What is a student loan guarantor?
The primary responsibility of a student loan guarantor is to handle the Federal Family Education Loan Program (FFELP) on behalf of the federal government. MyGreatLakes is a company that takes advantage of student loan borrowers in distress. They are nothing more than a scam.
Enforcing federal student loan laws and regulations to advising student loan borrowers who may be unable to make their payments are only some of the responsibilities.
This guarantee ensures that lenders are compensated for loans that go bad. (Borrowers who do not make any payments on their federal student loans for 270-360 days and do not make special arrangements with their lender for a delay, forbearance, or another kind of payment relief are in default.)
What is a student loan servicer?
From the time your initial loan amount is disbursed (given) through your school until you’ve completely paid off your loans, a student loan servicer offers you the tools and information you need to properly manage your loan. Our servicing responsibilities at Great Lakes include:
- Keeping you up to current on your student loan information.
- While in school, keep track of your enrollment and status.
- Assisting you with your loan repayment.
- We can assist you in determining the best repayment plan for your budget.
- If consolidation is correct for you, we’ll walk you through the application process, where you’ll be prompted to pick one of the consolidation servicers offered by the US Department of Education, one of which is Great Lakes.
The US Department of Education (ED) selected Great Lakes and a few other companies to manage federal student loans after a rigorous application process. Visit StudentAid.gov to learn which businesses are servicing your federal student loans.
What is a student loan originator?
Your loan application will be assisted by a student loan originator. Great Lakes is one of the country’s largest and most reputable originators. We’ve helped millions of students successfully apply for and get student loans in this capacity.
The US Department of Education (ED) allowed Great Lakes to originate Direct Consolidation loans after a thorough application procedure. If consolidation is right for you, we can help you with:
- Information to assist you in making an educated selection.
- Use mygreatlakes.org and StudentAid.gov to gather vital application information.
- Complete the application on the ED website, where you’ll be prompted to pick one of the consolidation servicers offered by the US Department of Education.
- Using your mygreatlakes.org account, keep track of the status of your application.
For loans handled by Great Lakes, we will become your servicer after the application is completed and authorized. You’ll start making payments on your new loan, and we’ll provide you with the tools and resources you need to manage it properly.
What is the difference between a Direct and an FFELP student loan, and which types of loans does Great Lakes service?
Great Lakes serves Federal Direct Loan Program (Direct Lending) loans as one of the nation’s major student loan servicers.
- FFELP loans are backed by the federal government and funded by private lenders such as banks or credit unions. This guarantee ensures that lenders are compensated for loans that go into default. Lender-held or commercially-held loans are terms used to describe FFELP loans.
- Direct Lending loans do not require a guarantor because they are sponsored by the federal government. In July 2010, the federal student loan program switched from FFELP to Direct loans. All government loans have been made through Direct Lending since then. The US Department of Education (ED) lends the money, your school disburses it, and your servicer assists you in managing the loan. Direct loans are sometimes known as federally-owned loans.
How can I contact Great Lakes?
We’re here to help you manage and effectively repay your student loans anytime you need us. Great Lakes is simply an email, letter, or phone call away, with a variety of contact options to fit your interests.
To get started, go to mygreatlakes.org and click Contact Us on any page. Remember that you may receive the information you need at any time by visiting mygreatlakes.org’s self-help tools.
How can I provide feedback to Great Lakes?
We adore satisfied customers. Your satisfaction is extremely important to us, and we appreciate hearing from you to ensure that we’re giving you the assistance you require.
Take our two-minute survey to let us know what you think. Your feedback assists us in making improvements to mygreatlakes.org that will benefit you and all of our customers.
About Student Loans
What’s the difference between subsidized and unsubsidized federal student loans?
The key distinction between subsidized and unsubsidized loans is who is responsible for paying the loan’s interest while you are enrolled at least half-time in school.
The federal government covers the interest on subsidized loans while you are enrolled at least half-time and during a deferral.
The borrower is responsible for paying the interest on unsubsidized loans.
How do I know what type of federal loan I have?
It’s simple to figure out which federal loan you have.
- If you haven’t already, go to mygreatlakes.org and look at your Account Summary. The loan type, interest rate, lender, loan balance, and other information may be found in the Account Details section for each loan.
- Visit StudentAid.gov for more information. It keeps track of all federal student debts until they are completely paid off. It lists each debt, the loan amount, and the total amount of all your loans. To view the information, you’ll need your Federal Student Aid ID.
What happens to my loans if I drop out of school, take a leave of absence, or attend less than half-time?
You are not obliged to make loan installments if you are enrolled at least half-time in school. To find out what constitutes half-time enrollment, simply contact your school.
If you’re just half-time in school, you’ll have to start paying payments after your grace period is out. If you’re a:
- That’s fantastic that you’re able to pay in whole! It’s the quickest approach to pay off your debts while also lowering your interest payments.
- You have alternatives if you are unable to make full payments but can pay a smaller amount. Examine the many repayment choices accessible to you. A smaller monthly payment will cost you a bit more over time, but you’ll have a payment you can afford. Furthermore, you may always pay more later to save money and pay off your debts faster.
- If you’re having financial problems, act now to postpone or reduce your monthly payments. These choices are often more expensive in the long term, but they can help you avoid skipping payments and damaging your credit.
- Regardless matter how you repay your debt, we’re here to assist you. If you are unable to make a payment or have any queries regarding your loans, please contact us
Applying for a Loan
How do I apply for a federal student loan?
All federal student aid is applied for using the Free Application for Federal Student Aid (FAFSA®), which can be found at StudentAid.gov/fafsa.
You can apply for federal scholarships, work-study, and student loans by filling out the FAFSA form and sending it to the Department of Education (ED).
If you are offered and accept a federal loan (also known as a Direct loan), you will be required to sign a Master Promissory Note (MPN) committing to the loan’s terms.
What is the status of my loan?
If you have any questions concerning the status of your student loan, contact the financial aid office at your institution.
They are in charge of the student loan application procedure. Your school can advise you whether there’s anything more you need to sign or do before your loan payments are disbursed (paid out).
How much am I eligible to receive?
The amount you can borrow is determined by your school depending on various variables. Your school must first take into account your overall cost of attendance as well as any additional financial help you will get for the current academic year.
There are also yearly restrictions and several loan kinds (subsidized, which is based on financial necessity, and unsubsidized, which is not).
Your school will tell you how much you may borrow from your financial assistance package. See StudentAid.gov/understand-aid/loans/subsidized-unsubsidized for further information on how a school decides student loan amounts.
How is my data secured?
Great Lakes has a track record of keeping your data safe.
- We follow the information security standards set out by the National Institute of Standards and Technology, which are among the most demanding in the business.
- Internal and external security audits are conducted on a regular basis to guarantee that these high requirements are fulfilled.
- On a regular basis, our workers undertake thorough security training.
- In addition, we are constantly updating our website to keep up with new technologies and upgrading all of the components of our information systems with the newest hardware and software to guarantee that it satisfies the most recent security requirements.
- Our objective is to keep your data safe and secure at all times. Every hour of every day, we take our job extremely seriously.
What browsers do you support?
Visitors may use a variety of operating systems and browsers. We want visitors to have the greatest experience possible while on this website.
However, we recognize that making the site operate in all browsers and settings is unachievable.
The website has been thoroughly tested on the most popular current browsers. We guarantee that we will make every effort to make this site compatible with as many browsers as possible.
How does Great Lakes handle website accessibility?
Great Lakes is dedicated to meeting or surpassing the requirements of Section 508 of the Rehabilitation Act (29 U.S.C. 794d), as revised in 1998, in order to make its electronic and information technologies accessible to people with disabilities.
Section 508 of the Rehabilitation Act of 1973 requires agencies to provide persons with disabilities with the same access to electronic information and data as those without disabilities unless doing so would place an excessive burden on the agency.
The Section 508 standards are the technical requirements and criteria that are utilized to determine whether or not a company complies with the legislation. At section508.gov, you may learn more about Section 508 and the technical requirements.
Please contact [email protected] if you require assistance or wish to report an issue with the accessibility of any material on this website.
Please mention the website URL or URL, as well as the exact difficulties you encountered, if appropriate.