Here's an explanation for how we make money . Great Lakes Educational Loan Services was a Wisconsin-based loan servicer for both federal and private student loans. In 2018, the company was acquired by Nelnet, which, as of July 2023, services all outstanding Great Lakes student loans.
Loan transferring from Great Lakes to Nelnet started in March 2022, and it is expected to continue through June 2023. If Great Lakes is your servicer, you can expect to be notified that your account will be transferred two weeks prior to your transfer date.
After the transfer, Nelnet will contact you with assistance to get you ready for repayment. Once your loan(s) enters a repayment status, we encourage you to sign up for auto debit with Nelnet.
Why do loans get switched or transferred to a different servicer? Sometimes, we need to transfer loans from one servicer to another—for example, when a servicer's contract with us ends.
Nelnet is a federal student loan servicer working on behalf of the U.S. Department of Education, the government agency that lends you or your child student loans. A loan servicer acts as the customer service provider for the loans that the Department of Education lends to borrowers.
Teachers with loans through Nelnet can pursue teacher loan forgiveness. Teachers may qualify to have a maximum of $17,500 or $5,000 in student loans forgiven, depending on the subject area taught, if specific requirements are met.
Through June 2024, ED will continue to identify and notify borrowers who reach the necessary forgiveness threshold of 240 or 300 months' worth of qualifying payments. Nelnet will notify you directly after your forgiveness is processed. Make sure your contact information is up to date on Nelnet.com and StudentAid.gov.
The transfer of loans from FedLoan Servicing to Nelnet will begin on or about October 28, 2021. Multiple transfers will take place through June 2022. Borrowers will be notified at least two weeks before their loan(s) is transferred.
In 2018, the company was acquired by Nelnet, which, as of July 2023, services all outstanding Great Lakes student loans. Before the merger, Great Lakes contracted with more than 6,000 schools and 1,000 lenders — including the U.S. Department of Education — to manage loans for millions of borrowers.
Student loans disappear from credit reports 7.5 years from the date they are paid in full, charged-off, or entered default. Education debt can reappear if you dig out of default with consolidation or loan rehabilitation.
Income-Driven Repayment
The most popular path to student loan forgiveness - both with Great Lakes and nationwide - is income-driven repayment. You'll pay 10% to 20% of your monthly discretionary income for 20 to 25 years, and then, your remaining loan balance will be forgiven.
Federal student loan borrowers don't have control over the loan servicer provided to them. Instead, the government assigns them to companies like Nelnet. If you're under Nelnet, they will oversee your balance and payments. You can inquire to them about your account and make payments to them directly.
CLASS ACTION SETTLEMENT
A Settlement Agreement has been reached in a class action lawsuit alleging that Great Lakes Educational Loan Services, Inc. (“Great Lakes”) violated Massachusetts law by initiating in excess of two communications via telephone in a seven-day period to Massachusetts consumers to collect a debt.
Nelnet is Your Student Loan Servicer
It is possible that Nelnet owns your loan, but we also provide customer service for other lenders' loans, including those from the Department. Nelnet provides customer service on your account if: You borrowed money directly from Nelnet.
Great Lakes borrowers could also submit requests to the servicer for income-driven repayment plans and turn to them for their student loan records. In February 2018, Great Lakes was acquired by Nelnet Diversified Solutions, LLC, the parent company of Nelnet Federal Student Loan Services.
Your loans should automatically qualify for forgiveness after you've spent 20 or 25 years in repayment. Reach out to your loan servicer about any steps you may need to take.
Major Student Loan Servicer Nelnet To Pay $1.8 Million For Alleged Failure To Sufficiently Communicate With Borrowers About Maintaining Access To Affordable Payments. Settlement Resolves AG's Investigation of Loan Servicer for Sending Faulty Notices to Borrowers Enrolled in Income-Driven Repayment Plans.
According to MyGreatLakes.org, by the end of June 2023, all of the Great Lakes student loans will be transferred to Nelnet. This article will show you how to get forgiveness at your new servicer Nelnet.
If your student loan balance is suddenly showing zero, some of the many reasons could be: Your federal student aid or private student loans were forgiven. You've completed one of the student loan forgiveness programs. You qualify for Public Service Loan Forgiveness (PSLF), or.
If you receive a statement for $0 due, it may mean you have paid extra in the past that fully covered this month's payment amount, or your current repayment plan requires no payment at this time or you are just entering repayment and no payment is due at this time.
In most cases, the borrower no longer had any outstanding student loan reported on their credit record in February 2023, suggesting the loan may have been paid off, discharged, or aged off the borrower's credit record.
If a credit balance remains after all charges are paid, you will be refunded the amount of the credit. All refunds are made through the refund method selection you made with Nelnet. Once the refund has been sent to Nelnet, it will show up on your myBLINN portal as a charge to your account that creates a zero balance.
As of summer 2023, all borrowers have been transferred successfully from Great Lakes to Nelnet.
The Court's thirty-page order permits our clients to proceed against Nelnet on claims of breach of contract, breach of their promissory notes, negligent representation of facts, and the right to an accounting under state law for amounts they paid and amounts that should be owed if their loans had been handled properly.
In Nelnet's case, its Top Key Executive, Michael Dunlap, is the largest shareholder, holding 24% of shares outstanding. Dimensional Fund Advisors LP is the second largest shareholder owning 5.6% of common stock, and The Magnolia Group, LLC holds about 5.1% of the company stock.