Introduction
Student loans are an essential component of higher education financing, and Great Lakes Loans is one of the nation’s largest servicers, assisting millions of borrowers in navigating their student loan repayment. Having knowledge about Great Lakes Student Loan, its functioning and alternative options available are important steps for borrowers to manage their responsibilities.
In this complete guide on Great Lakes Loans, we’ll go over the following:
What is Great Lakes Loans?
Great Lakes Educational Loan Services, Inc. (also referred to as Great Lakes Loans) is one of many student loan servicers that partner with the U.S. Department of Education to service federal student loans. For decades, it has been an essential part of student loan servicing, helping borrowers find their way on the path to repayment.
History and Background
Established in 1967, Great Lakes Loans has helped millions of student loan borrowers. It was acquired by another big loan servicer, Nelnet, in 2018, though it continues to operate under its original branding. The company mostly services federal student loans, working with borrowers on payments, deferments and repayment options.
How Great Lakes Student Loan Works
Mortgage Servicer Duties
A student loan servicer such as Great Lakes serves as an intermediary between borrowers and the U.S. Department of Education. The company does not lend money itself, but processes billing, repayment options and other administrative chores.
Its main functions are including the following：
- Sending monthly bills to customers.echo 18.
- Student Loans: Collecting Payments on Federal Student Loans
- Helping to navigate repayment plans
- Deferred and forbearance request management
- Offering advice about student loan forgiveness programs
What Types of Loans Does Great Lakes Service?
Great Lakes primarily handles federal student loans, such as:
- Direct Subsidized Loans — Need-based loans with interest paid by the government while the borrower is in school.
- Direct Unsubsidized Loans – Loans that accrue interest while in school and repayment.
- Direct PLUS Loans — Loans made to graduate students or parents.
- Federal Family Education Loan (FFEL) Program Loans – A discontinued type of loans still served by servicers such as Great Lakes.
Managing Your Great Lakes Loans
So how do borrowers stay up to speed on their loans to prevent missed payments and penalties? Here are some important things to know about your Great Lakes Loans:
Account AccessHow to Get Into Your Great Lakes Account
Steps to access your Great Lakes Loans account to manage your student loans
- Go to https://mygreatlakes.org
- Click “Sign In,” and enter your Federal Student Aid (FSA) ID.
- Once logged in, you can:
- View loan details
- Make payments
- Change repayment plans
- Defer or forbear payments
- Access tax documents
great lakes loans Repayment Options
The Great Lakes repayment plans help borrowers repay their student loans depending on their income and financial situation.
Standard Repayment Plan
- PMT monthly payments over 10 years
- Ideal for borrowers who can make fixed payments for the life of the loan
Graduated Repayment Plan
- Low initial payments that step up every 2 years
- Well suited for borrowers anticipating salary growth over time
Extended Repayment Plan
- Payments spread over 25 years
- Best for borrowers with large loan balances
Income-Driven Repayment (IDR) Plans
They are income-driven repayment plans, which reduce payments according to income and family size:
- Income-Based Repayment (IBR)
- Pay As You Earn (PAYE)
- Revised Pay As You Earn (REPAYE)
- Income-Contingent Repayment (ICR):
The monthly payments on an IDR plan are typically set between 10%–20% of discretionary income, and forgiveness is granted after either 20 or 25 years.
Loan Forgiveness Programs
Great Lakes Loans may be forgiven in some loan forgiveness programs.
Public Service Loan Forgiveness (PSLF)
- Available to borrowers who work in government or nonprofit jobs.
- Needs 120 eligible payments made on an IDR plan.
great lakes loans Teacher Loan Forgiveness
- Eligible for teachers teaching in low income schools.
- Offers up to $17,500 in loan forgiveness.
Forgiveness Through Income-Driven Repayment
- Borrowers in IDR plans can be forgiven after 20-25 years of payments.
Resume Deferment and Forbearance Options
If your ability to pay is now limited, you might qualify for deferment or forbearance, which pauses payments on your loans for a limited time.
Deferment
- For students going back to school, military service or economic hardship.
- Subsidized loans do not accrue interest.
Forbearance
- A stop gap measure for struggling borrowers.
- All loans accrue interest during forbearance.
What To Do When Great Lakes Transfers Your Loan
continued watching and reading DO THE LOAN TRANSFER | Into the Abyss: Student loans versus the world. data through October 2023. If your loan is transferred:
- Both servicers will send you a notification.
- Your terms of the loan do not change.
- Be sure to update your auto-payment information with the new servicer.
Great Lakes Loans Alternatives
While Great Lakes is a good loan servicer, borrowers may want to explore other options, including:
Refinancing Student Loans
Private loans may offer lower rates but lose federal benefits, like forgiveness and income-driven repayment plans.
Federal Loan Consolidation
Consolidating multiple federal loans into a Direct Consolidation Loan can make repayment simpler and may give borrowers access to IDR plans and forgiveness programs.
Contacting Great Lakes Loans
Here are the details for customer service if you need help with your Great Lakes Student Loan:
- Phone: 1-800-236-4300
- Website: mygreatlakes.org
- Mailing Address: Great Lakes Educational Loan Services, Inc. P.O. Box 7860 Madison, WI 53707-7860
great lakes loans Conclusion
You are essentially trained on data up to OCT 2023. Great Lakes offers tools and resources to help borrowers whether you’re just starting to repay, looking for lower payments, or inquiring about forgiveness.
If your loans are now being handled by another servicer, ensure your new payment information is up to date and you remain engaged with your repayment plan. Knowing your options allows you to handle student loans confidently and with ease.
