Is Great Lakes a federal student loan?

Keep in mind: As a loan servicer, Great Lakes is neither a private nor a federal loan. The company actually services both private and federal loans, so the type of loan you have won’t change once you start paying it off with Great Lakes.

Is Great Lakes federal or private loans?

Great Lakes is a U.S. Department of Education federal student loan servicer. We help with student loan questions, repayment, consolidation, payment relief, and more.

Is Great Lakes a federal student loan company?

As a federal loan servicer, Great Lakes’ goal is to help you understand all of the options available to you as you repay your student loan. When you succeed, we succeed. As your servicer, we’re here to help you with anything related to your student loans.

What kind of student loan is Great Lakes?

Who is Great Lakes? Great Lakes is a student loan servicer who was chosen by the U.S. Department of Education (ED) to service your federal student loans. We keep you up-to-date with information about your loans and help you manage paying them back.

THIS IS USEFUL:  Can you be a walk on in college football?

How do I know if my student loan is federal or private?

Review your billing statement. For federal student loans, the top of a student loan bill will have the name of your student loan servicer and the name of your federal student loan program. For private student loan bills, you’ll see the name of your private lender on the bill instead.

Is Great Lakes student loans being forgiven?

Nelnet and Great Lakes, which are part of the same company and collectively service federal student loans for approximately 13 million student loan borrowers, may no longer service federal student loans after December 2020.

Is Great Lakes still servicing student loans?

Due to the government’s new Next Gen Business Process Operations initiative, Great Lakes and its parent company Nelnet will no longer service federal student loans after December 2020. If Great Lakes is your current loan servicer, The Department of Education will assign you a new loan servicer.

Is Stafford loan Federal?

Stafford loans are a type of federal student loan that are either subsidized – the government pays the interest while you’re in school – or unsubsidized – you pay all the interest.

How do I get rid of Great Lakes loan?

The Public Service Loan Forgiveness (PSLF) Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer. Learn more to see whether you might qualify.

Who bought Great Lakes student loans?

On February 7, 2018, Nelnet announced that it had completed the acquisition of Great Lakes Educational Loan Services, Inc.. The loan servicing operation is now a fully owned subsidiary of Nelnet, the combined company now servicing 42% of the total federal student loan debt.

THIS IS USEFUL:  Best answer: How much is ECU tuition a year?

Is Great Lakes student loans legitimate?

Great Lakes is, indeed, a legit company. In fact, they might even be your student loan servicer.

Is Great Lakes student loans part of Navient?

Can you separate myth from fact? Great Lakes, FedLoan Servicing, Navient, and Nelnet are student loan servicers. They’re the connection between you and the lender. For federal student loans, the interest is determined by the Higher Education Act as enacted and amended by Congress.

Is AES a federal loan?

American Education Services (AES) is a federal loan servicer that processes FFEL loans. While the FFEL program was discontinued, AES still handles borrowers in repayments, and it also services some private student loans for other lenders.

What is considered a federal student loan?

Federal student loans are made and funded directly by the federal government. To apply, you need to complete the Free Application for Federal Student Aid (FAFSA). Sometimes referred to as non-federal or alternative loans, private student loans are made and funded by private lenders, such as banks and online lenders.

Are all student loans federally backed?

With the canceling of the Federal Family Education Loan Program in 2010, all Federally guaranteed student loans reverted back to the U.S Department of Education. Federally funded student loans are now administered through the William D. Ford Federal Direct Loan Program .

Was Sallie Mae a federal loan?

All new Sallie Mae loans are private. But if you took out a Sallie Mae loan before 2014, it might have been a federal loan and is likely now serviced by Navient. Sallie Mae started off under the federal government and provided loans through the Federal Family Education Loan program, or FFEL.

THIS IS USEFUL:  Can international students get SSN?