Great Lakes are one of the most widely popular loan servicers in the United States. They process almost 8 million loans worth $238 billion. The organization is in touch with almost 6000 schools and 1100 lenders all across.
For those who are not aware, Great Lakes provide both Federal and private loans. The Federal loans that they process follow the usual rules followed by the Federal government the loan forgiveness plan declared by President Joe Biden is definitely going to apply even to the borrowers who took up the loan from them. However, private loans will be dealt with differently as per their organization rules.
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What is a Great Lakes Student Loan?
Great Lakes will never initiate the student loans that it services. Instead, they act as intermediaries and guarantors when connecting the borrower with the lender which can either be the federal government or the private loan givers. Additionally, they also have invited a philanthropy arm through which they also offer scholarships, college advising, and even grants. They began the wing in 2006 and now have given $225 million as loans.
If you want to take up a Federal loan or even a private loan, read thoroughly about the loan and only then send in your applications.
Who is Eligible?
Eligibility differs from one Federal program to another when it comes to seeking forgiveness loans. Each of these programs has its own eligibility criteria as given below.
| Income-Driven Repayment Forgiveness- Opt for an income-driven repayment option | Public Service Loan Forgiveness | Teacher Loan Forgiveness program | Federal Perkins Loan |
| Revised Pay as you earn (REPAYE) | The individual must make 120 payments to qualify | High or secondary school teachers teaching Science and Maths can ask for $17500 loan forgiveness | Teachers can cancel loans at these rates: 1st and 2nd year: 15% f loan 3rd and 4th year: 20% of the loan 5th year: 30% |
| Pay as you earn (PAYE) | You must work full-time for an employer while making those repayments | Disabled children teachers can also apply for $17500 loan forgiveness | Other people in different professions who can apply for a loan are: Firefighters Military Librarian with a masters A nurse or medical technician Public prosecutors Speech pathologist with a masters Disability service provider |
| Income contingent repayments (ICR) | The payments must be made under a full time student loan repayment plan | Other teachers for subjects other than mathematics and science can ask for $5000 loan forgiveness | |
| Income Based Repayments (IBR) |
Great Lakes Student Loan Forgiveness Application Process
To apply for the Great Lakes Student Loan Forgiveness application, you will need to add a few essential details.
- Include your personal details on the first page after visiting the student aid.gov website.
- Add your complete address and also your email and phone number.
- Insert your details around the student loan you have to pay back.
- Include your income sources and add up the financial details that forced you to take the loans.
- Add any other grant details that you might have obtained from the Federal government other than the loan.
Are Great Lakes student loans federal or private?
The Great Lakes Student Loans are federal as well as private. They give loans that come from Federal as well as private sources. If you wish to know more about the type of loan that would suit you best refer to their site for more on them.
FAQs (Frequently Asked Questions)
Is my Great Lakes a federal student loan?
Yes, Great Lakes is a servicer of Federal loans for students. Student loan questions, repayment, consolidation, and payment relief-related doubts can be cleared with them immediately. They are a helpful team and if you have a student loan from them, you can also ask for the forgiveness recently announced by President Joe Biden.
What is Great Lakes student loan phone number?
To contact them, call their toll-free number (800) 236-4300 and local and international calls can be sent to (608) 246-1700 with the TTY number being 711.
Is there a lawsuit against Great Lakes student loans?
The lawsuit filed against Great Lakes among other companies, alleges that they have mishandled CARES pandemic relief funds. The allegations further state that they have misinformed major credit bureaus, and damaged credit reports of student loan borrowers.
Will Great Lakes student loans call you?
If you have filled in their applications and added their phone details chances are they will call you for verification. They would ask you for your details to understand your requirements and also will collect other information.
Conclusion
Great Lakes provide you with Federal loan options even though there is an ongoing lawsuit against them. Knowing about Great Lakes student loan eligibility is take some time and anyone applying for their grant must know of it beforehand.
