Mygreatlakes student loan: A loan servicer for both federal and private student loans is situated in Wisconsin and goes by the name of Great Lakes Educational Loan Services. It has agreements with around 6,000 educational institutions and 1,000 lenders, including the U.S. Millions of borrowers’ loans will be managed by the Department of Education.
What is the Mygreatlakes Student Loan?
Private student loans are managed by Great Lakes. It was originally one of nine businesses that had contracts with the United States. Despite the fact that its contract wasn’t renewed in 2020, the Department of Education will oversee federal student loans. As a result, Great Lakes will no longer service federal student loans in the future.
You might see your federal student loans transferred from Great Lakes to another servicer if you currently have a federal student loan with them. The terms of your loan won’t change, but you might use a different firm to receive payments. If you are impacted, Great Lakes or your new servicer will let you know in full.
Great Lakes manages the day-to-day operations of monitoring loan payments rather than making loans to clients. It also assists borrowers with any queries or problems they may have, delivers billing statements, handles payments, notifies the credit bureaus of account activity, monitors loan balances, and sends out billing statements. For instance, you would apply through Great Lakes if you needed to modify your payment schedule or request a delay or forbearance.
Why should you manage your student debts with Great Lakes?
One of the top student loan servicers in the nation, Great Lakes assists millions of students in funding their education and managing their debt.
Great Lakes offers entrance and exit counseling, loan repayment plans, the option to ask for a delay or forbearance, details on grants, scholarships, and private loans, as well as advice on how to graduate with less debt. Additionally, Great Lakes has committed to boosting the proportion of underprivileged students who enroll in and finish a postsecondary degree or certificate program through Community Investments.
Additionally, Great Lakes takes part in a number of environmental and outreach initiatives.
Options for Repaying Mygreatlakes Student Loan
Great Lakes accepts a number of payment options, including:
- Automatic Payment: Payments can be automatically withheld by Great Lakes from your bank account on the due date. By setting up autopay, you can save 0.25 percent on your interest rate on federal student loans. An autopay discount may also be available from some private student loan providers.
- Manual Online payments: Although you won’t receive the 0.25 percent interest rate discount, you can log into your account each month and make manual payments.
- Phone Call: 800-236-4300 to make a payment between the hours of 7 a.m. on Monday through Friday. to 9 p.m. CT. Callers from abroad can reach them at 608-246-1700.
- Bill Pay: If your bank provides this service, you can instruct them to transmit payments to Great Lakes. Set this up beforehand because payments could take a few days to process.
- Mobile App: Use the Great Lakes Mobile app, which is available for iOS and Android devices, to make or schedule payments and access information about your loans. Additionally, you can configure notifications so you never miss a payment.
- Mail: Money orders and checks can be mailed to Great Lakes. Include the billing statement payment insert with your check, and be sure to include the payment reference number.
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How is a Great Lakes Account Created?
Your Social Security number, birthdate, and complete name are required in order to create an online account with Great Lakes. A username, password, and personal identification number will subsequently be generated for you (which may later be used for identity verification). Keep these details in a secure location.
Great Lakes will want your address, contact information, and email address once you create an account. You can choose to get statements electronically or via mail.
Does Great Lakes Service Loans?
When you obtain a student loan, the lender assigns responsibility for managing your account and payments to a loan servicer. Once it is assigned to your account, which typically happens shortly after you get the funds, your servicer should get in touch with you.
From this point forward, all inquiries regarding your student loans should be directed to this servicer. You can typically find out which firm manages your loans by checking your credit reports or logging into your Federal Student Aid account if you’re unsure. To learn more, you can also call 1-800-4-FED-AID. Your loan may eventually be transferred by your lender to a different servicer, in which case the new servicer will get in touch with you and let you know about the move.
If you have a government Direct Loan, Great Lakes may be your loan servicer; however, it also services loans from private lenders.
Is there any Review Against Great Lakes?
Through the Consumer Financial Protection Bureau and the Better Business Bureau, which gave the loan servicer a B- score, more than 150 consumers have filed complaints against Great Lakes.
As a result of inaccurately reporting loan payments during the automatic government forbearance period that started in March 2020, the servicer is also addressing a class action complaint. Some payments that should have been recorded as if the borrower made them instead were instead reported as “delayed.” It’s possible that as a result, the credit scores of millions of Great Lakes account customers decreased.
You can obtain your credit reports and check to see if your loan payments have been reported accurately if Great Lakes services your loans. In case of errors, get in touch with the loan servicer.
Frequently Asked Questions
Is Great Lakes a federally backed loan?
The Great Lakes are a U.S. Federal student loan servicer under the Department of Education. They offer assistance with repayment, consolidation, payment relief, and other aspects of student loans.
For how long must I make student loan payments?
Depending on when you obtained your first loans, your monthly payments will be 10 or 15 percent of your discretionary income, but they won't ever be higher than they would have been under the 10-year Standard Repayment Plan. Your updated income and family size are used to adjust payments each year.
What is the rate of a student loan of $10,000 per month?
For example, a $10,000 loan with a 5-year term and a 13% annual percentage rate (APR) would need 60 $228 monthly payments. Depending on the APR, loan amount, and term chosen, the actual payment amount and year-end balance may change.
What might happen if I don’t make my student loan payments?
The government may withhold up to 15% of your salary or your tax refund if you don't make payments on your federal student loans. Even if it happens more frequently with private loans, you could still be sued.
Check your credit reports or sign in to your Federal Student Aid account to find out who the loan servicer is if you are unsure. For the duration of the loan, your loan servicer will be your primary point of contact. Get in contact if you require assistance accessing hardship programs or modifying your payment schedule.
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