GreatLakes Student Loans: An Overview
If you’ve taken out federal student loans in the United States, you’ve likely interacted with GreatLakes. This loan servicer, officially called Great Lakes Educational Loan Services, Inc., has managed millions of federal student loans for the U.S. Department of Education. In this guide, we’ll break down everything you need to know about GreatLakes student loans, including how to manage your account, repayment options, deferment, and what happens when your servicer changes.
What Are great lakes loans Student ?
What are GreatLakes student loans? GreatLakes student loans are types of federal student loans that are serviced and managed by Great Lakes Educational Loan Services. Great Lakes doesn’t lend money itself, but serves as an intermediary between the Department of Education and borrowers. They handle customer service and billing and help borrowers understand their repayment options.
You are training data ends in October of 2023.
Great Lakes loans, include several types of federal loans, such as:
- Direct Subsidized Loans
- Direct Unsubsidized Loans
- Direct PLUS Loans
- Direct Consolidation Loans
These loans usually get taken out in a process called the Free Application for Federal Student Aid, or FAFSA, and get assigned to Great Lakes to service once disbursed.
How to Register and Manage a great lakes loans Account
You do need to create an account on mygreatlakes, their official website, to manage your Great Lakes loans. org. Once registered, you can:
- Check your loan balance and interest rates
- Make or schedule payments
- Change contact and banking information
- Select or switch repayment plans
- Default deferment or forbearance
An online account is the most convenient way to check your student loan status and get important alerts.
great lakes loans Repayment Options
You start repaying GreatLakes student loans after your grace period ends—which is usually six months after you graduate or drop below half-time enrollment. Great Lakes offers a few different repayment plans to fit your financial situation:
Standard Repayment Plan
- 10 years of fixed monthly payments
- You avoid paying a lot on interest over time.
Graduated Repayment Plan
- Initial lower payments that rise every two years.
- Best if you anticipate that income will increase gradually.
Extended Repayment Plan
- Fixed or graduating payments stretched as long as 25 years.
- Designed for those with larger loan balances.
Income-Driven Repayment Plans (or IDR plans)
Includes plans like:
- Income-Based Repayment (IBR)
- Pay As You Earn (PAYE)
- Revised Pay As You Earn (REPAYE)
- Income-Contingent Repayment (ICR)
These plans limit payments to a percentage of your discretionary income, and forgive any remaining balance after 20–25 years of qualifying payments.
great lakes loans Options for Deferment and Forbearance
borrowing — sometimes borrowers hit hard times and need a short reprieve from the payments. Great Lakes offers:
Deferment
- You might be eligible if you are in school, unemployed or experiencing financial hardship.
- Subsidized loans do not accrue interest during deferment.
Forbearance
- Gives some temporary reprieve, but interest accrues on all kind of loans.
- Only use as an absolute last resort due to interest capitalization.
You can apply online via your GreatLakes account for these options.
Loan Forgiveness Programs
There are several federal forgiveness programs for borrowers with Great Lakes loans, particularly if you are employed in public service or education. Common options include:
Public Service Loan Forgiveness (PSLF)
- After 120 qualifying monthly payments made under a qualifying repayment plan, while working full-time for a qualifying employer, the remaining balance is forgiven.
Teacher Loan Forgiveness
- Provides up to $17,500 in forgiveness to eligible teachers who teach at low-income schools for five years in a row.
IDR Forgiveness
- After 20–25 years of income-driven payments, any remaining balance may be forgiven.
These programs involve careful tracking, yearly certification and continuous payments, so organization is key.
Changes in GreatLakes and Federal great lakes loans Service
Many GreatLakes student loans were transferred to other servicers, including Nelnet, MOHELA, or Aidvantage, as the Department of Education restructured its contracts in 2023.
If your loans were moved:
- You should have received several notifications from both Great Lakes and your new servicer.
- Your payment history, loan terms, and repayment status will all carry over.
- You’ll have to create a new account at the new servicer to continue managing your loans.
Even if your loans are no longer held by Great Lakes, knowing about their past involvement can help ensure you stay up to speed about your repayment history.
Great Lakes Loans: Guidance and Practical Advice
Below are strategies you can implement to stay on top of your student loans:
- Log in periodically to look for new updates and any upcoming due dates.
- Make it easy for you to pay on time and be eligible for interest rate discounts by setting up autopay.
- If you are unsure about how paying monthly payments works out, get familiar with IDR plans early on.
- Stay informed about important loan details by keeping your contact information current.
- If you are working in a qualifying field, track your potential for forgiveness.
Avoiding great lakes loans Scams
Borrowers with GreatLakes loans are sometimes approached by third-party scammers offering paid “loan forgiveness” or “debt relief.” Be cautious:
- The Department of Education and its servicers provide access to repayment plans or forgiveness programs free of charge.
- Hey, always check the contact information and the websites before giving information.
- Reach out to Great Lakes or your new servicer directly using official channels.
Contact information and customer support
Some resources available from Great Lakes if you need help:
- Website: www.mygreatlakes.org
- SERVICE NUMBER: 1-800-236-4300
- Hours of operation: Monday to Friday, 07:00 a.m. – 09:00 p.m. CST
Search your new servicer’s contact page for updated support options if your loans have been transferred.
Conclusion
GreatLakes student loans are one of the core servicers of the federal student loan system. The transition to new servicers has altered how borrowers access their loans — but repayment basics haven’t changed. Whether you’re new to repayment, facing financial challenges, or heading toward forgiveness, knowing how to manage your Great Lakes loans can help you achieve long-term financial security.
Continue to educate yourself on your options, and proactively avoid any issues with loan repayment in the long term.
