Great Lakes Student Loans: What Is It?

Great Lakes Student Loans: What Is It?

Great Lakes Student Loans is a student loan servicer that contracts with the U.S. Department of Education. As a servicer, the corporate is answerable for serving to debtors handle billing and funds for federal student loans. Great Lakes Student Loans handles practically 20% of all federal student loan accounts.

Learn how your student loan account was assigned to Great Lakes Student Loans and the best way to work with the corporate to handle your loan reimbursement.

What Is Great Lakes Student Loans?

Great Lakes Educational Loan Services relies in Madison, Wisconsin—a part of the Great Lakes area—although it presents student loan servicing nationwide. It is considered one of 9 personal corporations that contract with the U.S. Department of Education to handle the billing of federal student loans. 

Great Lakes is likely one of the most commonly-assigned student loan servicers. By June 2020, Great Lakes was allotted 20% of latest student loan quantity, the most important portion of student loans. 

Student loan servicer MOHELA additionally handles 16% of student loan accounts.

Great Lakes Student Loans is an affiliate of Nelnet Diversified Solutions, LLC. Nelnet individually handles 10% of federal student loan accounts.

Alternate title: Great Lakes Educational Loan Services, Inc.

How Great Lake Student Loans Works

If you’ve federal student loans, you’ll be mechanically assigned a loan servicer who will handle your account and funds.

After the Education Department works together with your faculty to course of your student loan request and pay out the funds, your account is handed off to a loan servicer resembling Great Lake Student Loans. You do not get to decide on which servicer you might be assigned.

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Servicers should contact you as soon as they’re assigned to handle your loan, usually after the primary fee of your student loan disbursement. This servicer will then be your level of contact for all issues regarding your student loans, from first billing to your last fee.

It is feasible in your account to be transferred to a brand new servicer. If that occurs, the brand new servicer is required to contact you and notify you of the change. You can all the time verify your present servicer in your Federal Student Aid account.

Initially, because you don’t must repay your student loans whilst you’re in faculty, you could solely must contact Great Lakes Student Loans if have questions or need to verify your stability. Once your reimbursement interval kicks in, Great Lakes can present:

  • Help in case you are having difficulties repaying 
  • Options to vary your reimbursement plan, together with to an income-driven reimbursement plan
  • Applications for student loan deferment or forbearance—two methods to droop or cut back your funds briefly
  • Advice on whether or not federal student loan consolidation is best for you, and the best way to full the method whether it is

You should not have to pay extra charges for these providers.

Always open communication out of your student loan servicer. It might include time-sensitive info, resembling notification of missed funds and even delinquency. 

If there’s any query about whether or not the communication you’ve acquired is legit, you’ll be able to simply verify. Visit StudentAid.gov and log into your Federal Student Aid account to view your federal student loan information, together with your servicers for every loan. 

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Some scammers might contact debtors to make false claims about student loan forgiveness or their loan standing. Many debt reduction corporations additionally promise student loan help, solely to cost debtors for issues which might be in any other case free, like making use of for deferment or reducing funds. Learn the indicators of a rip-off to guard your self.

How to Get In Touch with Great Lakes Student Loans

Whether you’re paying off your student loan early or having bother making month-to-month funds, this is the best way to contact the corporate:

  • Log into your on-line Great Lakes account to just about view and handle your student loans.
  • Call (800) 236-4300 Monday by means of Friday from 7 a.m. to 9 p.m. Central Time.
  • Fill out a type on Great Lakes’ contact web page to request contact by way of electronic mail
  • Send faxes to (800) 375-5288.
  • Send mail to Great Lakes, P.O. Box 7860, Madison, WI 53707-7860.

Stay on prime of your Great Lakes student loans to maintain them in good standing and shield your self from charges, harm to your credit rating, and even student loan default or wage garnishment.

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