A Complete Guide about Great Lakes Student Loans

Ever heard someone mention Great Lakes Student Loans and wondered, “What on earth is that?” Let’s break it down! Great Lakes isn’t referring to a scenic body of water; it’s actually one of the major players in the student loan industry. If you’ve got federal student loans, there’s a good chance you’re already dealing with—or have heard about—Great Lakes. But don’t worry, we’re here to help you understand it all!

Who is Great Lakes?

First things first—who is Great Lakes? Officially known as Great Lakes Educational Loan Services, Inc., they’re a student loan servicer. What does that mean, you ask? Essentially, after you take out a federal student loan, the Department of Education assigns your loan to a servicer to handle the nitty-gritty of managing your payments. Great Lakes is one of the biggest of these servicers!

Fun fact! They’ve been around since 1967 and are trusted with managing billions (yes, billions!) of dollars in student loans for millions of borrowers across the United States. That’s like handling the financial equivalent of a small country’s GDP—pretty impressive, right?

What Exactly Does a Student Loan Servicer Do?

Glad you asked! Think of Great Lakes as your middleman for student loans—a helpful one, not the annoying kind you can’t get rid of. They don’t actually lend you money (that’s the Department of Education’s job), but they handle things like:

Processing your monthly payments: Whether you pay online, via phone, or by mail, Great Lakes keeps your loan payments on track.
Helping with repayment plans: Not sure how you’re going to pay off your loan? They can help you explore repayment options like Income-Driven Repayment (IDR) plans.
Answering loan-related questions: Stuck on something? Their customer service team is there to help.
Providing Statements: They’ll send you reminders about payments, balances, and even interest rates.

Basically, they make sure everything runs smoothly. Or at least, that’s the goal!

What Types of Loans Does Great Lakes Handle?

Spoiler alert—it’s not just one kind. Great Lakes primarily handles federal student loans, which include:

Direct Subsidized Loans
Direct Unsubsidized Loans
Direct PLUS Loans (for parents and graduate students)
Direct Consolidation Loans

Notice a pattern? It’s all federal. If you have private student loans, Great Lakes won’t be your servicer.

How Do You Know If Great Lakes Is Your Loan Servicer?

Here’s a question that stumps many borrowers. If you’ve recently taken out a student loan and don’t know which servicer was assigned to you, don’t panic! Simply log into your account on the Federal Student Aid (FSA) website (studentaid.gov), and it’ll tell you who your loan servicer is. If you spot “Great Lakes” there, congrats—you’re in the right place.

Bonus tip! If you’ve just graduated or entered repayment recently, keep an eye on your email inbox and snail mail. Great Lakes will be sending you loan servicer notifications.

How Do You Make Payments with Great Lakes?

Now to the important stuff—how do you actually pay them back? Great Lakes gives you several ways to make your life easier:

Online Payments: Use their website or mobile app to set up one-time or recurring payments.
Phone Payments: Prefer using the old-fashioned method? Call their helpline and they’ll sort it for you.
Mail: Yes, snail mail still exists in 2024! You can send them a physical check if that’s your thing.

Pro tip! Setting up autopay can knock a little off your interest rate (usually 0.25%)—hello, savings!

What If You Can’t Afford Your Payments?

Life happens, right? Sometimes, things just don’t go according to plan, and you might struggle to make payments. Great Lakes offers several options in case you hit a rough patch:

Deferment or Forbearance: Temporarily pause payments (but beware, interest often still accrues).
Income-Driven Repayment Plans: Lower your monthly payment based on your income. Yes, they’re here to help!
Loan Consolidation: Combine multiple federal loans into one to simplify payment.

Whatever the issue, don’t go silent! Reach out to them early (like, right away) so they can help before things go south.

How Does Great Lakes Compare to Other Loan Servicers?

Here’s a tough question. With multiple loan servicers out there, why would anyone love dealing with Great Lakes? Well, here’s what borrowers seem to like:

Strong Customer Service: Many borrowers report positive experiences with their support team. (Call them—they’re actually helpful!)
User-Friendly Online Platform: Their website and app make tracking payments, seeing balances, and setting autopay a breeze.
Email and Alerts: They’re great about sending timely reminders and updates so you stay on top of your payments.

But like anything, they’re not perfect. Some borrowers have reported issues with payment processing or understanding their repayment plans. Still, compared to others, they tend to rank higher in satisfaction surveys.

What Should You Watch Out For?

Even good servicers like Great Lakes come with a few potential pitfalls. A couple of things to be mindful of:

Keeping Track of Interest Rates: While Great Lakes provides all rate info, it’s easy to lose track over time. Keep an eye on how much interest is accumulating—you don’t want any surprises!
Switching Servicers: Sometimes the Department of Education reassigns loans to new servicers. If Great Lakes is replaced, make sure everything transitions smoothly.

Does Great Lakes Still Service Federal Loans?

Here’s some recent buzz—Great Lakes has scaled down how many loans they service due to changes in federal contracts. While they still handle existing accounts, fewer borrowers are being assigned to them.

But hey, if Great Lakes isn’t your servicer, all the tips we’ve shared still apply to most federal servicers. (We got your back!)

Should You Create an Online Account with Great Lakes?

Absolutely, 100%. Managing student loans can already feel like climbing a mountain blindfolded. Creating an online account on the Great Lakes website or app lets you:

Check your current balance
Track payments
Download statements
Change repayment plans with just a few clicks

Seriously—it’ll save you tons of headaches.

How Do Great Lakes Loans Fit Into Your Financial Journey?

Great Lakes Student Loans are just a piece of the larger puzzle of financing college education. Whether you’re making payments, exploring repayment plans, or just getting started, Great Lakes aims to make it simpler—for better or worse.

Remember, student loans don’t have to be a lifelong burden. Take advantage of all the tools, assistance, and perks Great Lakes offers to manage and eventually crush that loan balance!

Key takeaway? Stay proactive with your loans. Oh, and don’t forget to set reminders for payments—or better yet, go autopay!

What Types of Loans Does Great Lakes Service?

Great Lakes services federal student loans. These include:

Direct Subsidized Loans

These loans are for undergraduate students who demonstrate financial need. The government pays the interest while you’re in school or during deferment periods.

Direct Unsubsidized Loans

Available for undergraduates, grad students, and professional students, these don’t require financial need—but you’re on the hook for all the interest.

Direct PLUS Loans

These are geared toward grad students or parents helping pay for their child’s education. Just remember—they often come with a higher interest rate.

Direct Consolidation Loans

If you’re juggling multiple student loans, consolidation lets you combine them into one loan for easier management.

Important to know? If you have private loans, Great Lakes doesn’t handle those. They’re strictly for federally issued loans!

How Do You Know If Great Lakes Manages Your Loan?

Curious if Great Lakes is your loan servicer? Here’s how you can find out:

Log Into Your Federal Student Aid (FSA) Account

Head to Studentaid.gov and log in with your FSA credentials. Once you’re in, you’ll see information about your loan servicer.

Check Your Loan Statements

If Great Lakes sends you monthly billing or updates about your loan, congratulations—they’re your servicer.

Call the Federal Student Aid Hotline

Not sure? Give them a shout at 1-800-433-3243.

If you’re assigned to Great Lakes, lucky you—they’re known for having excellent customer service. They even have handy online tools to help you manage your loans with ease!

What’s It Like to Work With Great Lakes?

Using Great Lakes is a pretty straightforward experience. Here’s what they bring to the table:

1. Online Payments Made Easy

Great Lakes has a user-friendly online portal where you can make payments, set up autopay, and track your progress. No more mailing checks—how convenient is that?

2. Customized Payment Plans

Struggling to keep up? Great Lakes can help you pick the right repayment plan, such as income-driven repayment (IDR) options, which adjust your monthly payment based on your income and family size.

3. Proactive Help If You’re Behind

Falling behind on payments? Don’t panic! Great Lakes offers deferment or forbearance options to temporarily pause or lower payments during tough times. They walk you through every step to ensure you understand your options.

4. Educational Resources

Not a loan expert? (Who is?) Great Lakes provides educational tools to help borrowers understand their loans, repayment plans, and strategies for staying financially healthy.

5. Exclusive Perks for Autopay

Tips for saving some cash—sign up for automatic payments and typically, you’ll score a 0.25% interest rate discount. Every bit counts!

What Are the Benefits of Great Lakes Student Loans?

There’s a lot to love about having Great Lakes as your loan servicer:

Transparency—Great Lakes clearly lays out your balance, interest rates, and repayment options. No financial surprises here!
Flexibility—With multiple repayment plans and easy consolidation options, Great Lakes adapts to your specific financial situation.
Helpful Support—Customer service? A+. Their reps are knowledgeable and eager to help you manage or understand your loans.
Tech Savvy—Their mobile-friendly website and app make managing your payments on-the-go a breeze. Paying loans in your pajamas? Yes, please.

Are There Any Downsides?

Like any loan servicer, there are occasional complaints. Some borrowers report delayed processing times for payments or confusion during loan transfers. However, for the most part, Great Lakes enjoys a good reputation. Just make sure to stay proactive—watch your account closely to catch any errors early.

How Can You Make the Most of Your Great Lakes Account?

Here are some pro tips to maximize what Great Lakes offers:

Set Up Autopay. This ensures you never miss a payment—and remember, you’ll get that sweet interest rate discount!
Explore Repayment Plans. Not every repayment plan is one-size-fits-all. Play around with the options and find one that works for you.
Use Their Tools. Great Lakes provides calculators and budgeting tools to help you plan for repayment success.
Check in Regularly. Keep tabs on your account to ensure all payments are being applied correctly.

What Happens If Great Lakes Transfers Your Loan?

Transfers are common in the world of loan servicing. If your loan is transferred from Great Lakes to another servicer (e.g., Nelnet or MOHELA), here’s what to keep in mind:

You’ll be notified ahead of time by both Great Lakes and your new servicer.
Your loan terms won’t change—it’s just a transfer of who manages it.
Be sure to update your payment method and familiarize yourself with the new servicer’s portal.

Why Use Great Lakes Over Other Servicers?

Not all loan servicers are created equal. Great Lakes stands out for its commitment to borrowers, earning praise for their technology, customer support, and ease of access. While they follow federal rules just like other servicers, their added support tools and friendly demeanor make them a favorite among borrowers.

How Can You Get Started With Great Lakes?

Think Great Lakes is your servicer or have loans you need help with? Simply head over to their site at mygreatlakes.org and sign up for an account. From there, access everything from payment history to personalized loan advice. The best part? It’s all free to use.

Final Thoughts

Now that you know what Great Lakes Student Loans are and how they work, you’ve got the power to tackle your loans confidently! Whether you’re ready to start repaying, want help with repayment plans, or just want to make the most of what Great Lakes offers, this is your go-to guide.

Got questions? We’d love to hear them in the comments!

What Are Great Lakes Student Loans?