Why? Great Lakes is, indeed, a legit company. In fact, they might even be your student loan servicer.
Additionally, are Navient and Great Lakes the same?
Can you separate myth from fact? Great Lakes, FedLoan Servicing, Navient, and Nelnet are student loan servicers. They’re the connection between you and the lender. For federal student loans, the interest is determined by the Higher Education Act as enacted and amended by Congress.
Also know, can you go to jail for not paying student loans?
Can You Go to Jail for Not Paying Student Loan Debt? You can’t be arrested or sentenced to time behind bars for not paying student loan debt because student loans are considered “civil” debts. This type of debt includes credit card debt and medical bills, and can’t result in an arrest or jail sentence.
Did Great Lakes contract get renewed?
Great Lakes is one of nine companies that contract with the U.S. Department of Education to manage federal student loans, though its contract was not renewed in 2020. It also services private student loans. Great Lakes doesn’t lend money to borrowers — instead, it handles the day-to-day tasks of managing loan payments.
A Nebraska company announced Thursday that it has agreed to buy the student loan servicing arm of Madison-based Great Lakes Higher Education Corp. Nelnet, a publicly traded competitor, will buy the nonprofit corporation’s student loan servicing company, Great Lakes Educational Loan Services Inc., for $150 million.
Student loans don’t go away after 7 years. There is no program for loan forgiveness or loan cancellation after 7 years. However, if it’s been more than 7.5 years since you made a payment on your student loan debt and you default, the debt and the missed payments can be removed from your credit report.
The most important thing Great Lakes does is help you get into a manageable repayment plan that leads to the successful repayment of your federal student loans.
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.
FACT Lenders, like the U.S. Department of Education or banks, own your loan. Great Lakes is a student loan servicer and originator. … Accept and process your loan payments on behalf of the lender. Assist you as you pay back 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.
Great Lakes is a U.S. Department of Education federal student loan servicer. We help with student loan questions, repayment, consolidation, payment relief, and more.
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.
The PSLF Program was established to encourage individuals to work in public service by forgiving the remaining balance of their Direct Loans after they have made 120 qualifying payments while employed by a qualifying employer.
So get a clue, Great Lakes wants to help you with your loans, because that is how they get paid. If you default it goes to collections, your wages are garnished and tax returns are intercepted. The government tracks you by your ssn. These are your student loans and it is up to you to manage them.
Many borrowers receive a call from an unknown number with a promise to help them repay their student loans. You only need to provide some personal information and pay an upfront fee. … Many debt relief companies charge a fee when providing services that you can do yourself for free by contacting your loan servicer.