I finally got an email from Nelnet yesterday saying my loans (1 subsidized consolidated and 1 unsubsidized consolidated) had transferred. It may take a few weeks for payments to process, but a payment will not be considered past due under these circumstances. Yes. Privacy Policy. However, after creating my account it appears that not all of my loans transferred over. 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. Privacy Policy. 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. Yes. Great Lakes will forward any payments made to them, to Nelnet, for at least 120 days after your transfer date. You may opt-out by. systems: (i) the system use information is available and when appropriate, is displayed before granting
Some FedLoan accounts have already been transferred to MOHELA, another contracted loan servicer for the Department. Think of a student loan servicer as providing both customer service and repayment support during the life of your student loan. The IRS Form 1098-E is your annual student loan interest statement. No, the transfer will not change your repayment plan. We keep borrowers up-to-date with information about their loans and help them manage the loan repayment process. 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. Browser Support |
Yes, your loan history will transfer. 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. ago 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. You have a network of support to help you succeed with your federal student loan repayment. We do this by working with you to find the right repayment plan, or program options for your situation. If you have questions once youve received your welcome notice, give us a call. A loan servicer will also work with you for free on student loan repayment plans and student loan consolidation. What to Do If Your Student Loan Servicer Gets Fired 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. All Great Lakes student loans have been transferred to Nelnet. Offsite Helping you understand the various repayment relief options if youre unable to make payments. I just got an email that my Great Lakes loan is being transferred to Nelnet. Unauthorized access, use, misuse, or modification of this computer system or of the data contained herein
Student loan servicers play an intermediate role between a borrower and a lender. 30 Million Borrowers May Face New Problems As Student Loan - Forbes Great Lakes > Nelnet transfer - not all loans transferred Just got the welcome email from Nelnet that everything has been transferred over from Great Lakes. If you have questions about your Great Lakes student loan, you'll need to contact Nelnet through one of the following channels: Phone: Call . Welcome to Nelnet.com. Sallie Mae, NelNet, Great Lakes, Navient, all of y'all can suck my ass! Is anyone else here still waiting to receive that info? 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. Is there a way to verify? Also, if your student loan is transferred to a new student loan servicer, there are no changes to your loan terms. Your payment history while your loan was at Great Lakes will remain distinct from your payment history once your loan has transferred to Nelnet. If Great Lakes is your student loan servicer, you still have to make your student loan payments in the normal course. Nelnet Completes Acquisition of Great Lakes Educational Loan Services, Inc. We hope this is a useful guide for you to use while learning more about Nelnet. As the title suggests, my loans were transferred from Great Lakes to Nelnet (apparently on April 18th), and I have yet to receive any info on how to log-in or pay my loans. If monitoring reveals possible evidence of criminal activity, such
In recent years, Great Lakes has partnered with Nelnet, and they share our commitment to integrity and a focus on customer service. Stay Proactive: Great Lakes to Nelnet Student Loan Transfer No action is necessary. Your account in StudentAid.gov should be updated to reflect your updated servicer information within 7 to 10 business days after your loans finish transferring to Nelnet. Hi all, When going into income-based repayment for federal student loans and stating you are interested in PSLF, studentloans.gov asks you to choose your student loan servicer. My FICO is 790 Jan low to 815 high in May this year. 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. Beginning later this . Log in to your Nelnet.com account and select Special Payment Instructions from the Payments drop-down menu. Great Lakes Educational Loan Servicesmore commonly known simply as Great Lakesis one of 10 companies that are currently authorized to service federal student loans. Great Lakes Educational Loan Services, Inc. is transferring borrowers to Nelnet. This change will not impact the existing status, terms, conditions, interest rate, or available repayment plans of your federal student loan. (I have 26 federal student loans listed on my report from them being transferred from one servicer to another.) Once your loan(s) enters a repayment status, we encourage you to sign up for auto debit with Nelnet. Nelnet is also the only provider listed on StudentAid.gov, Has anyone experienced something similar to this? 69 76 comments Add a Comment PassTheTaquitos 2 mo. You should have already received a notice from Great Lakes regarding the transfer of your loans. Until you receive the welcome communication from Nelnet, contact Great Lakes at (800) 236-4300 for loan-specific information. If you have questions about your payments before the transfer, Nelnet will connect you with Great Lakes representatives to provide answers. My Great Lakes loan is being transferred to Nelnet. Congress recently passed a law preventing further extensions of the payment pause. The surprise announcement comes as the U.S. Department of Education, led by Education Secretary Betsy DeVos, seeks to improve student loan servicing. Income-Driven Repayment and PSLF Account Adjustment: . What to do after receiving a welcome letter from your new servicer 6. Greetings from Great Lakes, your current federal student loan servicer. The U.S. Department of Education (ED) has authorized this transfer and has posted a notice about it at StudentAid.gov/greatlakes. I have great lakes too and I haven't gotten an email yet so they're definitely doing it in groups. Unauthorized access, use, misuse, or modification of this computer system or of the data contained herein or in transit to/from this system constitutes a violation of Title 18, United States Code, Section 1030, and may subject the individual to civil and criminal penalties. A9: Great Lakes will report your account(s) as closed due to the transfer. ****, your student loan is transferring to Nelnet. Not really thrilled since I havent heard great things about Nelnet. 1. These servicing contracts expire onDecember 14, 2020withtwo optional six-month extensions throughDecember 14, 2021. Federal Student Aid
Reddit and its partners use cookies and similar technologies to provide you with a better experience. Credit Karma is a third-party source for credit reporting. One way that you can change your student loan servicer is through student loan consolidation.If you consolidate with a Federal Direct Consolidation Loan, your existing student loans are combined into a single student loan with a single student loan payment. You don't need to worry if you receive a notice that your student loan has been transferred to another servicer. A9: Great Lakes will report your account (s) as closed due to the transfer. Make sure to seek tax advice from a professional if you need assistance. and our If you had multiple loans with Great Lakes, all of them will transfer to Nelnet. All rights reserved. Great Lakes Transfer to Nelnet : r/StudentLoans - Reddit 3. To view all of your federal loans, including those with other servicers, visit StudentAid.gov. Edfinancial is not transferring loans to a new servicer, but the company is in the process of changing its.
Nelnet And Great Lakes Will No Longer Service Your Federal Student Loans 29 comments Best Add a Comment minus_the_mat 4 mo. What The Nelnet Acquisition Means For Your Student Loans - Forbes How does this affect my status in loan forgiveness? Big Student Loan Servicing Changes Are Happening Now - Forbes Great Lakes - Home - Facebook Q9: How will my student loans be reported to the nationwide consumer reporting agencies? As your student loan servicer, we're here to make the repayment process as simple as possible. The important information contained in that notice is also located in the Things to Do section, directly below. Did you know that Great Lakes and Nelnet have been part of the same company since 2018? If monitoring reveals possible evidence of criminal activity, such evidence may be provided to law enforcement personnel. . Nelnet can review and answer questions about any reporting we have submitted on your federal student loans. Similarly, if you have a private student loan, your lender will assign a student loan servicer. How to contact Great Lakes Educational Loan Services. For more information about the loan transfers to Nelnet, including FAQs, please visit You should have also received a welcome notice from Nelnet, letting you know that the transfer was completed, along with important information such as how to contact us, where to go to create an online account, and more. Interest Call Now More Home Videos Photos About About See all Since 1967, we've helped millions afford college by connecting them with solutions that fit their life. Both Great Lakes and Nelnet have sent As ofMarch 31, 2020, Nelnet was servicing$185.5 billionof student loans for 5.5 million borrowers under its contract, and Great Lakes was servicing$243.2 billionof student loans for 7.3 million borrowers under its contract. ANYONE USING THIS SYSTEM EXPRESSLY CONSENTS TO SUCH MONITORING. Great Lakes Transferring Loans to Nelnet : r/BorrowerDefense - Reddit All rights reserved. All rights reserved. For publicly accessible
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. In 2018 Nelnet acquired Great Lakes, but the two entities handled servicing separately. #1 Members don't see this ad. For ways to reach Nelnet, including phone and email, please visit Just got the welcome email from Nelnet that everything has been transferred over from Great Lakes. At that time, Nelnet will reach out to help you prepare to begin repayment on your student loan(s). According to MyGreatLakes.org, by the end of June 2023, all of the Great Lakes student loans will be transferred to Nelnet. Find out how Federal Student Aid partners with loan servicers to be here when you need help. Reddit, Inc. 2023. 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. I set up my account and all say Paid in Full. One role of your student loan servicer is to help you understand your available options with regard to your student loans. Skip to Content. Privacy Policy |
Repayment will begin after the COVID-19 payment pause ends. (See Q&A, Its easier than ever to manage your student loans on the go with the redesigned Nelnet mobile app. Thus, you want to make sure that all information reported to the consumer reporting agencies is up-to-date so that the data Credit Karma accesses and compiles your score from is accurate. I just received an email that Great Lakes is transferring my loan balance to Nelnet next month. Why? Reddit and its partners use cookies and similar technologies to provide you with a better experience. 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. 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. Nelnet welcomes borrowers from Great Lakes Educational Loan Services! There, you can find your payment history in the Payments menu. Yes, they did. However, I'm a little older - my student loans are relatively new, my oldest credit line is 19 years old. Financial Aid Professionals |
Your loan was not sold. If you need to make changes to your communication preferences with us, log in to your Nelnet.com account, choose My Profile from the menu, and select Manage Paperless. Learn more at www.mygreatlakes.org. We are frustrated and disappointed by this decision and the lack of transparency in the process and will pursue every legal avenue available to ensure that students have the high quality service they've come to expect from us.. Offsite Nelnet will be your new student loan servicer. 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). What Great Lakes Educational Loan Services borrowers need to know You can also go to StudentAid.gov You can find out which loans Nelnet services by creating an account on our website and logging in to view your Account Summary by selecting My Loans. Nelnet, whom we've shared the same parent company with since 2018, is your new student loan servicer. No action is needed from you at this time. . At Nelnet, this is called special payment instructions. I have consolidated loans from Keller/Devry. Privacy Policy. I double checked the amount with my transfer email from GL, and the amount listed on StudentAid.gov. We are borrowers primary point of contact for repaying their loans. If you already have loans of this kind, it indicates that they will be transferred. In June 2009, the Education Department awarded Nelnet student loan servicing contracts. The U.S. Department of Education (ED) authorized this transfer and has posted a notice about it at StudentAid.gov/greatlakes. Anyone else's Great Lakes loan being transferred to Nelnet?? - Reddit 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. As a borrower, it is essential to understand how this . Rather, you pay your student loan servicer, which collects your student loan payments and provides customer service. Great Lakes Educational Loan Services has transferred its loans to Nelnet. Sometimes, borrowers want to send more money than is due (an excess payment) and want to specify how it is applied. Reddit and its partners use cookies and similar technologies to provide you with a better experience. Reddit, Inc. 2023. and our Like two sides of the same coin, Once you make a payment, you can view your Nelnet payment history on Nelnet.com. Reddit, Inc. 2023. A servicers role includes: Keep in mind a servicer never charges to provide assistance with your student loans. What should I expect? Cookie Notice What Is MOHELA? Congress recently passed a law preventing further extensions of the payment pause, so student loan interest will resume starting on Sept. 1, 2023, and payments will be due starting in October. The transfer is slated to wrap up by the end of June 2023. Nelnet Customer Service: What It Can Do and How to Contact My friend transfer awhile ago and I was just notified a week ago. MOHELA has a track record of over 40 years as a federal student loan servicer. This system and equipment are subject to
Great Lakes and Nelnet: Part of the Same Family We're reaching out to explain that the U.S. Department of Education (ED) has authorized the transfer of Great Lakes federal student loans to Nelnet. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. I know my credit score could take a hit because of them. Greak Lakes sold to Nelnet : r/StudentLoans - Reddit Please see our Wiki: https://www.reddit.com/r/BorrowerDefense/wiki/index. No. Nelnet.com/contact Dont send me a fucking email saying they all transferred without it actually being completed. Through the spring of 2023, Great Lakes will transfer its portfolio of federal student loans to Nelnet and will no longer be a student loan servicer. Nelnet paid $150.0 million in cash for 100 percent of the stock of Great Lakes, following the satisfaction of all required closing conditions . You can also explore other ways to submit a payment to Nelnet. If you borrow a student loan, your lender may not be the entity that manages your student loan after it is disbursed. I have consolidated loans from Keller/Devry. Reddit, Inc. 2023. The transaction is expected to close January 1, 2018, pending regulatory approval. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Just got this notice in my inbox. Student Loan Servicing: What's Changing For 14 Million - Forbes Then Credit Karma accesses your credit reports and compiles a credit score, making it available to you. Please note that it may take up to 10 business days after your transfer date for your loan information to be available online or for Nelnet advisors to be able to assist you on the phone. year, we'll start automatically re-directing you to I owe 15k and havent made a single payment yet due to payments being paused for Covid relief and the potential of my loan being forgiven (I qualified for it). 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. Nelnet, one of the nation's largest student loan servicers, agreed to purchase a competitor student loan servicer, Great Lakes Higher Education Corp., for $150 million in an all-cash transaction. Following the transaction, the companies expect to operate under their respective names and brands. Separately, Nelnet services $48.7 billionin FFELP, private education and consumer loans for 2.1 million borrowers that are not impacted by the Education Departments decision. They process monthly student loan payments, manage borrower accounts and answer borrower questions. After the transfer, Nelnet will contact you with assistance to get you ready for repayment. My Great Lakes loan is being transferred to Nelnet. Terms of Use |
communications about the transfer, explaining that all loans remain in the same status that they were in prior to the transfer. Each company has a federal student loan servicing contract with the U.S. Department of Education that will expire in 2019. Cookie Notice The Education Department will assign you a new student loan servicer and will communicate with you in advance of any transition. Simply log in or create an account on Nelnet.com. Student loan borrowers face rough path after court decision - Los On the other hand, the addition of the accounts under the new servicer will thicken up my profile even more which will be nice. This system and equipment are subject to monitoring to ensure proper performance of applicable security features or procedures. If you plan to send Nelnet a payment by mail, use the payment address listed in the Contact Us section. If Nelnet or Great Lakes service your federal student loans: If you have student loans, make sure to have a game plan. You dont need to apply for a new student loan servicer. Welcome to Nelnet, a Student Loan Servicing Company Helping you find the best repayment plan for your budget. However, earlier this month, FedLoan Servicing announced that it had reached. Great Lakes has transferred its entire portfolio of federal student loans to Nelnet and is no longer a student loan servicer. We look forward to continuing to serve you at Nelnet. Join our community, read the PF Wiki, and get on top of your finances! Your loan account will transfer to Nelnet on or about February 2, 2023. Great Lakes Transferring Loans to Nelnet : r/BorrowerDefense 2 mo. ANYONE USING THIS SYSTEM EXPRESSLY CONSENTS TO SUCH MONITORING. This notice is for informational purposes only. and our If you feel that you were scammed by your college, trade school, or training program, you should consider filing for a federal program called Borrower Defense to Repayment (BDTR) that could help you get the federal student loans associated with your scam school DISCHARGED (and maybe even get a refund).