great lakes loans Introduction
Student loans help finance the higher education of many students and parents. Great Lakes Loans is one of the prominent student loan servicer in the USA. From borrowers exploring repayment plans to students managing post-grad budgets to parents looking out for their kids’ futures, understanding Great Lakes Loans is the first step toward successfully navigating the loan to become a borrower and as well managing loans.
In this Guide, you will learn everything you need to know about Great Lakes Loans – from its history to the services it offers and from repayment plans to loan forgiveness solutions and how to manage your loans effectively.
What Are Great Lakes Loans?
These loans services are student loans serviced and managed by Great Lakes Educational Loan Services, Inc. For decades, this organization was one of the top student loan servicers in the U.S., closely partnered with the U.S. Department of Education to help manage borrowers’ federal student loans.
Great Lakes Loans is a federal student loan servicer that does not originate loans but does handle repayment, borrower assistance programs, and borrower services. Whether you’re grappling with federal Direct Loans, PLUS Loans, or other forms of government-backed student loans, Great Lakes Loans is a key player in getting you back on the road to repayment.
Great Lakes Educational Loan Services History
Great Lakes Educational Loan Services, which was founded in 1967, is based in Madison, Wis. It has cooperated with federal and private lenders to help students meet their educational aims by making loan repayment more affordable.
Great Lakes merged with another major student loan servicer, Nelnet, in 2018. Even though Great Lakes and Nelnet merged, the two brands remain separate as Great Lakes services millions of student loan accounts.
Great Lakes Loans Services
Great Lakes Loans borrowers have access to a range of services, including:
Loan Repayment Management
It’s allows borrowers to see their loan amounts, due dates, and repayment timelines. You can: 4.
- View your loan balance
- Make payments
- Update personal information
- Set up automatic payments
- Verify the interest rates and the trend of payments
Repayment Plan Options in great lakes loans
Great Lakes has several repayment plans to fit various financial situations. These include:
- Standard Repayment Plan: Pay a fixed amount each month over 10 years
- Graduated Repayment Plan: Payments initially low and grow every two years
- Extended Repayment Plan — Repayment can take up to 25 years
- Income-Driven Repayment (IDR) Plans: Payments are set according to income and family size, which include:
Income-Based Repayment (IBR)
Pay As You Earn (PAYE)
Revised Pay As You Earn (REPAYE)
Income-Contingent Repayment (ICR)
Loan Forgiveness Programs
If you qualify, that could open the door to loan forgiveness programs like:
- Public Service Loan Forgiveness (PSLF): For borrowers employed at the government or non-profit institutions after 120 qualifying payments.
- Teacher Loan Forgiveness: If you serve as a teacher in a low-income school for at least five years.
- Income-Driven Repayment (IDR) Forgiveness: Loans forgiven after 20-25 years of payment.
Deferment and Forbearance in great lakes loans
For borrowers undergoing financial hardship, It has deferment and forbearance options. These enable you to temporarily suspend or lower loan payments under certain circumstances, including unemployment, military service or economic distress.
Loan Consolidation Assistance in great lakes loans
Direct Loan Consolidation allows borrowers with multiple loans to combine all of their federal student loans into one loan with a single monthly payment. Borrowers can apply for this program through the Federal Student Aid IFSA website, with help from Great Lakes Loans.
How to Handle Your Great Lakes Loans?
You have the data up to October 2023. Here are some essential tips:
Set Up an Online Account
Great Lakes Borrower Portal — This site lets you monitor your payments, check your balances, and make changes to your account. Signing up for an account at mygreatlakes. org to access critical loan management tools.
Enroll in Auto-Pay
To avoid missed payments, set up automatic payments. In addition, you can qualify for a 0.25% interest rate reduction for enrolling in Auto-Pay.
Start Looking for Repayment Options Early
Before missing a payment, research options such as income-driven repayment plans, deferment or forbearance if you think you will struggle to make payments.
Borrower Defense Loan Forgiveness Updates
If you work in public service, education or other qualifying fields, be sure to periodically check your eligibility for loan forgiveness programs like PSLF or Teacher Loan Forgiveness.
Avoid Delinquency and Default
Missing payments will result in delinquency and ultimately make you default on your loan, which can be quite detrimental to your credit score. For those of you who are having trouble making payments, reach out to Great Lakes Loans to discuss options before your loan is considered delinquent.
Please note that you are receiving this communication due to the transition of Great Lakes loans to Nelnet.
Federal student loan servicing changes announced by the U.S. Department of Education in 2020 include Great Lakes Loans transferring some borrowers to Nelnet. If your loans were previously serviced by Great Lakes but are now paid by Nelnet, the following applies:
Look out for notifications via email or mail about the transfer
Check your loan amounts at studentaid. gov
If needed, create a Nelnet account
- Make sure your autopay transfers properly
- Frequently Asked Questions About OneMain Financial Loans
- Are Great Lakes Loans Federal or Private?
- Great Lakes Loans services federal student loans, such as Direct Loans and PLUS Loans. It does not originate or service private student loans.
How can I get in touch with Great Lakes Loans?
Here’s how borrowers can reach Great Lakes Loans:
- Phone: (800) 236-4300
- Website: www.mygreatlakes.org
- Gmail Address: As provided on the official website
Great Lakes X How can I tell if Great Lakes is my loan servicer?
If you qualify, also check your loan servicer information by logging into studentaid. gov with your FSA ID.
What will happen if I don’t make a payment?
However, if you miss a payment, your loan can become delinquent. Beyond 270 days late and your loan could go into default, resulting in dire financial ramifications. Immediately call Great Lakes and explain your options.
Can I transfer from Great Lakes to a different servicer?
The U.S. Department of Education assigns loan servicers. You can’t select another servicer unless you consolidate your loans or your servicer is assigned a new servicer.
Conclusion
It has played a critical role in the administration of student loans, assisting millions of borrowers in managing their student loans successfully. Knowing the offered services, repayment options and loan forgiveness programs can make all the difference for your financial future.
No matter what, if your loans are serviced by Great Lakes Loans, you have to stay on top of news, payment updates, and options available to you that work with your budget. Great Lakes Loans provides the resources and support you need to make management easy, whether that involves repayment, deferment, or loan forgiveness.
For real-time updates, go to www. mygreatlakes. org or reach out to their support team for tailored guidance.
