Start with these four options, all of which have no fees: What Trump and Biden think about your student loans, Second stimulus checks: your questions answered, Trump wants at least $2 trillion for next stimulus, Navient settles lawsuit what it means for your student loans, Student loan refinancing rates are incredibly cheap. 1. explore other ways to submit a payment to Nelnet, Department of Education Accessibility Statement. I double checked the amount with my transfer email from GL, and the amount listed on StudentAid.gov. systems: (i) the system use information is available and when appropriate, is displayed before granting If this happens, you should contact your new student loan servicer and update your bill pay information if you use autopay (which you should). However, you should expect that your student loan servicer will change at least once during the course of your student loan repayment. Your student loan servicer is assigned to you. The U.S. Department of Education may transfer your federal loan to a new student loan servicer to ensure that you have proper customer service and repayment support. What to Do If Your Student Loan Servicer Gets Fired Great Lakes > Nelnet transfer - not all loans transferred Just got the welcome email from Nelnet that everything has been transferred over from Great Lakes. Nelnet will then open a new account(s) with the same total balance for each loan you have, and report your student loan(s) to the four nationwide consumer reporting agencies (Equifax, TransUnion, Experian, and Innovis). Under Great Lakes, youve had a user ID, PIN, and password; with Nelnet, youll establish a username and password. Great Lakes Transfer to Nelnet. I finally got an email from Nelnet yesterday saying my loans (1 subsidized consolidated and 1 unsubsidized consolidated) had transferred. Yes. Ive been working really hard to get my credit score up so this is complete bullcrap. You can also get in touch with all of the loan servicer contact centers by calling 1-800-4-FED-AID. Rather, you pay your student loan servicer, which collects your student loan payments and provides customer service. Great Lakes - Home - Facebook Great Lakes Student Loan Forgiveness: How to Qualify It's important to note that Nelnet acquired Great Lakes and transferred all loans. Data Security | We share a commitment to exceptional customer service with a goal of helping every borrower successfully manage their student loans. Your loan was not sold. 3. If you're currently making payments using Auto Pay, please see question #7 for important information. Once you receive your welcome communication from Nelnet and youve created your Nelnet.com account, you can log in at any time to view your loan details and check your status. Both Great Lakes and Nelnet have sent Join our community, read the PF Wiki, and get on top of your finances! As the student loan pause comes to end and repayment is set to resume, a federal consumer protection agency is warning that millions of borrowers may face new hurdles . IDR Account Adjustment and Effects on PSLF Applicants, Important Information on How We Service Your Loans. I have consolidated loans from Keller/Devry. By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. ago by SharBear89 Great Lakes Transferring Loans to Nelnet I just received an email that Great Lakes is transferring my loan balance to Nelnet next month. Obviously my first reaction is to just let it go but I feel like that isn't the best solution for the long run, Scan this QR code to download the app now. I set up my account and all say Paid in Full. Such monitoring may Unless you have paid off your entire balance or earned forgiveness, there is one explanation that will apply to the majority of borrowers: Your loan got transferred to a new servicer. My Vantage credit score has been at a low of 811 in Jan to a high of 818 in May this year. However, I'm a little older - my student loans are relatively new, my oldest credit line is 19 years old. Privacy Policy. Credit Karma is a third-party source for credit reporting. Why did great lakes transfer my loans to Nelnet - LinkedIn Helping you understand the various repayment relief options if youre unable to make payments. Skip to Content. Great Lakes has transferred its entire portfolio of federal student loans to Nelnet and is no longer a student loan servicer. Nelnet Customer Service: What It Can Do and How to Contact year, we'll start automatically re-directing you to If you plan to send Nelnet a payment by mail, use the payment address listed in the Contact Us section. How do I update my connection to Great Lakes Educational Loan - Mint A9: Great Lakes will report your account(s) as closed due to the transfer. If you have questions about your payments before the transfer, Nelnet will connect you with Great Lakes representatives to provide answers. Both Great Lakes and Nelnet have sent communications about the transfer, explaining that all loans remain in the same status that they were in prior to the transfer. 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. For publicly accessible It is possible - and more common today - that your lender (either the federal government or a private lender) transfers your student loan to one or more servicers while your student loan is in repayment. Similarly, if you have a private student loan, your lender will assign a student loan servicer. They process monthly student loan payments, manage borrower accounts and answer borrower questions. All rights reserved. I have consolidated loans from Keller/Devry. What If Great Lakes Is Your Student Loan Servicer? Reddit and its partners use cookies and similar technologies to provide you with a better experience. Like two sides of the same coin, Cookie Notice Great Lakes Educational Loan Services Review - Investopedia Divided Government And The Way Forward For The Markets, How Negativity Bias Leads To Mistakes In Portfolios, Transforming The Wealth Management Experience For Todays Client, MoneyStamps Of South America - As Investments, Theyre Different Part 1, Covid-19 Related Municipal Defaults Begin, The Dynamics Of Price Discovery In The Stamp Market. Federal Student Aid In recent years, Great Lakes has partnered with Nelnet, and they share our commitment to integrity and a focus on customer service. Learn more at www.mygreatlakes.org. For ways to reach Nelnet, including phone and email, please visit This notice is for informational purposes only. Following the transaction, the companies expect to operate under their respective names and brands. Great Lakes Ending Student Loan Servicing: What to Expect in 2023 While we understand you didnt request this loan transfer and this kind of change can be challenging, we encourage you to reach out to us with questions or comments about your transfer experience. According to the most recent proposal, the plan could reduce some borrowers' monthly payments by 50% or more, and accelerate student loan forgiveness. Nelnet welcomes borrowers from Great Lakes Educational Loan Services! We are borrowers primary point of contact for repaying their loans. Published Apr 11, 2023 + Follow The decision to transfer loans from Great Lakes to Nelnet was a result of the merging of 2 loan companies. Reddit, Inc. 2023. To keep tracking your student loan in Mint, follow these steps: Go to the Nelnet's website to create a new Nelnet account; Follow these steps to update your Great Lakes Educational Loan Services password in Mint and update the connection Nelnet Completes Acquisition of Great Lakes Educational Loan Services, Inc. Great Lakes transfer to Nelnet : r/StudentLoans - Reddit Nelnet will then open a new account(s) with the same total balance for each loan you have, and report your student loan(s) to the four nationwide consumer reporting agencies (Equifax, TransUnion, Experian, and Innovis). Offsite Cookie Notice If monitoring reveals possible evidence of criminal activity, such evidence may be provided to law enforcement personnel. Great Lakes is no longer servicing student loans. I would save screenshot your loan amounts and download your payment history in case it happens when the forgiveness goes through and the transfer happens around the same time. Whats the best way to pay off student loans faster? #1 Members don't see this ad. My student loans were also transferred from Great Lakes to Nelnet. Student Loan Servicing: What's Changing For 14 Million - Forbes Reddit, Inc. 2023. Is anyone else here still waiting to receive that info? Is anyone else here still waiting to receive that info? How does this affect my status in loan forgiveness? Great Lakes will forward any payments made to them, to Nelnet, for at least 120 days after your transfer date. It shows 100% discharge approval when testing the reconsideration option). You can still get answers by going to Nelnet.com There are companies that will offer to help you manage your debt for a fee we offer the same services for free! Greetings from Great Lakes, your current federal student loan servicer. Nelnet is a student loan servicer (like Great Lakes) that was chosen by the U.S. Department of Education (ED) to service federal student loans. As a currently enrolled student, you will not be required to make payments until the end of your grace period, after youve dropped below half-time enrollment. We encourage you to register an online account with Nelnet so you can stay informed about your student loans. How Will This Acquisition Affect Me As A Student Loan Borrower? Greak Lakes sold to Nelnet : r/StudentLoans - Reddit Anyone else with moving servicers seeing this? How MOHELA Student Loan Forgiveness Works - Forbes Advisor Great Lakes and Nelnet were previously. The plan has not been finalized yet . Reddit, Inc. 2023. A servicers role includes: Keep in mind a servicer never charges to provide assistance with your student loans. For more information, please see our When you pay federal student loans, you dont pay the federal government or Department of Education directly. We look forward to continuing to serve you at Nelnet. Nelnet will then open a new account (s) with the same total balance for each loan you have, and report your student loan (s) to the four nationwide consumer reporting agencies (Equifax, TransUnion, Experian, and Innovis). Those two amounts are the same, and Nelnet seems to be missing about $18,000 in loans. Log in to your Nelnet.com account, select Make a Payment, and then select Pay by Group. Scan this QR code to download the app now. When President Biden announced his plan to cancel up to $20,000 in federal student loans for some borrowers last August, he framed it as part of a . If you were using a bill pay service with your financial institution prior to the transfer, and you want to continue making payments to Nelnet using a bill pay service, please update the payee to reflect your new Nelnet account number and the payment address shown below. Visit our websites general FAQ page and refer to the section entitled Special Payment Instructions for more details. With this transaction, Nelnet/Great Lakes, Navient and FedLoan Servicing (PHEAA) become the three dominant student loan servicers who collectively service over $1 trillion of student loans. We appreciate your patience during this time. Just got an email from Great Lakes saying that my student loans with them are going to be transferred to Nelnet around June 1st. Loans transferred from Great Lakes to Nelnet with zero balance I finally got an email from Nelnet yesterday saying my loans (1 subsidized consolidated and 1 unsubsidized consolidated) had transferred. and our Just got this notice in my inbox. Log in to your Nelnet.com account and select Special Payment Instructions from the Payments drop-down menu. Simply log in or create an account on Nelnet.com. Any deferment, forbearance, discharge, or forgiveness options you were eligible for will not change, and your loan status (such as in-school, repayment, or deferment) will transfer with your loan(s). CEO, Mentor (mentormoney.com). By the end of June 2023, all Great Lakes student loans will be transferred to Nelnet. Nelnet is also the only provider listed on StudentAid.gov, Has anyone experienced something similar to this? Nelnet will send you a 1098-E for the interest you paid to us after the transfer. All rights reserved. If you had multiple loans with Great Lakes, all of them will transfer to Nelnet. No one likes to hear from a company they know nothing about. I actually kinda liked Great Lakes. We keep borrowers up-to-date with information about their loans and help them manage the loan repayment process. access; (ii) any references to monitoring, recording, or auditing are in keeping with privacy To view all of your federal loans, including those with other servicers, visit StudentAid.gov. Anyone else's Great Lakes loan being transferred to Nelnet?? - Reddit Bestselling Author, The Lemonade Life. WASHINGTON . As of 2017, when student loan giant Nelnet bought Great Lakes, the servicer handled nearly $240 billion in student loans for more than 8 million borrowers and is now responsible for roughly. DeVos believes the current student loan servicing system lacks consistency and accountability, which hurts student loan borrowers. Great Lakes Educational Loan Services, Inc. is transferring borrowers to Nelnet. Nelnet reports to the four nationwide consumer reporting agencies (that is, Equifax, TransUnion, Experian, and Innovis).

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