If you’re dealing with student loan debt, you’ve probably had interactions with MyGreatLakes, the largest student loan services on federal student loans handling millions of borrowers. Whether you’re a borrower who’s trying to get educated on the terms of your loan or someone who’s ready to start repaying, trying to figure out Great Lakes loans can be confusing. In this post, we’ll explain exactly what great lakes loan are, how the MyGreatLakes system functions, and how you should think about managing your student debt.
What Is MyGreatLakes?
MyGreatLakes, or Great Lakes Educational Loan Services, Inc., is a U.S. Department of Education contracted federal student loan servicer. Their primary role is to oversee repayment of student loans and serve as a liaison between borrowers and the federal government.
After the federal government disburses your loan, it is assigned to a loan servicer, such as Great Lakes. From there, they also assist in managing your account by:
- Sending monthly statements
- Collecting payments
- Providing repayment options
- Offering customer support
- Reporting to credit bureaus
What Kinds of Loans Does Great Lakes Service?
Great Lakes is mostly in the business of federal student loans, such as:
- Direct Subsidized Loans
- Direct Unsubsidized Loans
- PLUS Loans (Parent and Graduate)
- Direct Consolidation Loans
- Federal Family Education Loans (FFEL) — less common these days
They don’t handle private student loans. If you’re not sure whether your loan is federal or private, you can find your federal loan status through your MyGreatLakes account or the National Student Loan Data System (NSLDS).
How to Register a MyGreatLakes Account
If you want to do everything online for your Great Lakes loan, the place to start is by opening an account at mygreatlakes. org. Here’s how:
- Go to the website and click “Log In.”
- Choose “Create an Account.”
- Enter personal ID information, such as your SSN, birth date and email.
- Create a username, password and security questions.
After you register, all of your loan details will be available, which include:
- Loan balance
- Interest rates
- Payment history
- Repayment plan options
How to Send Payments Through MyGreatLakes
It’s easy to pay through the MyGreatLakes portal. You can choose to:
- Make one-time payments
- Enroll in autopay (which can earn you a 0.25% interest rate discount)
- Pay Interest Down over Time Pay over the minimum.
You can pay via:
- Bank account (ACH transfer)
- Check or money order
- Third-party bill-pay services
If you’re making payments on top of your normal ones, be sure to indicate you want the excess to be applied to your loan principal, not just the next payment due.
Great Lakes Loans Repayment Options
Helping borrowers select the best repayment plan is one of the best things about the MyGreatLakes website. Options include:
Standard Repayment Plan
- Fixed payments over 10 years
- Ideal for: Lowering total interest paid
Graduated Repayment Plan
- Payments begin modestly and rise every two years
- Good for borrowers with increasing income
Extended Repayment Plan
- Pays in installments over 25 years
- Larger monthly payments will reduce overall interest and bring down the balance more quickly, or you may opt for lower payments.
IDR (Income-Driven Repayment) Plans There are four types of income-driven repayment (IDR) plans available.
- Develop a sliding scale of monthly payments based on your income and the size of your family
- Compare Monthly Payment Amounts for IBR, PAYE, REPAYE, and ICR Includes official DOE repayment plan forms.
- May provide loan forgiveness after 20–25 years
If you’re not sure which plan is right for you, MyGreatLakes provides an online road-to-repayment estimator that can help you compare your choices.
Loan Forgiveness Programs
MyGreatLakes borrowers may also be able to take advantage of federal loan forgiveness programs such as:
- Public Service Loan Forgiveness (PSLF) – This is for you if your line of work is an eligible nonprofit or government job and you have made 120 qualifying payments
- Teacher Loan Forgiveness – A maximum of $17,500 in forgiveness available to qualifying teachers at low-income schools
- IDR @ 20 to 25 Years of Repayment – Anything left after 20 or 25 years of IDR payments.
Your eligibility and applications can be tracked and submitted via the MyGreatLakes portal, but the U.S. Department of Education makes the final determination of whether or not you are even eligible to receive this assistance.
Interest Rates and Accrual
Your interest rate is also fixed and based on when you borrowed and the type of loan. Interest for federal loans is set by Congress and cannot be negotiated.
Key points to remember:
- Direct Subsidized Loans do not accrue interest while you’re in school or in deferment
- Unsubsidized loans begin accruing interest from the outset
- If you’d neglected paying that interest during grace or deferment, it can capitalize, adding it to your loan balance.
Options for Deferment and Forbearance
If you are facing financial hardship, MyGreatLakes provides options such as deferment and forbearance, which allow you to temporarily cease making payments.
- Deferment: You may not be responsible for interest (on subsidized loans)
- Forbearance: Interest is still racking up in all types of loans
These are short-term fixes and should be used with caution, as interest can pile up.
Navigating Customer Support
There are several avenues for help available through MyGreatLakes:
- Phone: You can call their customer service line during regular business hours.
- Email & Messaging: With State Farm’s secure messaging system, you can send policy servicing and sales questions to your agent through your online account.
- Help Center – Frequently asked questions and common operation instruction videos are available.
- Pro tip: Keep records of your communication and any documents that you send.
When Your Loan Moves to or From Great Lakes
The Department of Education sometimes sends your loans to a different servicer. If this happens:
- Both Great Lakes and the new servicer will notify you.
- The terms of your loan don’t change.
- Some services will transfer your repayment history and autopay settings over, but double check to be sure.
More recently, many accounts in the Great Lakes system have been shifting to the control of Nelnet, another federal loan servicer, as part of changes to federal loan servicing contracts.
How to Handle Your Great Lakes Borrowing Situation
- Check regularly for balances, due dates and messages.
- Enroll in autopay for a tiny interest discount and to make sure you’re never late.
- Early in your journey with student loans, look into forgiveness and repayment options.
- Insurance-Don’t do deferment/forbearanceIF you can avoid it.
- Keep track of the loan servicer transfers and maintain your contact information.
Final Thoughts
Keeping up with student loans can be overwhelming, but MyGreatLakes provides an easy-to-use platform for monitoring your payments, changing your repayment plan, and getting help. Whether you are still in school or well into repayment, knowing your Great Lakes loan is important for your financial stability. And take advantage of the resources MyGreatLakes offers to help stay on top of things, make the best decisions for you, and investigate forgiveness options that might alleviate some of that debt.
