If you received something in the mail from a company called Great Lakes and you do not know the name, you may be wondering if it is legit. Of course, that is a reasonable thing to wonder about. If you have student loans, you may get a lot of shady offers in the mail. So, is the Great Lakes company legit? Find out that true answer from the text below.
Is Great Lakes Company Legit?
When you get mail from a company called Great Lakes, you do not throw out that Great Lakes envelope right away. Why? Because Great Lakes is a legit company. Even, they may be your best student loan servicer.
Based on the research, Great Lakes Educational Loan Services is one of the companies the United States Department of Education DE) lets service federal student loans. Great Lakes company gives the borrowers a lot of plan choices for paying off their student loans, and former students are able to pay via the mail, over the phone or via its official site or mobile app. Also, the online tools of Great Lakes will be able to help you select the right repayment choice for your individual needs. Please be sure to familiarize yourself with the company’s policies and features to assist your repayment go successfully.
Here are some reviews about Great Lakes:
- Great Lakes company has been great at assisting me consolidate and get back on track with my loan. They very helped me understand payment choices and accruals. Also, they communicate changes in government regulations and deferral periods well. (Jennifer of Seguin, TX)
- Great Lakes is a great company. The customer service is excellent. They work really hard to help you get your loan down. Now is a good time for people to get a lower rate. (Mika of Newark, CA)
- They worked with me in attempting the best way possible to pay the loans back. They discussed each option and explained each one thoroughly. Also, they gave me my best choice to pay back and called and emailed all of this information. I think Great Lakes is a good company. (Evelin of Knoxville, Tennessee)
What is the Great Lakes? And What is a Loan Servicer?
Great Lakes is a loan servicer. It is one of the biggest guarantors and providers of the student loans in the United States, with over 10 million borrowers. The Great Lakes company was acquired by NelNet in the year of 2018, however it still operates under the Great Lakes name.
Loan servicers act as intermediaries between the borrowers and the lenders. The lender wrote the check for your loan, the servicer administers your own account.
Here are some things they do:
- Collecting your regular student loan payments, and also tracking your payment history.
- Assisting you transition to an Income-Driven Repayment Plan.
- Helping with loan forgiveness programs and payments.
- Facilitating the transition out of deferment.
Once your federal loan was issued, then you were assigned a loan servicer to manage your loan. It is not unusual for people to be unsure who their loan servicer is, even if they have thousands of dollars in student loans.
How Do I Know If Great Lakes Company is My Loan Servicer?
If you are not sure who your loan servicer is, you are able to try the National Student Loan Data System (NSLDS). You will be able to get information regarding all your federal loans via that website. Also, you are able to find out who your loan servicer is by visiting My Federal Student Aid and logging in. You will need several information to track down your loans on these sites, including identification info and your FSA (Federal Student Aid) ID number.
How Do I Contact the Great Lakes Company?
You will be able to get in touch with Great Lakes company in a number of ways:
- By phone at 800-236-4300.
- By email, using this contact form.
- By fax at 800-375-5288.
- Or by mail (At Great Lakes, PO Box 7860, Madison, Wisconsin 53707-7860).
For your information, the Great Lakes company site states that the fastest method to get a response is to call them.
How to Avoid Student Loan Scams?
Several companies are going to do anything to get your money including offering to do things for you that you were able to do on your own (such as signing up for income-driven repayment) or creating outlandish promises to get rid of your student loan debt if you will pay them a fee.
If you are not sure whether a mailing you have received is a scam, here are several questions to ask:
- Do they want your money?
Are they asking for an application fee to consolidate your own loans, or a monthly payment to get your loans forgiven? If so, please stop right there.
- Are they offering to do things for you that you can do by yourself?
Like refinancing or consolidating your own loan, or applying for Income-Based Repayment.
- Are they creating unrealistic promises?
For example, are they telling you they are able to get your loans forgiven? The federal government has several student loan forgiveness programs, however they all have extremely stringent qualification requirements and even can take some years to kick in. The only method to find out if you qualify for one of these programs is to contact your loan servicer directly.
- Do they want your own personal info?
Like your account number, FSA (Federal Student Aid) number, or even power of attorney? Keep in mind that your legit loan servicer already has all the info they need, please do not give your personal info to the fraudsters.
If Great Lakes company is your loan servicer, you are able to find out quickly by searching My Federal Student Aid or the NSLDS database, or giving them a call. Knowing your loan servicer will assist you know which pieces of mail to open, and which ones to trash.