Load Error Who handles federal student loans can be a key student loan question for someone looking for a good student loan servicer. One of the larger players in this space was Great Lakes Educational Loan Services, Inc., or Great Lakes. Understanding the tools and resources available to you within the MyGreatLakes portal can help you stay on track with your loan payments as well as help you make smart decisions for your finances if you are a Great Lakes borrower.
In this ultimate guide, we will cover everything there is to know about being a Great Lakes borrower, how to take advantage of all the features and services offered through the MyGreatLakes platform, repayment options, and recent updates surrounding federal student loan servicing.
Who is a Great Lakes Borrower?
Anyone with federal student loans being serviced by Great Lakes Educational Loan Services is a Great Lakes borrower. Great Lakes was one of the largest student loan servicers the U.S. Department of Education contracted to service federal student loans. As a borrower, Great Lakes was an intermediary between you and the Department of Education, managing things such as:
- Processing loan payments
- Managing repayment plans
- Providing account updates
- Supporting requests for deferment or forbearance
- Providing customer service and support
What is MyGreatLakes?
MyGreatLakes is the official web-based platform for managing federal student loans serviced by Great Lakes. An array of features designed to assist borrowers with understanding, tracking, and managing loans are offered by the platform.
Key Features of MyGreatLakes:
Loan Summary Dashboard
- Get instant access to your loan balance, interest rates, payment history, and due dates all in one place.
Payment Management
- Schedule auto-pay, process one-time payments, or pay more than the minimum to bring down interest costs.
Repayment Plan Options
- You can browse and enroll in a variety of repayment types like Income-Driven Repayment (IDR), Standard, Graduated or Extended plans.
Requests for Deferment and Forbearance
- You can make requests directly through the portal during financial hardship or when you return to school.
Tax Document Access
- What Are the Top Tax Forms You Can Download, like the 1098-E for Student Loan Interest Income?
Secure Messaging
- Use your account to chat securely with customer service representatives.
How to Register for a MyGreatLakes Account
As a Great Lakes borrower, you will have to set up a MyGreatLakes account to manage your loans. Here’s how:
- Check out their official site: www. mygreatlakes. org
- Go to “Log In” or “Create an Account.”
- Provide your SSN, date of birth, and email address.
- Register with a username and password.
- Enable security questions for extra precaution.
When you log in, you’ll have complete access to your loan information and account tools.
Paying Your Great Lakes Loans Back
Great Lakes borrowers can choose from a variety of repayment plans based on their financial needs. Here’s a breakdown of the most popular plans:
Standard Repayment Plan
- Fixed payments over 10 years
- Best for borrowers looking to pay off loans in a timely manner
Graduated Repayment Plan
- Payments begin at a low level and increase every two years
- Designed for borrowers who anticipate income increases over time
Extended Repayment Plan
- extends repayment to as much as 25 years
- May reduce monthly payments but have higher overall interest
Income-Driven Repayment (IDR) Plans
- Payments dependent on income and family size
- Covers PAYE, REPAYE, IBR, and ICR plans
- May become eligible for loan forgiveness after 20–25 years
Borrowers can view options and apply for IDR plans directly on the MyGreatLakes platform.
Loan forgiveness and cancellation options
If you’re a Great Lakes borrower in public service or working at a nonprofit, you may be eligible for Public Service Loan Forgiveness (PSLF). Under this program, remaining loan balances are forgiven after 120 qualifying monthly payments have been made under a qualifying repayment plan.
Other forgiveness programs can include:
- Teacher Loan Forgiveness
- Total & Permanent Disability Discharge
- Closed School Discharge
Use MyGreatLakes to monitor qualifying payments and to submit the necessary paperwork for forgiveness programs.
From mygreatlakes to New Servicers Transition
Great Lakes began transitioning its loan servicing to other federal loan servicers, including Nelnet, MOHELA, Aidvantage, and EdFinancial in late 2022, due to updates to federal contracts.
What This Means for Borrowers:
- MyGreatLakes account access may no longer be available.
- Your loans are safe and remain federally owned by the U.S. Department of Education.
- You will be notified about the transition and the new servicer information.
- You’ll want to open an account with your new servicer so you’ll still be able to manage your loans effectively.
We encourage borrowers to download a copy of their MyGreatLakes account history for their records during the transition.”
Good Advice for mygreatlakes Borrowers after the Transition
Whether or not your loans still are serviced by Great Lakes, there are important steps to take:
- Update Contact Information
Make sure your phone number, address and email are up to date with your new servicer.
- Re-Enroll in Auto-Pay
Auto-debit doesn’t carry over—we’ll re-enroll you with your new loan servicer.
- Review Payment History
After a transfer, double-check your balance, payment count and interest accruals.
- Download Past Statements
Retain copies of previous billing statements and tax paperwork from MyGreatLakes.
- Contact Customer Support
If you’re unsure who your new loan servicer is, you can find out by logging into studentaid. gov.
In addition to account management, MyGreatLakes provides tools and resources aimed at increasing the financial literacy of students and borrowers. Topics include:
- Budgeting tips
- Credit score education
- Managing debt responsibly
- Preparing for loan repayment
Applying these tools can guide borrowers toward making sound financial decisions before, during and after repayment.
mygreatlakes Conclusion
Whether you currently rely on MyGreatLakes or have recently had your loans moved to a different servicer, understanding your responsibilities as a Great Lakes borrower is crucial. The MyGreatLakes portal was intended to simplify loan management, offer flexible repayment options, and empower borrowers with educational tools.
Though Great Lakes is no longer acting as a federal loan servicer for new borrowers, millions of students benefited from its services throughout the years. Staying proactive (checking your loan details, exploring repayment options all along and using available resources) will guarantee that you stay on the right path to financial freedom.
