The products listed here, many or all of them, are from our partners, who pay us. This affects the products we write about as well as the location and arrangement of the products on a page. However, this does not influence our evaluations. Our opinions are our own. This is our revenue model and a list of our partners.
GENERAL INFORMATION
Similar to Great Lakes, Nelnet is a student loan servicer selected by the U S. Department of Education (ED) to service federal student loans. We assist borrowers in managing the loan repayment process and provide them with current information about their loans. We serve as the principal point of contact for borrowers regarding loan repayment.
From the time your school disburses your first loan amount until the balance on your loan(s) is fully paid off, discharged, or forgiven, a student loan servicer gives you the instruments and resources you need. A servicer’s role includes:
- Keeping you up-to-date with information about your student loan(s).
- Helping you find the best repayment plan for your budget.
- Processing payments.
- assisting you in understanding your options for repayment relief in the event that you are unable to make payments
Remember that there is never a fee for a servicer to help you with your student loans. While some companies charge for debt management assistance, we provide the same services for free! Get in touch with Nelnet for assistance instead! Learn to avoid student aid scams at StudentAid. gov/scams.
All of your Great Lakes loans will transfer to Nelnet if you had more than one.
It’s possible that a different servicer is handling your other student loans. By making an account on our website, logging in, and choosing My Loans to view your Account Summary, you can discover which loans Nelnet offers. Visit StudentAid to view all of your federal loans, including those that are serviced by different companies. gov. Your account in StudentAid. After your loans have finished transferring to Nelnet, gov ought to be updated in 7 to 10 business days to reflect your updated servicer information.
ACCOUNT INFORMATION
Yes. Nelnet will load your loan(s) into its system and then provide you with a new federal student loan account number. Your new account number will be provided to you by Nelnet in the welcome message that you receive.
Yes. To register at Nelnet, adhere to the directions provided in the welcome communication. com. You had a user ID, PIN, and password under Great Lakes; with Nelnet, you’ll create a username and password.
After creating your Nelnet account and receiving your welcome message from Nelnet You can view your loan details and check your status at any time by logging into your com account.
Yes, they did. Please sign into your Nelnet account to modify your communication preferences with us. com account, select Manage Paperless under My Profile on the menu.
Yes, your loan history will transfer. Nelnet can assist if you require a record of the payments you made to Great Lakes. Just give us a call at 888. 486. 4722, and we will deliver the information to you by mail or email in a few working days.
You can check your Nelnet payment history on Nelnet after making a payment. com. Simply log in or create an account on Nelnet. com. Your payment history is available there under the Payments menu.
LOAN TERMS AND BENEFITS
No, the transfer will not change your repayment plan. Following the completion of the transfer, you will pay Nelnet.
No, your eligibility will not be affected. Your eligibility for deferment, forbearance, discharge, or forgiveness will remain unchanged, and your loan status (repayment, in-school, or deferred) will be transferred along with your loan(s).
No action is necessary. Forms and applications that have been completed or are still pending processing (such as requests for Income-Driven Repayment Plans) will be sent to Nelnet after the transfer is finished. Following the transfer, kindly start corresponding with Nelnet using its contact details right away.
Your previous payment history from Great Lakes is now available. To view, log in to your Nelnet. com account and select Inbox from the Documents menu. You will need to activate your Inbox and be able to view alerts and billing statements online if you haven’t already signed up for electronic correspondence.
PAYMENTS
For at least 120 days following the date of your transfer, Great Lakes will send any payments made to them to Nelnet. Your payment will be applied and credited to your loan(s) as of the payment date. Although payments may take a few weeks to process, in these cases, a payment will not be regarded as past due. We appreciate your patience during this time.
If you want to mail a payment to Nelnet, use the address provided in the Contact Us section. You can also look into alternative methods of paying Nelnet.
If you had automatic payments set up with Great Lakes, this is what transpired:
- Your automatic payment enrollment transferred to Nelnet if you were in the payment pause and had no outstanding payments. By signing into Nelnet, you can modify your automated payments. com, selecting the Payments menu, and choosing Manage Automatic Payments. Your automatic payments with Nelnet will begin now that the payment pause has ended. A billing statement will be sent to you prior to the automatic withdrawal of your payment.
- The day your loan(s) transferred to Nelnet marked the end of your automatic payments if you were in school, under grace, in a deferment, or in a forbearance other than the payment pause. When your in-school grace, deferment, or forbearance period ends and payments become due, you can use Nelnet to set up automatic payments by logging in. com, selecting the Payments menu, and choosing Manage Automatic Payments.
- Your automatic payment enrollment transferred to Nelnet if you had outstanding payments as a result of opting out of the payment pause, and your automatic payments continued as usual. With a Nelnet login, you can control or revoke your automatic payments. com, selecting the Payments menu, and choosing Manage Automatic Payments.
No, it will not. If you want to keep paying Nelnet using a bill pay service that you were using with your financial institution before the transfer, please update the payee to reflect your new Nelnet account number and the payment address that is listed below.
Your account won’t be credited right away if you don’t make these changes because the bank or bill-paying service will send your payments to the incorrect servicer.
Borrowers occasionally wish to designate how they would like an excess payment—more money sent than is required. At Nelnet, this is called special payment instructions. This is a summary of how to contact Nelnet to get these instructions.
One-Time Special Payment Instruction
Log in to your Nelnet. choose Make a Payment from your com account, then choose Pay by Group. You can now enter the payment amounts that will apply to each of your loan groups. Then simply confirm your payment to submit it.
Recurring Special Payment Instructions
Log in to your Nelnet. Click the Payments drop-down menu and choose Special Payment Instructions for your com account. You can now choose a recurring special payment instruction to be applied to subsequent payments.
For more information, go to the general FAQ page on our website and look for the section labeled “Special Payment Instructions.”
IN SCHOOL OR IN GRACE PERIOD
You will not be expected to pay as a presently enrolled student until the conclusion of your grace period, following your withdrawal from half-time enrollment. Nelnet will then get in touch with you to assist you in getting ready to start repaying your student loan(s).
Nelnet will get in touch with you following the transfer to help you prepare for repayment. We advise you to register for Nelnet’s auto debit service as soon as your loan(s) enter the repayment status.
CREDIT AND TAX REPORTING
Your account(s) will be marked as closed by Great Lakes due to the transfer. Nelnet will then report your student loans to the four national consumer reporting agencies (Equifax, TransUnion, Experian, and Innovis) and open a new account or accounts with the same total balance for each loan you have. These adjustments will appear on your credit report within ninety days of the transfer, and Nelnet will keep tracking your federal student loans.
Credit Karma is a third-party source for credit reporting. Nelnet submits reports to Equifax, TransUnion, Experian, and Innovis, the four national consumer reporting agencies. After that, Credit Karma obtains your credit reports, creates a credit score, and provides it to you. In order to ensure that the data Credit Karma accesses and uses to create your score is accurate, you should ensure that all information provided to consumer reporting agencies is current.
Regarding any reports we have filed regarding your federal student loans, Nelnet is able to examine them and respond to inquiries. Additionally, we can check your balance information to make sure it matches the balance you had with Great Lakes. We can’t provide feedback on your credit score, however.
After your loan has transferred to Nelnet, your payment history from when it was at Great Lakes will still be different. Nelnet will put you in contact with Great Lakes representatives to get answers to any questions you may have regarding your payments prior to the transfer.
Your annual student loan interest statement is on IRS Form 1098-E. It comprises the total interest you have paid on your student loan(s) over the previous year. Typically, you receive your 1098-E towards the end of January the following year.
Following the transfer, Nelnet will issue you a 1098-E for the interest you paid us. You ought to receive a 1098-E from Great Lakes for the interest you paid on your loan(s) during their servicing. You can calculate the total interest you paid for the year by adding the totals. If you require assistance, make sure to consult a professional for tax advice.
FAQ
Will student loans held by Nelnet be forgiven?
Under federal programs from the U.S. government, Nelnet borrowers may be eligible for Nelnet student loan forgiveness. S. Department of Education. These are the options for federal borrowers regarding forgiveness or cancellation.
Why did my student loan get transferred?
The servicing assignment for a borrower’s federally owned loan may need to be changed when we need to move the loan between members of our federal loan servicer team. Additionally, when borrowers enroll in programs like Public Service Loan Forgiveness (PSLF), we transfer their loans.
Why are my student loans with Nelnet?
Federal student loan servicer Nelnet represents the United S. The government organization that grants you or your child student loans is called the Department of Education. When it comes to the loans that the Department of Education provides to borrowers, a loan servicer serves as the customer support agent.
Did student loans transfer to Nelnet?
The Great Lakes to Nelnet loan transfer began in March 2022 and is anticipated to last until June 2023. Two weeks before your transfer date, if Great Lakes is your servicer, you should receive notification that your account will be transferred.
Read More :
https://nelnet.com/transfer/greatlakes
https://www.nerdwallet.com/article/loans/student-loans/great-lakes-student-loans