As part of this overhaul, ED announced that it would not renew its contracts with the existing student loan servicers, including Great Lakes and Nelnet, and instead award new contracts to five companies: Edfinancial Services, F.H. Cann & Associates, MAXIMUS Federal Services, Missouri Higher Education Loan Authority (MOHELA), and Texas Guaranteed Student Loan Corporation (Trellis Company).
These new contracts were supposed to take effect in December 2020, but they were delayed due to legal challenges, technical issues, and the COVID-19 pandemic. In the meantime, ED extended its contracts with the current servicers until December 2021, and asked them to prepare for the transition of their loans to the new servicers.
However, Great Lakes decided to opt out of the extension and transfer its loans to Nelnet instead, citing operational and financial reasons. Great Lakes said that it wanted to focus on its core mission of helping students access and afford higher education, and that it would continue to provide other services such as grant administration, financial aid counseling, and college access programs.
What do you need to do after the transfer?
If you had Great Lakes as your student loan servicer, you should have received a notice from Great Lakes and Nelnet informing you about the transfer and what you need to do.
Here are some of the most important steps you should take after the transfer:
- Register for online access by creating an account at Nelnet.com. You will need to use a different username and password than your Great Lakes account. Once you have an account, log in and enter the authorization code that was sent to your email or phone number. This will verify your identity and link your loans to your account.
- Update your contact information and preferences. Make sure that Nelnet has your current email, phone number, mailing address, and communication preferences. You can also sign up for paperless statements and notifications to reduce clutter and save the environment.
- Review your loan details and repayment options. Check that your loan balance, interest rate, repayment plan, and payment due date are correct and match your records. If you want to change your repayment plan, apply for deferment or forbearance, or consolidate your loans, you can do so through Nelnet’s website or by contacting them directly.
- Set up automatic payments or make manual payments. If you had automatic payments set up with Great Lakes, you will need to re-enroll with Nelnet. You can do this online or by calling Nelnet. You can also make manual payments online, by phone, by mail, or through the Nelnet app. You can choose to pay more than the minimum amount or target specific loans to pay off faster.
- Contact Nelnet if you have any questions or issues. Nelnet’s customer service representatives are available by phone, email, chat, or social media. You can also visit Nelnet’s website for FAQs, guides, calculators, and other resources to help you manage your student loans.
How to contact Nelnet
If you need to contact Nelnet for any reason, here are some of the ways you can reach them:
- Phone: 1-888-486-4722 (Monday-Friday, 8 a.m. to 10 p.m. ET)
- Email: [email protected]
- Chat: Log in to your account and click on the chat icon
- Social media: Facebook, Twitter, Instagram, LinkedIn, YouTube
- Mail: Nelnet, P.O. Box 82561, Lincoln, NE 68501-2561
You can also visit Nelnet.com/contact for more information and options.
Conclusion
Great Lakes student loans have been transferred to Nelnet, the new servicer, as part of a larger overhaul of the federal student loan servicing system. This change will not affect the terms and conditions of your loans, but you will need to take some steps to ensure a smooth transition and avoid any issues with your loan repayment.
