Great Lakes Student Loans 2020-2021 Great Lakes Student Loan login, Phone Number https://mygreatlakes.org/educate/login.
Great Lakes Student Loans
The Great Lakes Educational Loan Services is a federal loan servicer that works provides loans to millions of students from over 6000 schools in the US. Even though Great Lakes is a federal loan servicer, it issues loans to some students privately. In the US, 11 companies have been selected to handle student loans. Great Lakes is one of these companies and manages approximately 40% of student loan debts in the US. The company offers the following types of loans:
- The Direct PLUS
- Direct subsidized
- Consolidation Direct
- Direct unsubsidized
Services provided to lenders by Great Lakes
Students in need of loans are not given options to choose a loan service provider. After one applies for student loans, the Department of Education assigns a loan service provider to manage their account. A significant number of students are usually assign Great Lakes as their loan service provider each year. The company contacts the respective students assigned to it after the students receive their first payment. All issues about these student loans are then handle by Great Lakes till the lenders make their last payment.
Often, students do not have to contact Great Lakes since they are only require to pay student loans after completing their studies. During the payment period, lenders may have various inquiries. In the payment period, Great Lakes helps lenders in the following ways:
- The company provides customer support services to lenders who want to make payments via their various platforms and answers any queries they have.
- In cases where lenders are unable to repay the loans according to the stipulated installments, Great Lakes helps them apply for alternative payment methods. Depending on the income earned by applicants, the size of their families, and other circumstances, their monthly payments are significantly reduce to suit their situations.
- Great Lakes advises lenders to consolidate their payments and simplify the payment plans if necessary. If consolidation is deemed fit, the company guides lenders through the consolidation process.
- In instances where lenders cannot afford to make the monthly payments, Great Lakes helps them defer or forbear their payments. Lenders are eligible for payment deferment or forbearance in circumstances such as abrupt job loss or severe illness.
- Great Lakes helps eligible lenders to acquire loan forgiveness. Lenders who have been employee full-time by non-profit organizations or federal agencies can contact Great Lakes to apply for Public Service Loan Forgiveness (PSLF). Great Lakes shall then reallocate their loans to FedLoanServicing. FedLoanServicing is the servicer that is responsible for handling PSLF requests.
Great Lakes Student Loan
All of the services listed above are offered free of charge. However, if you need to make loan payments, Great Lakes provides a variety of platforms:
- Via phone
- Through MyGreatLakes mobile app
- Mailing a check to the Great Lakes headquarters located in Madison, Wisconsin
For over 50 years, Great Lakes has provided federal student loans services to millions of students in the US. However, the company shall no longer be providing these services as of December 2020 because of the government’s various changes in student loan repayment. Lenders who benefit from Great Lakes as their student loan servicer shall be assigned new student loan servicers.