Figuring out how to repay your student loans is hard when you’re fresh out of school. One of the largest student loan servicers in the United States, Great Lakes Educational Loan Services, Inc. (commonly known as Great Lakes) has served millions of borrowers. But whether you’re currently an active debt holder, are during grace, or in school, knowing your options as a Great Lakes borrower via MyGreatLakes online platform gives you the power to handle all your financial obligations.
What is Great Lakes?
Great Lakes is one of the largest operators of federal student loans in the United States. The U.S. Department of Education chose it to assist in the management and collection of federal student loans. While great lakes borrowers doesn’t issue loans itself, it’s a key player in helping you understand and manage repayment.
Borrowers can securely log in to MyGreatLakes to see all of their loan information, repayment plans, payment options, and communication features. It is the main platform for managing loans, payments and support.
Who Are the Great Lakes Borrowers?
Great Lakes borrowers are those individuals that received a federal student loan—such as a Direct Subsidized/Direct Unsubsidized or PLUS Loan—and who currently have those loans serviced by Great Lakes. These borrowers include undergraduate and graduate students and parents of students.
Borrowers are matched with a servicer like Great Lakes by the Department of Education after the loan is disbursed. If you’re a Great Lakes borrower, you’ll be alerted when your servicer is assigned, and an email will direct you to set up a MyGreatLakes account to start managing your loans online.
Create your MyGreatLakes Account
In order to get to your loan details so you can control how and when you pay back your loans, you must create an account at mygreatlakes. org. Here’s how to get started:
- Go to The MyGreatLakes Site.
- Click on “Log In” or “Create an Account”.
- Enter all required personal details such as your Social Security Number and date of birth.
- Register with a username and password.
- Toheighten your security, use security questions to secure your account.
Once you’re signed up, you can access a customized dashboard with your loan balance, interest rates, payment due dates, and repayment plan.
MyGreatLakes: Features in The On the Site
MyGreatLakes has plenty of tools that make loan management easier. Key features include:
Loan Summary and Details
There are ways to monitor loan balance, interest earned and/or paid, interest rates and repayment status. The summary of loans section separates out each loan so you can better visualize your overall debt.
Repayment Plan Options
The following are some of the alternative repayment options that borrowers can investigate and sign up for:
- Standard Repayment Plan
- Graduated Repayment Plan
- Extended Repayment Plan
- (For example PAYE, REPAYE, IBR, and ICR plans)
There are also estimators on the portal to help you figure out the right plan for your income and financial goals.
Automatic Payments
Enroll in auto-debit: Linking up your account to MyGreatLakes not only makes it impossible for you to miss a payment, but some people also qualify for 0.25% interest rate reductions.
Requests for Deferment and Forbearance
If you are struggling fiscally or heading back to school, you can submit a request for deferment or forbearance directly through your account.
Alerts and Notifications
MyGreatLakes provides customizable alerts so you can receive updates on due dates, payment receipts, and any changes to the status of your loan.
Secure Messaging
If you have questions, you can message or receive messages from Great Lakes through their secure portal.
Great Lakes Borrower’s Obligations
With being a Great Lakes borrower comes some responsibilities. These include:
- Paying on time or qualifying for deferment/forbearance when unable to pay.
- Maintain your Notices Preferred Email Address to receive important notices.
- Tracking the status of your loan and seeing that your account is up-to-date.
- Knowledge of repayment options and switching plans when necessary to avoid default.
Failure to assume these responsibilities could lead to negative credit reporting, wage garnishment and other dire consequences.
Transition to Nelnet
Other borrowers have reported that their loans were transferred from Great Lakes to Nelnet, another federal loan servicer, in recent years. That move was part of a narrowing of servicers by the department.
If your loans are refinanced:
- Both Great Lakes and Nelnet will provide you with formal notices.
- Your loan terms will remain the same, just with a new servicer.
- You will have to create an account on Nelnet’s website to manage your loans from now on.
The thing you absolutely need to do is download and save any statements or documents through MyGreatLakes before your account is deactivated.
How to manage a loan the right way
Some best practices for Great Lakes borrowers to stay on track include:
Use the Repayment Estimator
Before choosing a plan, rely on the built-in repayment estimator to determine what your monthly payments would be under various alternatives.
Pay More When You Can(Utils)
If you are able to, making additional payments on the principal can cut down on the interest accruing over time and get rid of your loan sooner.
Stay Informed
Sign up for notifications and monitor your MyGreatLakes dashboard for more information about your loan.
Consider Loan Forgiveness Programs
Public Service Loan Forgiveness (PSLF) or another federal program may be available to teachers, public servants and others. These are traceable and can be managed within your account.
Avoid Default
Loan defaults can occur very fast by missing payments. If you are struggling, contact Great Lakes for help with deferment, forbearance or IDR plans.
FAQs from Borrowers
Q: How can I tell if Great Lakes is my servicer?
A: Log in to studentaid. gov using your FSA ID. Your loan servicer will be included in your account information.
Q: Can I refinance my loans with Great Lakes?
Q: Does consolidation occur on studentaid? gov When your new loan is rounded up, your new servicer may or may not be Great Lakes.
Q: Is MyGreatLakes com safe?
A: Yes, the portal has encryption and multi-step verification to safeguard your sensitive data.
Final Thoughts
Dealing with student loans can be overwhelming, but programs like MyGreatLakes aim to empower you with tools to help you succeed. As a Great Lakes borrower, you have access to tools, resources, and options for managing your loans, including tracking your loans and payments, selecting repayment plans, and speaking directly with your servicer. And by remaining proactive, leveraging tools and asking for help when necessary, you can have control over your finances and successfully pay back your student loans.
Whether you’re still in school or early in repayment, or have been successfully repaying your loans for years, just know that active participation in your MyGreatLakes account will drastically improve your student loan experience.
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