Federal Student Loan Grace Period | Repayment

Why Were My Federal Student Loans Transferred?

You might have just lately been notified that your loans have been transferred to Great Lakes. We know you might have plenty of
questions, so we pulled collectively some frequent questions and solutions to information you thru the switch course of.

Who is Great Lakes?

Great Lakes is a student loan servicer who was chosen
by the U.S. Department of Education (ED) to service your federal student loans. We preserve you recent with details about your loans
and assist you to handle paying them again. As your servicer, we’re your major level of contact for questions on your loans.

It’s potential you’ve different student loans serviced by one other servicer. You can discover out which loans Great Lakes companies by
creating an account on our web site and logging in to view your
Account Summary
. To view your whole federal
loans, together with these with different servicers, go to StudentAssist.gov
. Your account in StudentAssist.gov ought to be up to date to mirror your up to date servicer info inside 7 to 10 days
after your loans are transferred.

Why have been my loans transferred?

ED contracts with a number of servicers, like Great Lakes, to assist students such as you efficiently handle your loans. ED selected us to service
your loans. Depending on what number of loans you’ve, you would possibly nonetheless have loans with
one other servicer.

Is there something I have to do?

The neatest thing you are able to do is join account entry if you have not already. It’s the best
option to entry your account steadiness and rate of interest, estimate and make funds, evaluation help choices, and preserve your present
contact info. If it is your first time on our web site,
there are many assets out there for you.

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You additionally have to be sure you’re making funds to
Great Lakes going ahead so we will apply them to your account. Signing up for
Auto Pay with Great Lakes
is a good way to handle your student loans. If you have been utilizing a invoice pay service to pay these loans along with your earlier servicer, make sure
to regulate your settings to have the funds despatched to Great Lakes.

Why does my previous servicer nonetheless present that I’ve the identical loan account with them?

It takes just a little time for everybody to replace their system. For just a few days, it could seem like you’ve the identical loan with each your previous
servicer and with Great Lakes. Please be affected person whereas everybody’s data are up to date.

Seven to 10 days after your loan switch, you possibly can log into StudentAssist.gov to
view your whole loans. This will assist you to preserve observe of how a lot you owe, who to ship funds to, and who to contact with questions.

What occurs to the fee I just lately despatched to my earlier servicer?

Any funds that you simply made to your earlier servicer can be forwarded to us so we will apply them to your account and backdate them to
the date your servicer acquired the funds. It might take just a few weeks for your whole funds and paperwork to course of, so please be
affected person.

Did the switch have an effect on my reimbursement plan?

No, the switch doesn’t change your reimbursement plan. The solely change is that you simply now have to make your
funds to Great Lakes.

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What if I had automated funds or invoice pay arrange with my earlier servicer?

Automatic Payments

If you had automated funds arrange along with your earlier servicer, your automated fee info most probably transferred and also you
needn’t do something. The desk under explains every scenario. To confirm in case your accounts transferred, log in to view your
Account Summary
.

You had automated funds arrange along with your earlier servicer and you’ve got… Now with Great Lakes that you must…
No loans with Great Lakes which can be in reimbursement. Do nothing—your automated fee info transferred and your month-to-month loan funds can be withdrawn
routinely with Great Lakes Auto Pay.
Loans with Great Lakes in reimbursement which can be on Auto Pay. Do nothing—your automated funds out of your earlier servicer can be added to the Great Lakes Auto Pay that you simply
already had arrange.
Loans with Great Lakes that are not on Auto Pay. Sign up for Great Lakes Auto Pay to start making automated funds.

Great Lakes Auto Pay is simple to make use of and it is free. Your lender might even give you an rate of interest discount when your funds are made
by way of Auto Pay. Set it up now.

Bill Pay

If you might be utilizing a invoice pay service, you should replace the data to start
making funds to Great Lakes. You can discover all of
the data you want in your fee schedule.

Does the switch change the phrases of my loan?

No. Your steadiness, rate of interest, and time it’s a must to repay your loan haven’t modified due to the switch.

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Does the switch have an effect on my eligibility for forbearance, deferment, or forgiveness?

Your loan standing (reminiscent of in class, reimbursement, or deferment) was transferred along with your loans so any deferment, forbearance, or forgiveness
choices you have been eligible for didn’t change. It might take just a few weeks for us to obtain your whole info, however we’ll contact you about
any subsequent steps that that you must take.

Who will ship me my 1098-E?

We will ship you a 1098-E for the curiosity you paid to us after the switch. Your earlier servicer ought to ship you a 1098-E for the
curiosity you paid whereas they serviced your loans. If you add the totals collectively, you possibly can decide the entire curiosity you paid for the yr.

Who do I contact for assist?

If you’ve extra questions, you possibly can contact us at any
time—we’re right here to assist.

Get in Touch

Have a social account and have a query? Send us a message. We’re right here to assist. You can chat with us just a few methods:

You may also

log in or

go to our Contact Us web page to contact a consultant.

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