One of the biggest players in U.S. student loan management is Great Lakes Educational Loan Services, which is accessed primarily through MyGreatLakes. org. Whether you are an undergraduate, graduate, or professional school borrower—or a parent taking care of the educational finances—knowing the ins and outs of Great Lakes loan services can help you maintain control over repayments, avoid fees, fines, and penalties, and even utilize available benefits when you can.
In this Post Everything you ever wanted to know about Great Lakes loans, how the MyGreatLakes website works, MyGreatLakes features, pros and cons, and how to manage your student loans so you can pay off your debt faster.
What Is Great Lakes Loan?
Great Lakes Educational Loan Services, Inc., often referred to simply as Great Lakes, is a student loan servicer. That’s because they don’t create loans, but administer them on behalf of the U.S. Department of Education. They are responsible for:
- Keeping tabs on your student loan balance
- Payment acceptance and processing
- Providing customer service
- Provide deferred, forbearance and income-driven repayment options
Great Lakes, which has employed thousands of employees throughout the country, has provided loan servicing to millions of borrowers nationwide and was a primary servicer until the Education Department began consolidating its servicing contracts into a new system in recent years.
What Is MyGreatLakes?
MyGreatLakes. org is the official web portal of borrowers whose loans are maintained by Great Lakes. Borrowers use this portal to organize their student loan account. You can:
- See how much you owe and at what interest rates
- Make or schedule payments
- UPDATE YOUR CONTACT INFO AND BANK DETAILS
- Propel yourself into income-driven plans
- Ask if you can defer payments or if forbearance is an option
- Find tax forms and statements to download
The website is mobile-optimized and user-friendly by providing borrowers with 24/7 access to their account information.
Loans Handled by Great Lakes
Great Lakes is mostly known for being used for federal student loans, including:
- Direct Subsidized Loans
- Direct Unsubsidized Loans
- Direct PLUS Loans (for graduate and professional students or parents)
- Direct Consolidation Loans
It may also service certain older warehouse Federal Family Education Loans (FFEL) and Perkins Loan for some borrowers based on certain borrower criteria.
Advantages of Using MyGreatLakes
Centralized Loan Management
And with MyGreatLakes, it’s simple to view all of your federal loans in one place, monitor your payment history and obtain your loan documents.
Payment Flexibility
You can also make one-time payments or sign up for automatic monthly payments. Autopay usually includes a small discount on the interest rate.
Repayment Plan Tools
Borrowers will also be able to shop around for various repayment options, such as income-driven plans such as IBR (for Income-Based Repayment) or REPAYE (for Revised Pay As You Earn).
Options for Deferment and Forbearance
Temporary financial hardship? Deferment and forbearance You can apply for deferment or forbearance right in MyGreatLakes.
Alerts and Notifications
Get alerted when your payments are due, when you’re running low on funds, when new borrowing or forgiveness programs are made available, and more.
How to Use MyGreatLakes
- Step 1: Visit www. mygreatlakes. org
- Step 2: If you are a first-time user, click “Create an Account.” You’ll need to have your Social Security number and date of birth.
- Step 3: Once logged in, you can use the dashboard to check your loans, pay bills, or manage your profile.
For the security of your information, MyGreatLakes employs multi-factor authentication and encryption.
Common Issues Borrowers Face
While the website is quite easy to navigate, if there are problems, borrowers might experience:
- Loan transfer confusino: If a loan is transferred to or from Great Lakes, information may temporarily be unavailable.
- Problems with payment allocation: Payments are not always split evenly among loans, so one loan can accumulate more interest.
- Slower communication: Most customer service responses are good but high call volumes may lead to lengthy wait times.
If you’re having problems, call Great Lakes directly or check their FAQ online.
Great Lakes - Shift from the Great Lakes
Under recent Department of Education changes, Great Lakes is no longer servicing new federal student loans in accordance with a federal effort to consolidate loan servicing under the Next Gen FSA initiative. Existing borrowers, however, may still have their loans managed by Great Lakes until they are transferred to a new servicer, like Nelnet, MOHELA or Aidvantage.
Borrowers will receive separate notifications from the Department of Education and the new servicer when the accounts are transferred. While this is happening, you need to:
- Download your transaction history and statements
- Update contact info
- How to not miss payments while in transition
How to Manage Your Great Lakes Loan
Set Up Autopay
The auto-debit feature not only prevents late payment, but many servicers also knock off 0.25% off the interest rate for enrolling.
Keep Records
Download statements, payment confirmations and e-mail notices, always. These can be useful if you ever find yourself in a dispute or if your loan is ever transferred.
Explore Forgiveness Options
If you are in public service, teaching or nonprofit employment you may be eligible for Public Service Loan Forgiveness (PSLF) or Teacher Loan Forgiveness. You can ask MyGreatLakes for documentation to apply.
Review Your Plan for Repayment Every Year
And as your income changes, you might be eligible for a new repayment plan. Visiting the exchange every year will guarantee that you are on the most affordable plan available.
Talk to Your Servicer
Don’t ignore calls or emails. Staying in contact with Great Lakes (or your new servicer) allows you to be informed of important changes.
Conclusion
Since it launched, the MyGreatLakes site has assisted millions of borrowers in successfully organizing and repaying their student loans through simple access to account tools, repayment plans, and customer content. Despite the fact that Great Lakes is winding down its federal loan servicing operation, knowing its features and how to navigate the MyGreatLakes portal can help you manage your student debt.
As you ready yourself for repayment, forgiveness or a transfer to another servicer, staying in the know is your best defense against a financial surprise. Bookmark MyGreatLakes. org, track what you owe, and be proactive about paying off and getting rid of your student loans.
