What happened to Great Lakes student loans?
Due to the government’s new Next Gen Business Process Operations initiative, Great Lakes and its parent company Nelnet will no longer service federal student loans after December 2020. If Great Lakes is your current loan servicer, The Department of Education will assign you a new loan servicer.
Is Nelnet in Great Lakes?
Nelnet and Great Lakes, which are part of the same company and collectively service federal student loans for approximately 13 million student loan borrowers, may no longer service federal student loans after December 2020.
Is Great Lakes part of Navient?
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.
Can you renegotiate a student loan?
Student loan settlement is possible, but you’re at the mercy of your lender to accept less than you owe. Don’t expect to negotiate a settlement unless: Your loans are in or near default. Your loan holder would make more money by settling than by pursuing the debt.
Is Great Lakes a private student loan company?
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.
Is Nelnet a federal or private loan?
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.
Is Great Lakes borrower 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. That could change if you decide to refinance student loans through a private lender, though.
Is Navient a federal loan?
Navient is one of the largest federal student loan servicers. It also services private student loans from various lenders. Most student loans are federal. But if you’re still unsure about whether your student loan is federal or private, the best way to find out is by logging in to studentaid.gov with your FSA ID.
How do I settle my student loans?
How to get a student loan settlement
- Approach your lender about settling.
- Negotiate the debt settlement.
- Get the agreement in writing.
- Pay the agreed-upon amount.
