Did you just receive a correspondence or email from a company 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 some student loan. If you still don’t understand; we explain what are great lakes student loans.
It is likely that you do not understand what it is about and you need to clarify why you have been contacted. Maybe you haven’t even heard of Great Lakes, nor have you borrowed money from them.
But if you have university children or you are the student, you should know that you could receive a communication from Great Lakes.
So if you have been contacted by Great Lakes for a student loan and 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 loan servicers, What Great Lakes, FedLoan, MOHELA, Navient, CornerStone, OSLA Servicing, Granite State or Nellnet; 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.
It is recommended to maintain a good relationship with your loan servicer, as the bond 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 Initially, it will help you to be aware of the balance of your loan and the interest that you accumulate.
Keep in mind that you can’t choose the student loan servicerInstead, they are assigned by the US Department of Education, after which the company contacts you.
What is Great Lakes?
Provides the service of student loan servicer with coverage throughout the United States.
It belongs to private companies dedicated to student loans with contract and approval endorsed by from the United States Department of Education to provide the service of student loan servicer with federal funds.
It is also affiliated with Nelnet Diversified Solutions, LLC. Holding you bought Great Lakes, and already managed US$ 192.6 billion in loan portfolio for 2018.
Great Lakes transferred to him for the academic period 2018-2019, 17% of his volume of student loans.
For the end of March 2019, Great Lakes had paid US$ 251.2 billion in student loans and has 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 your student loan 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. Assigning it to one of the student loan servicers of which we already mentioned before, among them Great Lakes.
Right at that moment it is the responsibility of the loan servicer contact you. This contact is usually made after you have received the first disbursement from your student loan.
You are not involved in the assignment of the loan servicer, nor do you have a say in who you are assigned to.
Beware of student loan scams
It may be assigned to you Great Lakes, because it is one of the student loan servicers most important and one of the most assigned accounts.
It is very important that you be careful as there are a lot of student loan scam attempts out there.
It is possible that third parties or fake companies contact you with claims about the status of your loan or other issues to ask for personal information, bank details and take advantage of you.
There are other companies that offer to relieve your debt of student loan with the sole intention of collecting assistance that is actually free and unnecessary (deferrals or reduction of payments).
Partner with Great Lakes
bearing to Great Lakes like you student loan servicer, you will be accompanied by one of the best companies in the industry.
It will be your contact to resolve issues related to your federal student loan from the first invoice, until you make the last payment and receive your cancellation letter.
Even when in principle you do not have to pay, you have them at your disposal to make inquiries, answer questions or check balances.
When you start the payment or amortization period of the student loan you can lean on Great Lakes for:
- get help on what to do if you find yourself having trouble paying.
- Agree payment plan changes. This includes being able to adapt the plan according to your income.
- If you need postponement or forbearance you must apply to Great Lakes. They may agree to a temporary suspension or reduction of payments.
- If you need consolidate your student loans, get in touch with Great Lakes who will provide you with adequate advice to complete the process.
It is important to be attentive to the correspondence or emails that he sends you Great Lakes. The information can be sensitive and even a timely solution to a possible problem to avoid delays or delinquencies.
How to contact Great Lakes?
If you wish contact your loan servicer for some reason, you will be able to do it through these safe means:
- Logging in in your account Great Lakes online, where you can view and manage your student loans.
- By calling (800) 236-4300 Monday through Friday from 7 am to 9 pm Central Time.
- Complete the online form found on the website of Great Lakes to request contact via email.
- If you are one of those who use fax, you can communicate through: (800) 375-5288.
- Mail via postal service to Great Lakes, PO Box 7860, Madison, WI 53707-7860.