Wondering What Is Happening With Great Lakes Student Loans? You’re not alone. If you’ve been making payments or managing your loans through Great Lakes, you might have noticed some big changes recently.
As a former student loan borrower myself, I’ve been through the confusion of shifting servicers and unclear updates. When I first logged into MyGreatLakes and saw the notifications about servicing transitions, I had more questions than answers.
In this post, I’ll walk you through the latest developments, what they mean for you, and how to stay on top of your loans—even if MyGreatLakes is no longer your loan manager. Let’s dive in!
The Big Shift: Great Lakes Merges with Nelnet
Curious about what is happening with Great Lakes student loans? The biggest news is that Great Lakes Educational Loan Services stopped servicing federal student loans in June 2023.
After being acquired by Nelnet in 2018, Great Lakes’ entire loan portfolio was transferred to Nelnet Federal Student Loan Services. This shift affected millions of borrowers who now deal with Nelnet for payments and support.
- Why the change? Nelnet, a major player in loan servicing, took over to streamline operations.
- What’s the impact? Your loan terms, interest rates, and balances remain unchanged.
- What to do? Create a new Nelnet account, as your Great Lakes login won’t work.
This transition was completed by mid-2023, and borrowers should have received notifications about the switch. If you missed them, check your StudentAid.gov account to confirm your servicer. The move to Nelnet is a done deal, so let’s explore how it affects your loan management.
Managing Your Loans Post-Transfer
Now that what is happening with Great Lakes student loans involves Nelnet, you need to know how to manage your loans. Your Great Lakes account might show as “closed” or “paid in full,” but don’t panic—this just means the account transferred. Nelnet now handles your payments, repayment plans, and customer service.
Here’s how to get started with Nelnet:
- Set up a Nelnet account: Visit Nelnet.com to create a new profile.
- Check your loan details: Log into StudentAid.gov to verify your servicer and balance.
- Enroll in auto-debit: Nelnet offers a 0.25% interest rate reduction for automatic payments.
- Contact Nelnet: Call 888-486-4722 for questions or support.
| Action | Details |
|---|---|
| Create Nelnet Account | Use your new Nelnet account number, sent via email or mail. |
| Payment Options | Pay online, by phone, mail, or through your bank’s bill pay. |
| Customer Service Hours | Monday: 8 a.m.–9 p.m. ET; Tuesday–Wednesday: 8 a.m.–8 p.m. ET; Thursday–Friday: 8 a.m.–6 p.m. ET. |
| Auto-Debit Benefit | 0.25% interest rate reduction when enrolled. |
If you’re struggling, Nelnet can help with income-driven repayment (IDR) plans or forbearance options. Stay proactive to keep your loans in good standing with Nelnet.
Potential Issues and How to Address Them
Confused about What Is Happening With Great Lakes Student Loans? when things go wrong, Some borrowers faced hiccups during the transfer. For example, one Reddit user reported their balance jumping from $68,000 to $76,000 after the switch to Nelnet, possibly due to a processing error. Others have complained about autopay being disabled or IDR applications delayed.
Here’s how to tackle common problems:
- Balance errors: Provide bank statements or payment confirmations to Nelnet.
- Autopay issues: Re-enroll in auto-debit through Nelnet’s website.
- IDR delays: Contact Nelnet and keep records of all communications.
- Credit reporting errors: Dispute inaccuracies with credit bureaus if payments were misreported during the 2020 forbearance.
If Nelnet can’t resolve your issue, escalate it to the Federal Student Aid Ombudsman or file a complaint with the Consumer Financial Protection Bureau. Document everything to protect your financial standing.
Forgiveness and Repayment Options
Still wondering What Is Happening With Great Lakes Student Loans? regarding forgiveness, Since Nelnet now services these loans, you can pursue forgiveness programs like Public Service Loan Forgiveness (PSLF) or Teacher Loan Forgiveness through them. However, PSLF applicants will need to transfer to MOHELA, the designated PSLF servicer.
Here’s a quick overview of forgiveness options:
- PSLF: Requires 120 qualifying payments while working for a nonprofit or government employer.
- Teacher Loan Forgiveness: Up to $17,500 for math, science, or special education teachers after five years.
- IDR Forgiveness: Remaining balance forgiven after 10–25 years on an IDR plan, though taxable.
To apply, contact Nelnet or visit StudentAid.gov. For PSLF, submit an Employment Certification Form to move to MOHELA. Forgiveness programs can be complex, so stay informed and act promptly.
Conclusion
As we’ve explored What Is Happening With Great Lakes Student Loans?, it’s clear the transition to Nelnet is the key change for borrowers. Your loans are still manageable, but you’ll need to adapt to Nelnet’s systems and stay vigilant about potential errors.
By setting up a Nelnet account, checking your balance, and exploring repayment or forgiveness options, you can keep your loans on track. Have questions or concerns? Reach out to Nelnet or visit StudentAid.gov to take control of your student loan journey today!
