Guide to Great Lakes Loans
Great Lakes Loans is a well-known name in the world of student loans. Great Lakes Educational Loan Services, Inc. — more commonly known as Great Lakes — is one of the largest student loan servicers in the country. It has been working closely with millions of borrowers to manage their student loans successfully.
If you are currently a borrower or just at the start of your student loan journey, it is essential that you know about Great Lakes Loans. This guide covers everything you need to know about the company and its services, repayment options, pros and cons of working with it, plus how it stacks up to other loan servicers.
What Are Great Lakes Loans?
Great Lakes Educational Loan Services is a federally authorized student loan servicer that partners with the U.S. Department of Education (ED) to service your federal student loans. It does not issue loans directly, but acts as an intermediary between the Department of Education and borrowers, processing payments and helping borrowers enter repayment plans and providing support.
Navient was founded in 1967 and grew to one of the countries largest student loan servicers. Great Lakes was acquired by Nelnet in 2018, but it still operates under its brand name, allowing millions of students and graduates to manage their loans seamlessly.
Great Lakes Servicing Types of Loans
Great Lakes Loans specializes mostly in federal student loans, such as:
- Direct Subsidized Loans — Loans offered to undergraduate students who have financial need. The government covers the interest while the student is in school.
- Direct Unsubsidized Loans – Offered to undergraduates, graduates, and professional students, without any necessity for financial need. Interest starts accruing the day the loan disburses.
- Direct PLUS LoansFive — Available for graduate students and parents of dependent undergraduate students to assist in covering educational expenses.
- Direct Consolidation Loans – Enables borrowers combine several federal student loans into a single loan with one monthly payment.
Great Lakes does not service private student loans, which are usually owned by private banks and lenders.
Managing Your Great Lakes Loans
Accessing Your Account
In order to access your Great Lakes Loans, you must register for a great lakes account on their official site (mygreatlakes. org). Once logged in, you can:
- View your loan balance
- Make payments
- Enroll in autopay
- Select or alter your repayment plan
- Request deferment or forbearance
Making Payments
To help borrowers pay on time, Great Lakes provides multiple payment options. These include:
- Electronic Payment through loser’s online account
- Automatic debit payments (also known as autopay), which may qualify for an interest rate discount of 0.25%(https://www.freddiemac.com/learn/what-is-a-rate-discount)
- Sending a check or money order by mail
- Paying through customer service line over phone
Paying ontime helps preserve your good credit score and also helps you avoid late fees or penalties.
Choosing a Repayment Plan
(One of them is Great Lakes, which — along with servicers like Nelnet, Navient and FedLoan Servicing — handles your repayment options.) Borrowers can choose from:
- Standard Repayment Plan – Monthly payments that stay the same for 10 years.
- Graduated Repayment Plan – Lower payments at first, increasing the amount gradually.
- Extended Repayment Plan — Lasts 25 years, lowering monthly payments.
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Income-Driven Repayment (IDR) Plans – there are several forms of these, monthly payments based on income and family size, including:
- Income-Based Repayment (IBR)
- Pay As You Earn (PAYE)
- Revised Pay As You Earn (REPAYE)
- Income-Contingent Repayment (ICR)
These repayment plans are designed to help borrowers who have difficulty with sizeable monthly payments find a more manageable option.
Borrower Forgiveness and Assistance Programs
Federal student loan forgiveness programs, including:Borrower Defense to Repayment (also called Borrower’s Defense to Repayment)Public Service Loan Forgiveness (PSLF)Teacher Loan Forgivenesshow to check if you qualifyLoan Consolidation as a Repayment Optionhow it worksBorrowers with loans from Great Lakes may qualify for federal loan forgiveness programs, including:
Questions on Public Service Loan Forgiveness (PSLF)
PSLF is an option for borrowers in certain public service jobs. After 120 qualifying payments on an eligible repayment plan, the remaining balance is forgiven.
Teacher Loan Forgiveness
With the right focus, teachers who teach in low-income schools for at least five years can qualify for up to $17,500 in loan forgiveness.
Repayment (IDR) Forgiveness
Borrowers who make payments under IDR plans for 20–25 years may have any remaining balance forgiven.
Great Lakes Loans borrowers may check if they qualify for forgiveness programs.
Advantages of Great Lakes Loans
User-Friendly Online Portal
The mygreatlakes. platform provides a simple-to-use solution for borrowers to track their loans.
Customer Support Services
Great Lakes customer service is strong, with multiple contact methods (phone, email, chat) available.
Flexible Repayment Options
Borrowers are also able to make adjustments to their payments according to their financial situation.
AutoPay Discount
Those who set up autopay can receive an interest rate reduction.
Opportunities for Loan Forgiveness
Great Lakes is simply the servicer that handles the paperwork and monthly payments of a government-backed loan forgiveness program that can wipe out student debt.
What Are the Disadvantages of Great Lakes Loans?
Despite these benefits, Great Lakes Loans does have some downsides that you should be aware of before taking them out:
- Limited Help for Private Loans – Great Lakes does not handle private student loans.
- Loan Servicer Transfers — If the Department of Education changes to a new loan servicer, you may need to get used to a new system.
- Customer Service Complaints – Some borrowers have indicated struggles with customer service responsiveness.
Great Lakes Loans | Alternatives
Great Lakes Loans is a big player in student loan servicers, but there are other federal loan servicers:
- FedLoan Servicing (PHEAA) – Used to process PSLF applications, then handed them off to MOHELA.
- Navient – Recent federally serviced loans, but still has private loans.
- Nelnet – The parent company of Great Lakes, providing similar services.
- Fifth: What is new PSLF servicer, MOHELA?
If Great Lakes Loans doesn’t suit your needs, you may have the option to switch servicers through loan consolidation or through reassignment by the Department of Education.
Conclusion
Great Lakes Loans is one of the long-standing federal student loan servicers and has provided dependable loanment systems and solid flexibility in repayment options for decades. Whether you’re repaying loans, seeking forgiveness or just getting started with your student loans, knowing how Great Lakes Loans operates can help you make better-informed financial choices.
If you are a borrower, be sure to log in to mygreatlakes. org, find repayment details, and reach out to customer support when necessary. In conclusion, through proper planning and responsible payback you can successfully conquer your student loans and become financially free.
