You might have just received word that your loans were moved to Great Lakes. We’ve compiled some frequently asked questions and responses to help you navigate the transfer process because we know you might have a lot of questions.
How Great Lakes Can Help You With Your Student Loans. Great Lakes is a U.S. Department of
federal student loan servicer.
Who is Great Lakes?
Choosing Great Lakes as its student loan servicer, the U S. Department of Education (ED) to service your federal student loans. We keep you informed about your loans and assist you in managing their repayment. We are your main point of contact for inquiries regarding your loans because we are your servicer.
It’s possible that another servicer is handling your other student loans. By creating an account on our website and logging in to view your Account Summary, you can learn more about which loans Great Lakes services are available. Visit StudentAid to view all of your federal loans, including those with different servicers. gov . Your account in StudentAid. Within seven to ten days after your loans are transferred, gov ought to be updated to reflect your updated servicer information.
Why were my loans transferred?
ED contracts with several servicers, like Great Lakes, to help students like you successfully manage your loans. ED chose us to service your loans. Depending on how many loans you have, you might still have loans with another servicer.
Is there anything I need to do?
If you haven’t already, the best thing you can do is register for account access. It’s the simplest way to view your account balance and interest rate, calculate payments, look over available help options, and keep your current contact information up to date. If you’re visiting our website for the first time, there are many resources available for you.
In order for us to credit your account, you must also ensure that you continue to pay Great Lakes. The best way to manage your student loans is to sign up for Auto Pay with Great Lakes. Be sure to change your settings to have payments sent to Great Lakes if you used a bill-pay service to pay these loans with your prior servicer.
Why does my old servicer still show that I have the same loan account with them?
Each individual’s system update takes some time. It may appear for a short time that you have the same loan with both Great Lakes and your previous servicer. Please be patient while everyones records are updated.
Seven to ten days after your loan transfer, you can log into StudentAid.gov to view all of your loans. This will help you keep track of how much you owe, who to send payments to, and who to contact with questions.
What happens to the payment I recently sent to my previous servicer?
You will send any payments you made to your former servicer to us so that we can apply them to your account and date them to the time your servicer received the payments. Please be patient as it could take a few weeks for all of your payments and paperwork to be processed.
Did the transfer affect my repayment plan?
No, the transfer does not change your repayment plan. The only modification is that you must now pay Great Lakes.
What if I had automatic payments or bill pay set up with my previous servicer?
You probably didn’t need to do anything if you had automatic payments set up with your previous servicer because your automatic payment information was transferred. The table below explains each situation. Log in to see your Account Summary to see if your accounts have been transferred.
| You had automatic payments set up with your previous servicer and you have… | Now with Great Lakes you need to… |
|---|---|
| No loans with Great Lakes that are in repayment. | Do nothing—your automatic payment information transferred and your monthly loan payments will be withdrawn automatically with Great Lakes Auto Pay. |
| Loans with Great Lakes in repayment that are on Auto Pay. | Do nothing—your automatic payments from your previous servicer will be added to the Great Lakes Auto Pay that you already had set up. |
| Loans with Great Lakes that arent on Auto Pay. | Sign up for Great Lakes Auto Pay to begin making automatic payments. |
Great Lakes Auto Pay is free and simple to use. When you use Auto Pay to make your payments, your lender might even lower your interest rate. Set it up now.
To start sending payments to Great Lakes, you must update your account information if you use a bill-pay service. Your payment schedule contains all the details you require.
Does the transfer change the terms of my loan?
No. The transfer has not affected your loan’s balance, interest rate, or repayment period.
Does the transfer affect my eligibility for forbearance, deferment, or forgiveness?
Your eligibility for any deferment, forbearance, or forgiveness options did not change because your loan status (such as in school, repayment, or deferment) was transferred with your loans. After we have received all of your information, which could take a few weeks, we will get in touch with you to discuss any necessary next steps.
Who will send me my 1098-E?
After the transfer, we will send you a 1098-E for the interest you paid to us. For the interest you paid while they were servicing your loans, your previous servicer ought to have sent you a 1098-E. You can calculate the total interest you paid for the year by adding the sums together.
Who do I contact for help?
You can get in touch with us whenever you have more questions; we’re happy to help.
Send us a message if you have a social media account and a question. Were here to help. You can chat with us a few ways:
To contact a representative, you can also log in or go to our Contact Us page.
Did you enjoy this topic? Share!
Great Lakes Educational Loan Services, Inc. 2401 International Lane Madison, WI 53704 Toll-free: (800) 236-4300.
FAQ
How do I know if my student loans are private or federal?
1. Your federal loan applications, billing statements, and promissory notes should all have the name of the applicable federal loan program at the top of the document. Federal loan programs include the William D.
Is Great Lakes Higher Education a federal loan?
Great Lakes is a student loan servicer that was selected by the U.S. S. Department of Education (ED) to service your federal student loans. We keep you informed about your loans and assist you in managing their repayment.
Are Great Lake student loans being forgiven?
Your remaining Direct Loan balance will be forgiven by Public Service Loan Forgiveness with Great Lakes PSLF once you’ve: Made 120 qualifying payments Made the payments under a qualifying student loan repayment plan. when you made the 120 payments, you were employed full-time by an acceptable employer.
Is Great Lakes borrower private?
A reminder that Great Lakes is a loan servicer and not a lender of either private or government loans Since the business manages both private and government loans, once you begin making payments with Great Lakes, your loan’s type won’t change.