Great Lakes Educational Loan Services, Inc. provides federally-approved student loan services that help borrower manage their repayment plan. However, it also helps the borrowers understand their student options for forgiving loans.
If you’re considering student loan cancellation, remember there’s no specific Great Lakes loan forgiveness program. Since it is a federal loans servicing company, Great Lakes, however, Great Lakes offers eligible students with federal options for the forgiveness of student loans. It’s important to remember that Nelnet also acquired Great Lakes and transferred loans on March 20, 2022.
Transfer Information
Nelnet will be welcoming the borrowers of Great Lakes Educational Loan Services! Here are some suggestions on the timing and specifics of the transfer of your student loan.
Transfer Timeline
Transfer of loan funds between Great Lakes to Nelnet will start at the beginning of March 2022. The borrower will be informed within two weeks of when their loan(s) will be transferred.
Here are some suggestions for what you can do when you receive your welcome email from Nelnet that informs you that your loan(s) has been transferred to Nelnet:
Create an account online by visiting Nelnet.com.
After creating an account, sign into your account to confirm that the information we hold for you is correct.
If you had a repayment account and used Auto Pay to set up automatic payments to Great Lakes, your bank account information was transferred to us. Since it’s been a while between payments, make sure that your account is in good order when you log in, choosing the Payments menu and selecting Auto Debit. (See the Q&A: Will my automated payment information be sent to Nelnet?)
If you attended school, were in your grace period, or were in a deferment or forbearance program, such as COVID-19 forbearance, and were making automated payments by using Auto Pay with Great Lakes, the payments stopped at the time of your transfer. If you’d like to pay, you can -do so by selecting Make a Payment on Nelnet.com.
If you are using bill pay, Contact your financial institution to make arrangements for them to transfer your payment to Nelnet immediately instead of Great Lakes. (See the FAQ: Can my bill pay service information be transferred to Nelnet?)
If paying by post, ensure that you utilize Nelnet’s address before your payment is due.
Loan Forgiveness
Opportunities to forgive loans may be offered to employees who are eligible subject to their job and qualifications.
National Health Service Corps (NHSC) – primary care medical dental, mental/behavioral, and dental practitioners can apply for up to $50,000 to pay back their student loans for health professions in exchange for two years of commitment. For more details, visit this website. NHSC website.
Nurse Corps – aids licensed nurses (including advanced practice nurses and nursing faculty) with paying student loans. For more information, go to this Nurse Corps website.