Question: What Is Great Lakes Educational Loan Services?

Great Lakes Educational Loan Services is a Wisconsin-based loan servicer for both federal and private student loans. It contracts with more than 6,000 schools and 1,000 lenders — including the U.S. Department of Education — to manage loans for millions of borrowers.

Is Great Lakes Educational loan Services Legitimate?

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

What is great lakes student 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.

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.

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Can you go to jail for not paying student loans?

Can You Go to Jail for Not Paying Student Loan Debt? You can’t be arrested or sentenced to time behind bars for not paying student loan debt because student loans are considered “civil” debts. This type of debt includes credit card debt and medical bills, and can’t result in an arrest or jail sentence.

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.

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.

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.

What is the direct Stafford loan interest rate?

The current interest rates (first disbursed on or after July 1, 2021, and before July 1, 2022) for Direct Subsidized and Direct Unsubsidized Loans are 3.73% (Undergraduate Student) and 5.28% (Graduate or Professional Student). The interest rates are fixed for the life of the loan.

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Are 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.

Did Great Lakes get bought out?

If Great Lakes is your loan servicer, here is what you need to know. Due to the government’s new Next Gen Business Process Operations initiative, Great Lakes and its parent company Nelnet will no longer service federal student loans after December 2020.

Who bought out Nelnet?

FACTS Management bought out RenWeb in June 2014. RenWeb is a provider of an online school management program, which is mostly used in the private school market at over 3500 schools.

Is Great Lakes student loan federal or private?

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.

Is nelnet part of the Department of Education?

Nelnet is a federal student loan servicer working on behalf of the U.S. Department of Education, the government agency that lends you or your child student loans.

Why are my student loans in forbearance?

You can request a general forbearance if you are temporarily unable to make your scheduled monthly loan payments for the following reasons: Financial difficulties. Medical expenses. Change in employment.

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