What Is Great Lakes Student Loans? (Solution found)

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 nearly 15% of all federal student loan accounts.

Is Great Lakes student loans legit?

Why? Great Lakes is, indeed, a legit company. In fact, they might even be your student loan servicer.

What type of student loan is Great Lakes?

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.

Are Great Lakes student loans government 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.

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Is Great Lakes the same as Nelnet?

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.

Is Stafford Loan Federal?

Stafford loans are a type of federal student loan that are either subsidized – the government pays the interest while you’re in school – or unsubsidized – you pay all the interest. To receive a subsidized Stafford loan, you must be able to demonstrate financial need.

Should I just pay off my student loans?

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.

Do student loans go away after 7 years?

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.

Is Great Lakes part of Navient?

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.

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Did Great Lakes get bought out?

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.

Is Great Lakes loans a federal loan?

How Great Lakes Can Help You With Your Student Loans. 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.

What kind of loans are Great Lakes?

Great Lakes is a student loan servicer and originator. We’re the connection between you and the lender. Part of what we do is: Monitor your school enrollment and status while you’re in school.

What is a Stafford student loan?

Program Description. Direct Stafford Loans, from the William D. Ford Federal Direct Loan (Direct Loan) Program, are low-interest loans for eligible students to help cover the cost of higher education at a four-year college or university, community college, or trade, career, or technical school.

Is Nelnet and Navient the same?

Federal student loan servicers, such as Nelnet and Navient Corp., are companies that collect payments, respond to customer service inquiries and perform other administrative tasks on behalf of the U.S. Department of Education.

Is Sallie Mae and Nelnet the same?

Two names that come up often when talking about student loans are Sallie Mae and Navient. Many people get confused over whether they’re the same company or not. Here’s the fast answer: No, but they used to be. These days, they are two separate companies.

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Why Do Great Lakes call me?

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.

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