, use a forgiveness program, and staying on top of paying off any loans you have will go a long way in relieving financial stress and getting your financial freedom.
Go to www. mygreatlakes. org and start exploring your options today!
