Wondering who took over Great Lakes Student Loans? You’re not alone—millions of borrowers have been navigating this change. When Great Lakes, a major student loan servicer, exited the business, it left many wondering about their loan management. If you used MyGreatLakes to track or pay your loans, you’ve probably noticed some big shifts lately.
I’ll walk you through the transition, who’s handling your loans now, and what it means for you. Let’s dive into the details to keep your repayment on track.
The Great Lakes to Nelnet Transition Explained
When it comes to Who Took Over Great Lakes Student Loans?, the answer is Nelnet. In 2018, Nelnet acquired Great Lakes Educational Loan Services for $150 million, but the full transition of loan servicing didn’t wrap up until June 2023. This wasn’t just a name change—Great Lakes stopped servicing federal student loans entirely, and Nelnet became the new point of contact for borrowers.
This shift was part of a broader move by the U.S. Department of Education to streamline loan servicing. Great Lakes, once a powerhouse managing over $224 billion in loans for 7.5 million borrowers, merged its operations with Nelnet, which now services 42% of federal student loan debt. If your loans were with Great Lakes, you likely received a notice about the transfer, along with a new Nelnet account number.
- Why the change? The Department of Education aimed to centralize and simplify loan repayment processes.
- What stayed the same? Your loan terms, interest rates, and balance remain unchanged.
- What’s different? You now manage payments and contact Nelnet instead of Great Lakes.
This transition was seamless for many, but some borrowers faced hiccups, like credit reporting errors during the COVID-19 forbearance period. Let’s explore what this means for you next.
Summary: Nelnet fully took over Great Lakes’ loan portfolio by June 2023, centralizing federal loan servicing under one provider.
How the Nelnet Takeover Affects You?
Curious about who took over Great Lakes Student Loans and what it means for your repayment? The shift to Nelnet requires some adjustments, but it’s manageable with the right steps. Your Great Lakes account may now show as “closed” or “paid in full,” but don’t panic—this just means your loans moved to Nelnet, not that they’re settled.
You’ll need to create a new Nelnet account since your Great Lakes login credentials won’t work. Here’s how to get started:
- Visit Nelnet’s website: Head to Nelnet.com/transfer for transfer details.
- Set up your account: Use your new account number to register online.
- Update payment preferences: Auto-debit with Nelnet offers a 0.25% interest rate reduction.
- Download payment history: Save your Great Lakes payment records before the portal shuts down.
If you’re on an income-driven repayment plan or pursuing Public Service Loan Forgiveness (PSLF), Nelnet will handle these programs. However, PSLF candidates may have their loans transferred to FedLoan Servicing. Always double-check your servicer on StudentAid.gov.
Common Challenges and How to Address Them
Navigating Who Took Over Great Lakes Student Loans? can come with challenges. Some borrowers reported issues during the transition, especially with credit reporting.
In 2020, a class-action lawsuit claimed Great Lakes misreported loans as “deferred” during the CARES Act forbearance, causing credit score drops for nearly 5 million borrowers. Nelnet has since worked to correct these errors, but it’s worth checking your credit report.
Here’s a quick table to guide you through potential issues:
| Issue | Solution |
|---|---|
| Credit score drop from misreporting | Contact Nelnet at 888-486-4722 and dispute errors with Equifax, TransUnion, or Experian. |
| Missing transfer notification | Log into StudentAid.gov to confirm your servicer and account details. |
| Auto-payment not transferred | Set up new auto-debit with Nelnet to avoid missed payments. |
| Trouble accessing payment history | Request records from Nelnet or download from Great Lakes before it’s gone. |
If you can’t resolve an issue with Nelnet, contact the Federal Student Aid Ombudsman or, for private loans, the Consumer Financial Protection Bureau. I’ve seen borrowers stress over these hiccups, but proactive steps like checking your account status can save you headaches.
Tips for Managing Your Loans with Nelnet
Now that you know Who Took Over Great Lakes Student Loans?, let’s focus on managing your loans with Nelnet. The process mirrors what you did with Great Lakes, but there are a few tricks to make it easier. Nelnet offers multiple ways to stay on top of your payments and avoid surprises.
- Explore repayment options: Nelnet supports income-driven plans, deferment, and forbearance.
- Use the Nelnet portal: Track your balance, payment history, and upcoming payments online.
- Contact Nelnet early: Reach them via phone (888-486-4722), email, or social media for quick help.
- Beware of scams: Avoid unofficial sites posing as Great Lakes, like greatlakes.me, which may be fraudulent.
I recommend setting up auto-debit to snag that interest rate reduction—it’s a small win that adds up. Also, keep your contact info updated with Nelnet to avoid missing important notices. If you’re unsure about your loan status, StudentAid.gov is your go-to for verifying details.
Conclusion
Understanding Who Took Over Great Lakes Student Loans? is key to staying in control of your repayment journey. Nelnet’s takeover means you have a new servicer, but your loan terms remain the same.
By setting up your Nelnet account, checking your credit, and exploring repayment options, you can navigate this change with confidence. Visit Nelnet.com or StudentAid.gov today to ensure your loans are on track—don’t let the transition catch you off guard!
