Great Lakes Loans, What You Need To Know.
What Are Great Lakes Loans?
Great Lakes Higher Education Corporation was one of the largest student loan providers and guarantors in the United States.
Headquartered in Madison, Wisconsin, the corporation is non-profit. It was one of the four largest companies which service United States federal student loans.
Great Lakes, Nelnet, Navient, and the Pennsylvania Higher Education Assistance Agency. In 2018, the loan servicing part of the organization was sold to Nelnet.
The company sometimes gives education-related grants, with a focus on increasing access to higher education
Great Lakes Loans Educational Statistics
Great Lakes Educational Loan Services, Inc. guaranteed over $51 billion in loans
Works with 6,000 schools
Ulises over 1,100 lenders
Has over 10,000,000 borrowers
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
What Services Does Great Lakes Loans Offer?
Great lakes loans interest rate
Example of interest rate and loan.
Multiply each loan amount by its interest rate to obtain the "per loan weight factor."
Loan 1: $10,000 x 6.8% = 680
Loan 2: $2,000 x 3.8% = 76
Add the per loan weight factors together.
680 + 76 = 756
Add the loan amounts together.
$10,000 + $2,000 = $12,000
Divide the "total per loan weight factor" by the "total loan amount," and then multiply by 100 to calculate the weighted average.
(756 / 12,000) x 100
or 0.063 x 100 = 6.3%
Round Step 4's result to the nearest higher one-eighth of one percent* if it's not already on an eighth of a percent.
Round 6.3 up to 6.375
Contact Great Lakes Loans
Contact Information For Student Loan Customers
Phone number: (800) 236-4300
Local/International: (608) 246-1700
Staff are available during these hours
Monday-Friday 7:00 a.m. to 9:00 p.m. Central Time
Mail address: General Correspondence
PO Box 7860
Madison, WI 53707-7860
Toll-Free: (800) 375-5288
Local/International: (608) 246-1608
Contact Information for Financial Aid Professionals
Direct Loan Consolidation Origination
Fraud and Identity Theft
Great lakes loans login
You can log into Great Lakes Loans Here.
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Great lakes loans customer service
Contact them here.
Sign up to Great Lakes Loans
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Great Lakes Loans Questions And Answers
Is Great Lakes a private or federal loan?
Neither private nor federal
Great Lakes is neither a private nor a federal loan. The company actually services both private and federal loans.
Can Great Lakes student loans be forgiven?
It may read on
Once you've met all the requirements, your student loans may become eligible for forgiveness.
Who is the credit provider for Great Lakes student loans?
Great lakes loans are one of the biggest in the country.
FFELP loans were funded by private lenders, such as banks or credit unions, and are guaranteed by the federal government.
Is my Great Lakes a federal student loan?
Read here to understand in detail.
Can my student loans be forgiven after 10 years?
After serving for 10 years and making 120 payments, which don't have to be consecutive, you can apply for student loan forgiveness.
Is Great Lakes a good loan servicer?
Great Lakes Loans Services received a score of 3.8 out of 5 for great service.
Who owns Great Lakes?
Is Great Lakes legitimate?
Great Lakes Loans is one of the largest in the USA,
Can I make payments online to Great lakes loans?
Great lakes loans take online payments.
Can I pay Great Lakes Loans through my bank?
You can add or amend your bank account here.
Are there different repayment options for Great Lakes Loans?
You can amend details here.
Can I upload documents to Great Lakes Loans?
You can access files here.
Can I lower mt payments to Great Lakes Loans?
For further information visit here.