Are Great Lakes loans real?
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.
Is Great Lakes a student loan lender?
Along with its parent company Nelnet, Great Lakes is one of the largest federal loan servicers, managing over 40% of the outstanding debt held by student loan borrowers.
What happened to Great Lakes student loans?
Federal Student Loan Servicers, Nelnet and Great Lakes, did not have their contracts renewed with the Department of Education. This means that they will no longer be servicing your student loans in the future.
Is Great Lakes student loans private or federal?
How Great Lakes Can Help You With Your Student 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.
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.
How do I find my Great Lakes student loan Number?
The number will be on your 1098-E Student Loan Interest Statement, which you can access by logging in to mygreatlakes.org and selecting My Accounts » Tax Filing Statements.
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. … To receive a subsidized Stafford loan, you must be able to demonstrate financial need.
Will student loan payments be suspended in 2021?
On Aug. 6, 2021, the U.S. Department of Education announced a final extension of the student loan payment pause until Jan. 31, 2022. The pause includes the following relief measures for eligible loans: a suspension of loan payments. a 0% interest rate.
Why did my student loans go into forbearance?
You can request a general forbearance if you are temporarily unable to make your scheduled monthly loan payments for the following reasons: Financial difficulties. Medical expenses. Change in employment.
Can you have student loans forgiven?
If you can demonstrate that paying your student debt loans will cause “undue financial hardship”, you can have your student debt discharged by a court in a bankruptcy or consumer proposal proceeding starting five years after your end of study date.