The world of student loans can be intimidating, especially if you’re a first-time borrower. And that’s where the GreatLakes borrowing and the MyGreatLakes platform come into play. Great Lakes Higher Education Corporation — known commonly as GreatLakes — was among the biggest student loan servicers in the U.S. Although the company transferred its federal student loan servicing to other companies such as Nelnet in the years since, many borrowers still use the MyGreatLakes portal to get details on past loans or to manage loans that had originated with Great Lakes.
In this article, we’ll cover everything you need to know about borrowing for the GreatLakes, how the MyGreatLakes system works and how to keep track of your student loans.
What is GreatLakes Borrowing?
GreatLakes borrowing means taking out and servicing student loans that were under and managed by the now-defunct Great Lakes Higher Education Corporation. This organization spent years servicing federal student loans for the U.S. Department of Education (a process that involves collecting loan payments, providing customer support and assisting people to understand their repayment options).
Although Great Lakes no longer services federal student loans directly, the MyGreatLakes portal still plays a key role in learning about the specifics of your borrowing history and payment responsibilities.
Get to know the MyGreatLakes platform
What is MyGreatLakes?
MyGreatLakes is the specialist online hub for borrowers, providing comprehensive information regarding their student loans. Some of the features the portal includes:
- Loan summaries and balances
- Interest accrual information
- Payment histories
- Repayment plan options
- Calculators to determine monthly payments
- Financial literacy resources
MyGreatLakes. org may still offer insight into your initial loan details.
Key Features of MyGreatLakes
The following are some savings tools and features of the MyGreatLakes platform that streamline student loan management:
- Loan Summary Dashboard
- After logging in, you will see a dashboard that summarizes all of your loans. This includes:
- Principal amount
- Accrued interest
- Type of loan (Subsidized, Unsubsidized, PLUS, etc.)
- Financial status (active, deferred, etc.)
That summary tells you how much you owe in total in student loans, and how it’s structured.
Repayment Planning Tools
The MyGreatLakes platform suggests calculators and estimators that allow you to select the appropriate repayment plan based on your income and financial aspirations. These tools create simulations for all types of repayment, so you can see how your monthly payments, interest totals and payoff timelines stack up.
Automatic Payment Setup
In addition, auto-debit borrowers through MyGreatLakes not only set up on-time payment but also qualify for a 0.25% interest rate reduction—now that is something to automate for!
Management of deferment and forbearance
If you’re facing financial difficulty, MyGreatLakes can walk you through the process of applying for deferment or forbearance. These options delay or reduce your payments, providing short-term relief.
How to Log In to MyGreatLakes
- Visit www.mygreatlakes.org
- Click on “Log In”
- You have access to informatics data up to October 2023
- If it’s your first visit, choose “Sign Up” to establish an account
You will need your Social Security Number, date of birth and contact information to register.
Great Lakes Transition of Loan Servicing
Then in 2023, Great Lakes formally transferred most of its federal student loans to Nelnet, another top loan servicer. Borrowers affected by the change received notifications via email and by mail.
If you previously managed your federal student loans through MyGreatLakes, you now may have to use Nelnet. servicer designated servicer or www.account_access. However, MyGreatLakes. org remains an significant record of your lending past.
What to Do If Your Loan Was Transferred
If your GreatLakes loan has been transferred to another servicer:
- Register for a new account with your existing loan servicer (e.g., Nelnet, MOHELA, Aidvantage)
- Get a copy of your complete loan history from MyGreatLakes for your records.
- Use the new servicer’s portal to set up auto-pay and select a repayment plan.
- Check your loans: You can check your loan detail; interest rates, balances, etc., are correct
Pro tip: Keep track of your student loan documents when transitions such as these take place.
GreatLakes Borrowing Pros and Cons
✅ Pros
- An easy-to-navigate MyGreatLakes dashboard
- Helpful repayment calculators
- Reminders via email and text when payments are upcoming
- Robust loan management features
- Historically excellent customer support
❌ Cons
- No longer servicing current loans (federal loans)
- Transition between servicing may cause delay in some users
- This is not to say that private loan servicing is not out there; it is limited.
- Copyright © 2023, MyGreatLakes. Trademarks owned by Great Lakes Educational Loan Services, Inc.
Whether you’re preparing for school or working through repayment, these tips will help you borrow wisely and get the most out of the MyGreatLakes platform:
mygreatlakes Borrow Only What You Need
It can be very enticing to take out the entire loan amount, if given one, but borrowing a smaller amount will mean paying less interest over time. Real-life repayment costs: Use MyGreatLakes calculators
Know Your Repayment Options Early
Repayment plans: Don’t wait until after graduation — familiarize yourself with repayment plans now. With plans like Income-Driven Repayment (IDR), Standard or Graduated Plans, being aware of your options will help keep you in control.
Use Auto-Pay and Be Smart About Budgeting
You can reduce your interest rate with auto-debit, which also allows you to stay on top of payments. Use a monthly budget to remain financially fit with this.
mygreatlakes Be Updated on Servicing Changes
Bookmark MyGreatLakes. org and also check your email regularly for notices regarding your loan servicer or changes to federal student loan policies.
In Conclusion: The Importance of MyGreatLakes
Although GreatLakes no longer serves as a primary loan servicer, the MyGreatLakes portal can be an invaluable tool for gaining insight into your loan history and for managing past borrowing. It continues to provide tools that help borrowers navigate student debt more easily and transparently.
For borrowers examining ways to gain control of their student loans, GreatLakes borrowing paired with intuitive MyGreatLakes platform can provide clarity, planning tools and a financial lens that can facilitate smarter decisions.
