But if you’re one of the millions of Americans who hold federal student loans, you may have encountered Great Lakes Borrower Services, commonly accessed via the MyGreatLakes website. One of the nation’s largest federal loan servicers, Great Lakes Educational Loan Services Inc., plays a crucial function in enabling borrowers to monitor payments, apply for repayment plans and keep up with their loan responsibilities.
In this guide, we’ll cover what great lakes borrower services does, how you can access your account on MyGreatLakes. org, and guidelines on how to manage your loan efficiently.
What is Great Lakes Borrower Services?
Great Lakes Borrower Services is the student loan borrowing service that is part of Great Lakes Educational Loan Services, Inc. (referred to as Great Lakes), a Department of Education contractor. Their main role is to handle federal student loans post-dispersal, acting as the point of contact between borrowers and the Department of Education.
Borrowers can also: Access the MyGreatLakes portal 10626QUE (12-2019)ListGroup Borrower Corresponding Borrower Info Borrower Comparison Info G The MyGreatLakes Portal is a great starting point for borrowers.
- View loan details
- Make payments
- If eligible, submit applications for income-driven repayment plans
- Ask for a deferment or forbearance
- Auto pay for interest rate reduction.
Get Instant Email Updates on loan Email Address * Internet resources It is typical for people to be in urgent need of a loan at the most inconvenient time possible.
Great Lakes was among the largest of the federal loan servicers, while numerous borrowers have been recently moved to new servicers, including Nelnet or MOHELA. But for people who are still on MyGreatLakes, the borrower support is still strong on the platform.
How to Log In to MyGreatLakes
You can access your account online at the Great Lakes’ website by doing the following: -Go to the Great Lakes home page -Enter your user name -Enter your password -Click the “Log In” button
Your first step to navigating the world of student loans is to log on to the MyGreatLakes. org portal. Here’s how:
- Visit: Go to www. mygreatlakes. org.
- Log In: Click on “Log In” in the top-right corner. Type in your FSA ID (Federal Student Aid ID). Otherwise, if you are a new user, click “Sign Up” to create a new account.
- Dashboard: After you log in, you will be given an overview of your federal loan balances, the interest rates on those loans, a history of payments and due dates.
- Tools: Shop options such as “Make a Payment,” “Repayment Options” and “Messages” to stay in the know and ahead of things.
Pro Tip: Keep contact info current so you get important MyGreatLakes updates.
MyGreatLakes Programs and Resources Available through MyGreatLakes
Loan Payment Management
With MyGreatLakes, you are able to:
- One time or scheduled payments
- “As an added bonus, it also makes it more convenient and helps prevent late payments.” (Setting up autopay could make you eligible for a 0.25% interest rate discount.)
- Make payments across all my loans
- Track how payments are applied to principal and interest
Repayment Plan Selection
Selecting the best repayment plan for you can provide valuable financial relief. Borrowers can apply for the following through MyGreatLakes:
- Standard Repayment
- Graduated Repayment
- Extended Repayment
- Income-Driven Repayment (IDR) plans, such as REPAYE, PAYE, IBR and ICR
All of these plans have trade-offs based on your income, your loan amount and your financial objectives.
Loan Consolidation Guidance
Looking to consolidate several federal loans into a single? Great Lakes Borrower Services is a resource to make an informed decision about whether or not loan consolidation would be in your best interest.
Requests for Deferment and Forbearance
If you are struggling with your finances, MyGreatLakes can help you to :
- Deferrning (such as in-school or unemployment) application
- Ask for a reprieve (time to which payments are suspended or reduced)
And note that interest may still accrue during these breaks, so don’t fritter them away.
How To Get Out Of Student Loans Forgiven
MyGreatLakes explains federal forgiveness plans that include, but are not limited to:
- Public Service Loan Forgiveness (PSLF) According to this program, the Federal Government may forgive certain federal student loans for individuals who work in public service jobs.
- Teacher Loan Forgiveness
- IDR forgiveness at 20-25 years
Borrowers will be able to find forms, details on eligibility and track progress through their accounts.
Contacting Great Lakes Borrower Services
Although much can be done via MyGreatLakes online, many people crave human assistance. Great Lakes Customer Service Contact You can contact Great Lakes customer service using the following information:
- Phone: 1-800-236-4300 (Monday–Friday at 7 a.m. to 9 p.m. CT)
- Mail: Great Lakes, P.O. Box 7860, Madison, Wis. 53707-7860
You can log on to your MyGreatLakes account and send secure messages
If you need assistance with making payments, submitting documents, changing plans and other issues, customer service can help you.
Withdrawal from the Servicing of the Great Lakes
In 2022, lots of borrowers saw their loans moved from Great Lakes to other loan servicers, including Nelnet and Edfinancial, as part of a Department of Education reorganization. If you’re not sure whether your loans are still from Great Lakes, you can:
- Log in to studentaid.gov
- Review your loan servicer under your loan summary
- Please note this change in your records.
If you are transferred, don’t fret — your repayment plan, forgiveness progress and loan history are portable.
MyGreatLakes loan management tips
Log In Regularly: Log in to your dashboard once a month to see what’s due, how much you owe and how much interest you’re accruing.
- Establish Autopay: It can be convenient — but it could also reduce your interest rate.
- Stay in the Know: Subscribe to key dates, deadline changes and policy updates via email.
- Investigate forgiveness: If you work in public service, education or the nonprofit world, find out whether you qualify for PSLF or Teacher Forgiveness.
- Don’t Default: If you’re having trouble, apply early for income-driven repayment plans or for deferments or forbearances.
- Utilize Budgeting Tools: MyGreatLakes has calculators to estimate your payments and assist in better money management.
FAQ’s about Great Lakes and MyGreatLakes
Q: Are MyGreatLakes and Great Lakes Borrower Services the same thing?
Yes. Great lakes borrowers services operates mygreatlakes, an internet based interface for borrowers.
Q: Can I refinance my federal loans through MyGreatLakes?
No Refinancing is not an option when dealing with federal loan servicers, only private lenders. If you refinance, you lose federal protections.
Q: If I change from Great Lakes to another servicer, will I lose the forgiveness benefits?
No. All of your payoff progress, including qualifying payments, transfers to your new servicer.
Conclusion
For millions of student loan borrowers, Great Lakes Borrower Services, through the MyGreatLakes portal, has been a trusty system for accessing their loans. MyGreatLakes even allows you to check your balance, establish a repayment plan, apply for forgiveness or whatever it takes to keep you in line.
While some borrowers departed for other servicers, college-loan customers who remain with MyGreatLakes can appreciate the intuitive dashboard and array of loan management tools that it offers. Despite who your loan servicer is, you DO have control, so own your debt — your future financial freedom depends on it, and platforms like MyGreatLakes can help!
