In the United States, student loans are an important part of funding your higher education, and understanding who is your loan servicer plays a crucial role in successfully repaying your loans. Great Lakes Educational Loan Services is one of the best known servicers who oversees federal student loans – you have likely heard the name if you had any loan plan with them or accessed the MyGreatLakes platform. In this piece, we’ll go over what great lakes borrowers need to know, how to handle the MyGreatLakes website and a few strategies to manage your loans.
Who Is Borrowing From Great Lakes?
Great Lakes borrowers include those with federal student loans that are serviced by Great Lakes Educational Loan Services, Inc. This is a middleman between the U.S. Department of Education and student loan borrowers. The Department of Education is the creditor on the loans, but it outsources the billing, collections and more to Great Lakes.
Millions of students nationwide use MyGreatLakes to track and manage their loan information. If your loan is serviced by Great Lakes, you become a Great Lakes borrower (whether you like it or not) and receive access to its online tools and customer support.
What Is MyGreatLakes?
MyGreatLakes. org is a website where borrowers can log in to see and manage their federal student loans. With the application you can easily do the following:
- Viewing loan balances
- Payment options for ad-hoc or recurring payments
- Downloading tax forms such as the 1098-E
- Income-based repayment programs to apply for
- Deferment or forbearance request
- Updating contact information
The MyGreatLakes website is accessible around the clock, so users may log in and take control of their student loans at any time.
How To Create A MyGreatLakes Account
Creating an account on MyGreatLakes is easy if you’re a first-time borrower:
- Visit www.mygreatlakes.org
- Click “Log In” and then select ”Create an Account”.
- Input your Social Security Number, date of birth, and other identification information
- Choose a username, password, and security questions
Once your account is set up, you’ll be able to see your spreadsheet, or you’ll have access to the tools you’ll use to keep track of your student loans.
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on MyGreatLakes Because we want to help you successfully repay your loans, we offer various resources to assist you learn about and manage your loans:
Loan Summary
Your loans, including balances, interest rates and repayment status are all right there on the dashboard.
Payment Options
Borrowers may make scheduled payments manually or automatically. Auto-pay frequently offers a discount on the interest rate.
Repayment Plans
Great Lakes has multiple repayment options:
- Standard Repayment Plan
- Graduated Repayment Plan
- Income-Based Repayment (IBR)
- Pay As You Earn (PAYE)
- REPAYE: The New Kid on the Block
You can compare those options and apply straight through MyGreatLakes.
Loan Simulator
This calculator also shows how you can save more time and interest by paying more than required on your installment plan.
Alerts and Notifications
Receive updates about due dates, policy changes, and account activity by email or text.
Managing Your Loans as a Great Lakes Borrower
Here are some tips for borrowers navigating the MyGreatLakes site:
Make Timely Payments
Missed payments can cause loans to become delinquent and eventually go into default. Don’t forget to set reminders or auto-pay through MyGreatLakes to help you stay on top of your bills.
Understand Your Grace Period
Federal student loans generally come with a six-month grace period following graduation. Interest may continue to grow during this time, particularly on unsubsidized loans. Review your account to see when your first payment will be due.
Track Interest Accrual
Use that portal to track how much interest is going to town on those loans. This can help you figure out whether to pay interest during deferment or forbearance.
Explore Forgiveness Programs
If you’re employed in public education, or a public service job, you might be eligible for forgiveness programs including Public Service Loan Forgiveness (PSLF). MyGreatLakes has information on qualifying and applying.
Stay In Contact
constantly With your contact details updated you’ll never miss an important message. You can change your phone number, email, and address directly on the MyGreatLakes website.
What are the Pros and Cons of Using MyGreatLakes?
Pros:
- Easy-to-use interface
- Multiple repayment options
- Reliable customer service
- Free tools and calculators
- Mobile-friendly experience
Cons:
- Private loans only so many types of loans can be serviced
- No in-person customer support
- Occasional back log during peak seasons (post graduation ect.
Switching From Great Lakes to Another Servicer
Some borrowers are in the process of federal reorganization, where their loans have been moved from Great Lakes to other servicers, such as Nelnet, MOHELA or Aidvantage. If this occurs, you will receive an email and postal notice. Here’s what to do:
- Download and save your payment history from MyGreatLakes.
- Establish a new account with the new servicer.
- Make sure auto-payments are revised.
- Reach out to the new servicer for any clarifications.
“After” transitioning should feel smooth with new tools, resources, and skills MyGreatLakes borrowers learned being just as valuable as it was before.
Frequently Asked Questions About MyGreatLakes What is MyGreatLakes?
Q: Is MyGreatLakes a scam?
No, MyGreatLakes is the legitimate login page for Great Lakes Educational Loan Services, an official U.S. Department of Education loan servicer.
Q: Is it possible to pay off my loans early?
Yes. With MyGreatLakes, you can pay extra without being penalized. You can also direct payments to specific loans that have higher interest rates.
Q: What if I can’t pay?
You can put in a deferment or forbearance request through the portal. You can also change to an income-driven plan to lower the monthly load.
Q: Does MyGreatLakes have a mobile app?
There’s no app but their website is mobile friendly, responsive and suitable for your smartphone and tablet.
Final Thoughts
For the millions of the Great Lakes borrowers, MyGreatLakes is an important resource for successfully managing their federal student loans. Whether you’re in school, in your grace period, or currently in repayment, knowing how to manage the ins and outs of this platform can be key. By offering flexible repayment plans and accessibility to loan documentation, MyGreatLakes is a one-stop solution for everyone responsible for repaying student loans.
By logging in often, paying on time, and researching their options, borrowers can truly own their financial future when using the MyGreatLakes system.
