At Great Lakes, our goal is to help you successfully repay your student loans, keeping you on a path toward future financial stability. We encourage you to try to resolve any issues you encounter by contacting a Great Lakes representative first.
Moreover, are Great Lakes student loans federal or private?
Keep in mind: As a loan servicer, Great Lakes is neither a private nor a federal loan. The company actually services both private and federal loans, so the type of loan you have won’t change once you start paying it off with Great Lakes.
Also, how do I get Great Lakes student loan Forgiveness?
To qualify for Great Lakes student loan forgiveness, you’ll need to switch from your current repayment plan to an IDR plan. Under an IDR plan, your monthly payments will be capped at 10% to 20% of your discretionary income for 20 to 25 years.
Is Great Lakes a loan servicer?
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 keep you up-to-date with information about your loans and help you manage paying them back. As your servicer, we are your primary point of contact for questions about your loans.
Nelnet and Great Lakes, which are part of the same company and collectively service federal student loans for approximately 13 million student loan borrowers, may no longer service federal student loans after December 2020.
Why? Great Lakes is, indeed, a legit company. In fact, they might even be your student loan servicer.
Great Lakes Student Loans is a student loan servicer that contracts with the U.S. Department of Education. As a servicer, the company is responsible for helping borrowers manage billing and payments for federal student loans. Great Lakes Student Loans handles 15% of all federal student loan accounts.
Yes, paying off your student loans early is a good idea. … Paying off your private or federal loans early can help you save thousands over the length of your loan since you’ll be paying less interest. If you do have high-interest debt, you can make your money work harder for you by refinancing your student loans.
Great Lakes Educational Loan Services—more commonly known simply as Great Lakes—is one of 10 companies that are currently authorized to service federal student loans. As one of the largest student loan servicers, Great Lakes works with more than 6,000 schools and millions of students nationwide.