Great Lakes Loan: Graduation Awareness And Your Repayment Plan

Great Lakes Educational Loan Services was a Wisconsin-based loan servicer for both federal and private student loans. In 2018, the company was acquired by Nelnet, another federal loan servicer. Great Lakes is one of the largest student loan servicers in the country. It is one of ten federal loan servicers and also handles some private student loans on behalf of its business partners. The company provides entrance and exit counselling, loan repayment plans, the ability to request deferment or forbearance, information about scholarships, grants and private loans, and tips for graduating with less debt.

Great Lakes is no longer servicing student loans

Great Lakes Educational Loan Services was a Wisconsin-based loan servicer for both federal and private student loans. In 2018, the company was acquired by Nelnet, another federal loan servicer, and became its subsidiary. Nelnet services $48.7 billion in FFELP, private education, and consumer loans for 2.1 million borrowers.

Great Lakes was one of the largest student loan servicers in the country, managing loans for millions of borrowers and contracting with more than 6,000 schools and 1,000 lenders, including the U.S. Department of Education. The company provided entrance and exit counseling, loan repayment plans, the ability to request deferment or forbearance, information about scholarships and grants, and tips for graduating with less debt.

In June 2020, the U.S. Department of Education, led by Education Secretary Betsy DeVos, announced that it would not renew its contract with Great Lakes and Nelnet, which collectively serviced federal student loans for approximately 13 million borrowers. The decision was made to improve student loan servicing, streamline and simplify student loan repayment, and hold contractors accountable for their performance. The servicing contracts were set to expire on December 14, 2020, with two optional six-month extensions through December 14, 2021.

During the automatic six-month forbearance that began in March 2020 due to the COVID-19 pandemic, Great Lakes erroneously reported borrowers' debts to major credit bureaus, resulting in a dip in the credit scores of nearly 5 million borrowers. The company paid $1.275 million in a class-action lawsuit after it was found that some payments were reported as "deferred" instead of being coded as if the borrowers had made them.

As of July 2023, Nelnet services all outstanding Great Lakes student loans. If you had a student loan from Great Lakes, you should have been contacted and notified that your loan was being transferred to Nelnet. You can make payments on your original Great Lakes loan through Nelnet, and they will send you a monthly billing statement before each payment is due. You can contact Nelnet through phone, online form, social media, or mail.

Nelnet is the new servicer for Great Lakes student loans

Great Lakes is one of the largest student loan servicers in the country. It is one of ten federal loan servicers and also handles some private student loans. It is a subsidiary of Nelnet, another federal loan servicer.

In 2018, Great Lakes was acquired by Nelnet, and as of July 2023, Nelnet services all outstanding Great Lakes student loans. Before the merger, Great Lakes contracted with more than 6,000 schools and 1,000 lenders, including the U.S. Department of Education, to manage loans for millions of borrowers.

If you had a student loan from Great Lakes, the company should have contacted you to let you know that your loan was being transferred to Nelnet. You can now make payments on your original Great Lakes loan through Nelnet, and the company will send you a monthly billing statement three weeks before each payment is due. You can contact Nelnet by phone, online form, or social media.

Nelnet is a trusted partner of the Department of Education and has served millions of students and their families. They provide access to education and support successful repayment. Nelnet is also responsible for timely, accurate application and claims processing for borrowers seeking loan discharge based on total and permanent disability. As a full-service provider, Nelnet has developed efficient and effective solutions, proven processes, and a focus on customer experience.

If you are unable to start repaying your Great Lakes loan, you can explore repayment plans based on your income. There is also the option of a six-month grace period, a window of time after you leave school when you are not required to make payments. During this time, you can estimate your monthly payment amount and review your repayment options.

Great Lakes offers a grace period for federal student loans

Great Lakes Educational Loan Services is a Wisconsin-based loan servicer for both federal and private student loans. It is one of the largest student loan servicers in the country, handling about one in four student loans issued by the federal government.

Great Lakes is a subsidiary of Nelnet, another federal loan servicer. While it does manage some private student loans, Great Lakes is mainly known as a federal loan servicer. It is one of ten federal loan servicers and also handles some private student loans on behalf of its business partners.

If you are unable to start repaying your loan at the end of the grace period, Great Lakes offers income-driven repayment plans that can bring monthly payments down to as low as $0. It also offers deferment or forbearance, which allows borrowers to temporarily postpone payments in the event of a financial emergency.

Great Lakes provides entrance and exit counselling

Great Lakes Educational Loan Services, also known as Great Lakes, is one of the largest student loan servicers in the United States. It is one of ten federal loan servicers and also handles some private student loans.

Great Lakes also offers other services to its borrowers, such as loan repayment plans, the ability to request deferment or forbearance, information about scholarships and grants, and tips for graduating with less debt. Borrowers can manage their loans through the Great Lakes Mobile App or the myGreatLakes.org website, where they can make payments, view account details, and update their contact information.

In 2018, Great Lakes was acquired by Nelnet, another federal loan servicer. As of July 2023, Nelnet services all outstanding Great Lakes student loans. Borrowers with questions about their Great Lakes student loans can contact Nelnet through phone, online form, or social media.

Great Lakes offers a mobile app for account management

Great Lakes Educational Loan Services is a Wisconsin-based federal and private student loan servicer. It is one of the largest student loan servicers in the country, managing loans for millions of borrowers.

In addition to the mobile app, Great Lakes also offers an online account management platform called myGreatLakes.org. Here, users can make payments and manage their student loan accounts. Users can also make payments over the phone by calling 1-800-236-4300.

Great Lakes provides various services to support borrowers in managing their loan repayments. These services include entrance and exit counseling, loan repayment plans, the ability to request deferment or forbearance, information about scholarships and grants, and tips for graduating with less debt. The company also offers direct consolidation for borrowers with multiple federal student loans, allowing them to combine them into a single loan with one servicer and a simple monthly payment.

It is important to note that Great Lakes was acquired by Nelnet in 2018, and as of July 2023, Nelnet services all outstanding Great Lakes student loans. Borrowers with questions about their Great Lakes student loans can contact Nelnet through phone, online form, or social media channels like Twitter and Facebook.

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