Is Great Lakes still servicing student loans?

Is Great Lakes student loans Cancelled?

Nelnet and Great Lakes Will No Longer Service Federal 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.

Does Great Lakes service federal student loans?

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. As your servicer, we are your primary point of contact for questions about your loans.

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.

Is Great Lakes a federal loan servicer?

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 Navient the same as Great Lakes?

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.

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Is Great Lakes borrower a federal 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.

Did Great Lakes get bought out?

A Nebraska company announced Thursday that it has agreed to buy the student loan servicing arm of Madison-based Great Lakes Higher Education Corp. Nelnet, a publicly traded competitor, will buy the nonprofit corporation’s student loan servicing company, Great Lakes Educational Loan Services Inc., for $150 million.

Is nelnet still servicing student loans?

Nelnet will continue servicing federal student loans through Dec. 14, 2023, getting a two-year extension on a contract that was scheduled to end this December. Nelnet will keep a significant piece of business that it had been in danger of losing for at least two more years.

Why are my student loans in 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.