Many students need financial help to afford higher education. Student loans are a common way to bridge the gap between dreams and affordability. Great Lakes is a major player in managing student loans. Let’s explore what Great Lakes does, why it’s important, the types of loans it offers, and how to navigate this aspect of paying for college.
Understanding Great Lakes
Great Lakes, officially known as Great Lakes Educational Loan Services, Inc., is a nonprofit organization that serves as a student loan servicer. Established in 1967, Great Lakes has been a prominent figure in the realm of higher education finance for over half a century. Headquartered in Madison, Wisconsin, Great Lakes has been entrusted with the responsibility of managing and servicing federal student loans on behalf of the U.S. Department of Education.
Great Lakes and Nelnet
In February 2018, the majority of Great Lakes was purchased by Nelnet, another federal student loan servicer. Despite being acquired, the company still operates under the Great Lakes brand. The business section of the Great Lakes was dedicated to guaranteeing loans made through the FFELP and is still active as a newly formed company.
What does the Great Lakes do?
As previously stated, Great Lakes is a federal student loan servicer. This means that the firm is responsible for assisting students and borrowers in successfully navigating the complexities of student loan repayment, including:
- Receiving, processing, and filing student loan documents and forms.
- Accepting and allocating monthly student loan payments.
- Broadly handling your student loans
- Monitor and track payment due dates and loan status.
- Processing change requests
- Answering any questions you have about student loans.
- Educating you on the many federal student loan repayment schemes accessible to you.
- Guide you through deferral and forbearance, if you qualify and need to suspend payments.
- Helping you work toward forgiveness, if you qualify.
Services Offered by Great Lakes
Great Lakes offers a plethora of services aimed at simplifying the student loan experience for borrowers. These services include:
Loan Management
Great Lakes facilitates the management of federal student loans throughout the loan lifecycle, from disbursement to repayment and beyond. Borrowers can access their loan information, make payments, and explore repayment options through the Great Lakes online portal.
Repayment Assistance
Understanding the challenges borrowers may face in repaying their loans, Great Lakes provides various resources and tools to help individuals explore repayment plans tailored to their financial circumstances. This includes income-driven repayment plans, deferment, forbearance, and loan consolidation options.
Customer Support
Recognizing the importance of personalized assistance, Great Lakes offers dedicated customer support channels to address borrower inquiries, concerns, and requests. Borrowers can reach out to Great Lakes via phone, email, or through their online portal for assistance.
Financial Education
Great Lakes is committed to promoting financial literacy among borrowers. Through educational resources, articles, and tools, Great Lakes endeavors to empower borrowers with the knowledge and skills necessary to make informed financial decisions throughout their student loan journey.
Types of Loans Serviced Great Lakes
Great Lakes primarily specializes in servicing federal student loans. These loans include:
Direct Subsidized Loans
These loans are available to undergraduate students with demonstrated financial need. The federal government pays the interest on subsidized loans while the borrower is enrolled in school at least half-time, during the grace period, and deferment periods.
Direct Unsubsidized Loans
Available to both undergraduate and graduate students, unsubsidized loans do not require demonstrated financial need. Borrowers are responsible for paying the interest on these loans throughout the life of the loan.
Direct PLUS Loans
These loans are available to graduate or professional students and parents of dependent undergraduate students to help cover the cost of education expenses not covered by other financial aid.
Consolidation Loans
Great Lakes also assists borrowers in consolidating their federal student loans into a single loan, simplifying the repayment process by combining multiple loans into one monthly payment.
Channels to Repay Your Great Lakes Student Loan
To repay student loans from Great Lakes to Nelnet,
- You can pay online or by phone. You can make payments by phone at 888-486-4722 or online using your Nelnet.com account. To avoid skipping a payment, you can also set up autopay.
- Through your bank: Your bank may provide online bill payment using their payment system. If you select this payment option, you must designate Nelnet as the “payee” and supply your Nelnet account number and the P.O. Box address listed on your loan statement.
How to contact Great Lakes Student Loans
Whether you’re paying off your student loan early or having difficulties making monthly payments, here’s how to reach the company, you can follow these steps:
Phone: You can reach Great Lakes Student Loans by phone. Their customer service number is 1-800-236-4300. Be sure to have your account information ready when you call.
Online: Visit the Great Lakes Student Loans website and log in to your account if you have one. From there, you may be able to send a message through their secure messaging system or find contact information specific to your situation.
Mail: You can also contact Great Lakes Student Loans by mail. Their mailing address is:
Great Lakes
PO Box 7860
Madison, WI 53707-7860
USA
Social Media: Some companies offer customer support through social media platforms like Twitter or Facebook. Check if Great Lakes Student Loans has an official account where you can send messages or ask questions.
Mobile App: If Great Lakes Student Loans has a mobile app, you may be able to find contact information or access customer support features within the app itself.
Choose the method that’s most convenient for you to get in touch with Great Lakes Student Loans and address any questions or concerns you may have regarding your student loans.
Frequently asked question
What should I do if I’m having trouble making payments on my student loans?
If you’re having trouble making payments, contact Great Lakes as soon as possible to explore options such as income-driven repayment plans, deferment, or forbearance.
Is there a fee for using Great Lakes’ services?
No, there is no fee for using Great Lakes’ services. They are provided to borrowers as part of their federal student loan servicing.
Can Great Lakes help me with financial literacy and planning?
Yes, Great Lakes provides educational resources and tools to help borrowers improve their financial literacy and make informed decisions about their student loans.
What repayment options are available through Great Lakes?
Great Lakes offers various repayment options including income-driven repayment plans, deferment, forbearance, and loan consolidation to help borrowers manage their payments effectively.
How do I access my student loan information through Great Lakes?
You can access your student loan information through the Great Lakes online portal by creating an account on their website.
Conclusion
Great Lakes is a helpful ally for students dealing with loans. They provide many services like managing loan accounts, finding repayment plans, and offering financial advice. By knowing what Great Lakes does, students can feel more confident about handling their loans and reaching their academic and financial goals.
Check Out:
- Student Loan Cancellation – How it Works
- Student Loan Supreme Court – Impact of the Supreme Court Involvement
- Nelnet Student Loan – Tips for Borrowers Dealing with Nelnet
- Private Student Loans – Requirements for Obtaining a Private Loan
