What happened to Great Lakes student loans?

Is Great Lakes issued by Nelnet?

LINCOLN, Neb. , Feb. 7, 2018 /PRNewswire/ — Nelnet (NYSE: NNI) announced today it has completed its previously announced acquisition of Great Lakes Educational Loan Services, Inc. (referred to as Great Lakes throughout this press release) from Great Lakes Higher Education Corporation .

Is Great Lakes a federal student loan legit?

Why? Great Lakes is, indeed, a legit company. In fact, they might even be your student loan servicer.

Are Great Lakes student loans federal or private?

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. That could change if you decide to refinance student loans through a private lender.

Is Great Lakes going out of business?

If Great Lakes is your loan servicer, here is what you need to know. 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.

Does student loan affect credit score?

Yes, having a student loan will affect your credit score. Your student loan amount and payment history will go on your credit report. Making payments on time can help you maintain a positive credit score.

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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 student loans Cancelled?

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.

Can you haggle with student loans?

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 firstmark a federal student loan?

Firstmark Services is a student loan servicer and a division of Nelnet, which is a company that manages federal student loans. Unlike Nelnet, Firstmark services only private student loans.

Does Great Lakes service federal loans?

Great Lakes is a student loan servicer who was chosen by the U.S. Department of Education (ED) to service your federal student loans. We keep you up-to-date with information about your loans and help you manage paying them back. … It’s possible you have other student loans serviced by another servicer.