Did you simply get a correspondence or email from an organization named Great Lakes Educational Loan Services, Inc.? In case you don’t know, Great Lakes is a student loan servicer authorized by the Office of Federal Student Aid (FSA or Federal Student Aid).
And the reason why they contact you has to be about some student loan. If you still don’t understand; we explain what Great Lakes student loans are.
It is likely that you do not understand what it is about and you need to clarify why you have been contacted. You may not have even heard of the Great Lakes, or borrowed money from them.
But if you have college children or you are the student, you should know that you could receive a communication from Great Lakes.
A strange name for a company? Perhaps, the truth is that it is a company dedicated to the administration of federal student loans. Officially endorsed by the United States Department of Education.
So, if you have been contacted by Great Lakes about it. You didn’t even know they existed or what they did. You better keep reading because there are some things you need to be aware of.
What is a student loan servicer?
A student loan servicer like Great Lakes is an institution endorsed and assigned by the United States Department of Education, when you apply for federal student loans.
In order to provide assistance in terms of the administration and payment of your loans. There are many credit servicers, for example, Great Lakes, FedLoan, MOHELA, Navient, CornerStone, OSLA Servicing, Granite State, or Nelnet; they are among the largest in the country.
Loan servicers will contact you after they begin receiving the federal student loan money you’ve applied for. Maintaining a good relationship with your loan servicer is recommended. As the relationship will last for years. It will be your interlocutor before the United States Department of Education. Since you may not have to make payments while you’re in college, your loan servicer will initially help you stay on top of your loan balance and the interest you’re accruing.
In addition, any changes you wish to make, such as returning funds you do not need, advance payment, agree or update payment plans, consolidate loans, deferments and forbearances; you’ll need to contact your loan servicer to agree. Keep in mind that you don’t get to choose the student loan servicer, they are assigned by the US Department of Education. After which the company contacts you.
What is Great Lakes?
Great lakes student loans, Inc. is a student loan servicer headquartered in Madison, Wisconsin; and since that place is part of the Great Lakes region, the company is named after him.
It provides the service of student loan administrator with reach to the entire United States.
It is one of the private companies dedicated to it with a contract and approval endorsed by the United States Department of Education to provide the service of its administrator with federal funds. Great lakes is also affiliated with Nelnet Diversified Solutions, LLC.
Holding that bought Great Lakes, and already managed US$192.6 billion in loan portfolio by 2018. Great Lakes transferred 17% of its student loan volume to you for the 2018-2019 academic years.
As of the close of March 2019, Great Lakes had disbursed $251.2 billion in student loans and have managed operations with more than 8 million borrowers.
How do you get assigned a student loan servicer?
It is a common doubt, when you realize that it has ended up being managed by a company not even known to you.
Student loan servicer assignment occurs after the US Department of Education processes your federal student loan or aid application, approves you, and pays the funds.
At that point, hand over your account. By assigning it to one of the student loan servicers we mentioned earlier, including Great Lakes.
Right at that time it is the loan servicer’s responsibility to contact you. This contact is usually made after you have received the first disbursement of your student loan.