On February 7, 2018, Nelnet announced that it had completed the acquisition of Great Lakes Educational Loan Services, Inc.. The loan servicing operation is now a fully owned subsidiary of Nelnet, the combined company now servicing 42% of the total federal student loan debt.
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.
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 student loans private or federal?
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 the same as 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 .
Will student loans take my tax refund 2021?
Debt collection is suspended for borrowers who have defaulted on federal student loan debt through September 30, 2021. This means collectors will not take actions to collect payment, such as deducting from a tax refund or garnishing wages.
Is Sallie Mae federal student loans?
Sallie Mae started off under the federal government and provided loans through the Federal Family Education Loan program, or FFEL. … Since then, Sallie Mae no longer services federal loans and provides only private student loans.
Should I try to pay off my student loans early?
Yes, paying off your student loans early is a good idea. … Paying off your private or federal loans early can help you save thousands over the length of your loan since you’ll be paying less interest. If you do have high-interest debt, you can make your money work harder for you by refinancing your student loans.
Did Great Lakes get bought out?
A Nebraska company announced Thursday that it has agreed to buy the student loan servicing arm of Madison-based Great Lakes Higher Education Corp. Nelnet, a publicly traded competitor, will buy the nonprofit corporation’s student loan servicing company, Great Lakes Educational Loan Services Inc., for $150 million.
Can Great Lakes garnish my wages?
Yes. The law (20 USC 1095a) does not require that the Order must be signed to be valid and legally binding. However, if you have any question about the Order’s authenticity, please contact the Great Lakes Administrative Wage Garnishment Unit at (866)348-0712, option 1 for employers.
Do private student loans go straight to you?
Private student loans are typically sent straight to your school; they are not sent directly to you (the student). In terms of how long it takes to get your student loan disbursed, your school sets that date, which is usually around the beginning of the semester.
Is Great Lakes student loans legit?
If you got something in the mail from a company called Great Lakes and you don’t recognize the name, you may be wondering if it’s legit. … Great Lakes is, indeed, a legit company. In fact, they might even be your student loan servicer.
Can federal student loans be sold?
Both federal and private student loans can be sold at any time, to any loan servicer. But why do lenders do this? It has to do with the lender’s ability to make new loans to new borrowers. Lenders need capital to make new loans, so they sell off your student loan to another servicer.