Great Lakes Educational Loan Services is a student loan servicer with over 5 million borrowers. The company has been in business for over a decade and serves over 1,000 colleges and universities across the US. Great Lakes offers a variety of loans, including federal and private options.
The company helps borrowers manage their student debt by providing repayment plans, account information, customer service, and more. If you have questions about whether or not the Great Lakes is real or fake, read on to learn more.
About Great Lakes Educational Loan Services
Great Lakes Educational Loan Services is a student loan servicer that helps students manage their student loans. It is a federal student loan servicer owned by the U.S. Department of Education. It provides services for more than 5 million borrowers throughout all 50 states, Puerto Rico, and the Virgin Islands.
Great Lakes Educational Loan Services has provided educational and financial aid to millions of students over the years of its existence by helping students navigate the many facets of paying back their educational debts after graduation. Great Lakes Educational Loan Services also provides information on how to pay off your debt early or in small payments so you can save on interest costs while still meeting your financial obligations without falling behind on payments or incurring penalties from late fees or skipped installments.
What Is Great Lakes Educational Loan Services?
Great Lakes Educational Loan Services is a student loan servicer, which means they are responsible for administering your federal student loans. They are also private loan servicers and direct loan servicers. As an educational loan servicer, Great Lakes will assist you if you need help making payments on your federal student loans. Many borrowers who have questions about their federal student loans will find answers through the company website or by calling their customer service number (800-236-8800).
Is Great Lakes Federal or Private?
Great Lakes is not affiliated with any government agency and is a privately owned company. The company was founded as a student loan servicing company by a former Technical Sergeant in the US Air Force, Morris Kleinman. He wanted to help military service members pay for college after his experience as an undergraduate at Penn State University. There are many reasons why you might want to consider applying for one or the other of these types of student loan programs.
Is Great Lakes Students Loan Real or Fake?
Great Lakes is a real student loan servicer that can help you manage your federal, private, and/or Parent PLUS loans. It’s important to note that Great Lakes is not an actual lender but rather a third-party company responsible for collecting payments on behalf of lenders such as Sallie Mae, Nelnet, and Discover Financial Services (formerly known as Discover Student Loans).
Federal: If you have federal loans, Great Lakes will collect your money each month and disburse it to your lender (the government) when necessary.
Private: If you have one or more private loans through a bank or credit union, these companies typically contract with a third-party vendor like Great Lakes to collect on their behalf. Even though you get your monthly statement from one of these institutions in the mail, any payments are made directly through this company.
Federal & Private Combined: If both Feds & Private combined make up most of your debt load, say around 60%+ then chances are good that all three parties mentioned above will be involved in some way with garnishing funds from your account(s) at some point during repayment.
Loan Repayment Options
The repayment options for a student loan are based on the type of loan and your employment status. Your payment options may also be affected by the amount you borrow, your repayment term, and the type of student aid you receive. The main payment plans include:
Graduated payments: These start out low and increase over time. This can help you build up some savings while still making payments on time. The maximum period is ten years with Stafford loans; 15 years for Subsidized Direct Unsubsidized; 20 years for Consolidation Perkins Loans; 25 years for PLUS Loans (Parent Loan for Undergraduate Students); 30 years for Federal Direct Consolidation Loans.
Extended repayment: Payments are not made during the first three months after graduation or leaving school before graduation so that students who have not yet found full-time work can pay off their loans gradually. After those three months, monthly payments will steadily increase until they reach an amount equal to 10% of discretionary income every year until all remaining balance has been paid off.
Loan Servicing and Student Account Information
When you take out a loan, the federal government appoints Great Lakes as your servicer. The “servicer” of your federal student loans is the party that will take care of billing and sending statements, communicating with you about repayment options, managing deferment, and forbearance, and dealing with any issues that happen along the way. The servicer may also be responsible for collecting payments from you or sending payments on your behalf if necessary (this is called “loan servicing”).
Great Lakes acts in multiple roles as a student loan servicer: they’re both responsible for billing and payment collection, so if something goes wrong with your account, like missing payments or defaulting on loans, they’ll be involved in resolving it; they may also help fix mistakes made by other parties who should have been handling those tasks (like an employer who didn’t report a change in employment status).
Rates, Fees, and Forgiveness
Great Lakes is a real student loan servicer that can help you manage your student loans. Great Lakes offers a variety of repayment options and student loan forgiveness programs, which you can take advantage of as a student with an outstanding student loan.
Customer service is so vital in business that it cannot be disregarded, especially when it comes to student loans. In the case of Great Lakes Student Loans, you can expect a responsive and helpful team that will assist you with any questions or concerns that you may have. You can reach them by phone during business hours, by email, or through a live chat function on their website. Great Lakes supports customers through its online resources section and FAQs on online payment options.
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