Mygreatlakes Student Loan Forgiveness Application 2024
Mygreatlakes Student Loan Forgiveness Application. Know that under certain circumstances, you may be eligible to have all or a portion of your student loans forgiven or discharged. You may qualify for student loan forgiveness of some or all of the balance of your federal student loans if you perform certain types of qualifying employment and make a required number of qualifying payments.
If you work in public service, you may qualify for forgiveness of the remaining balance of your Direct Loans* after making 120 qualifying payments while employed full time by certain public service employers. Great Lakes services Federal Direct Loan Program (Direct Lending) loans.
How do I sign up for account access on Mygreatlakes?
Setting up your login information is fast, easy, and can be completed in a few simple steps. Click sign up at the top of any page to get started. Account access on mygreatlakes.org is available to anyone with a student loan serviced or guaranteed by Great Lakes. Once you’ve completed the signup process, you can log in anytime to view information about your loans and the repayment options available to you.
What is the Mygreatlakes Student Loan?
Private student loans are managed by Great Lakes. It was originally one of nine businesses that had contracts with the United States. GreatLakes no longer service federal student loans since 2020 since the contract wasn’t renewed with the U.S Department of Education. Great Lakes manages the day-to-day operations of monitoring loan payments rather than making loans to clients. It also assists borrowers with any queries or problems they may have, delivers billing statements, handles payments, notifies the credit bureaus of account activity, monitors loan balances, and sends out billing statements.
What is StudentAid.gov?
StudentAid.gov is the U.S. Department of Education’s central website for federal student aid. It tracks all outstanding federal student loans until they are paid in full and can help you determine how much you owe and who you owe it to. When you log in using your Federal Student Aid (FSA) ID, Email, or Mobile Phone, one of the things you’ll see is a listing of each of your loans, the amount of each loan type, and the total amount you owe for all of your federal student loans combined. You can also see your grants, even though you don’t have to pay those back.
What’s the difference between subsidized and unsubsidized federal student loans?
The main difference between subsidized and unsubsidized loans is who is responsible to pay the interest on the loan while you are enrolled in school at least half-time. With subsidized loans, the federal government pays the interest on the loan while you’re in school at least half-time and during a deferment. With unsubsidized loans, the borrower is responsible to pay the interest on the loan.
What is the difference between a Direct and a FFELP student loan, and which types of loans does Great Lakes service?
Direct Lending loans are funded by the federal government and do not need a guarantor. The federal student loan program shifted from FFELP loans to Direct loans in July 2010. Since then, all federal loans have been made through Direct Lending. The U.S. Department of Education (ED) lends the money, disburses (delivers) it to you through your school, and your servicer helps you manage the loan. Direct loans are sometimes called federally-held loans.
FFELP loans were funded by private lenders, such as banks or credit unions, and are guaranteed by the federal government. This guarantee allows lenders to be reimbursed for loans that may subsequently default. FFELP loans are sometimes called lender-held or commercially-held loans.
How do I apply for a federal student loan?
You apply for all federal student aid via the Free Application for Federal Student Aid (FAFSA®) at StudentAid.gov/fafsa . By completing the FAFSA form and submitting it to the Department of Education (ED), you’ll be considered for federal grants, work-study, and student loans. If you are offered and decide to take out a federal loan (also known as a Direct loan), you will also have to sign a Master Promissory Note (MPN), agreeing to the terms of the loan.
Does Great Lakes Service Loans?
When you obtain a student loan, the lender assigns responsibility for managing your account and payments to a loan servicer. Once it is assigned to your account, which typically happens shortly after you get the funds, your servicer should get in touch with you. From this point forward, all inquiries regarding your student loans should be directed to this servicer.
Repaying Mygreatlakes Student Loan
1. Mobile App.
Use the Great Lakes Mobile app, which is available for iOS and Android devices, to make or schedule payments and access information about your loans. Additionally, you can configure notifications so you never miss a payment.
2. Phone Call:
800-236-4300 to make a payment between the hours of 7 a.m. on Monday through Friday. to 9 p.m. CT. Callers from abroad can reach them at 608-246-1700.
3. By Mail:
Money orders and checks can be mailed to Great Lakes. Include the billing statement payment insert with your check, and be sure to include the payment reference number.
4. Manual Online payments.
Although you won’t receive the 0.25 percent interest rate discount, you can log into your account each month and make manual payments.
5. Automatic Payment.
Payments can be automatically withheld by Great Lakes from your bank account on the due date. By setting up autopay, you can save 0.25 percent on your interest rate on federal student loans. An autopay discount may also be available from some private student loan providers.
6. Bill Pay.
If your bank provides this service, you can instruct them to transmit payments to Great Lakes. Set this up beforehand because payments could take a few days to process.
Creating a Great Lakes Account
Creating an account, your Social Security number, birthdate, and complete name are required in order to create an online account with Great Lakes. A username, password, and personal identification number will subsequently be generated for you (which may later be used for identity verification). Keep these details in a secure location.
Where can I find the student loan interest information I need to file my taxes?
You can access your student loan interest statements by logging in to your account on mygreatlakes.org. Once you’re logged in, just select Tax Filing Statements from the My Accounts menu. Your prior year’s statement is available mid-January each year.
What is a 1098-E?
The 1098-E Student Loan Interest Statement is an IRS tax form that lists the amount of interest paid on your student loans during the previous year. You may be able to deduct some or all of this amount from the income you report on your federal tax return, which may reduce your income tax. Check with a tax advisor to determine which interest is tax deductible. You’ll receive a 1098-E for each account listed in your Account Summary.
Where can I find the federal tax ID number?
When you file your taxes, you may need to include your servicer’s federal tax ID number. You can find the number on your 1098-E, below your servicer’s address.
What happens to my loans if my school closes?
If your school closes while you’re enrolled or soon after you withdraw, you may be eligible for a discharge of your federal student loan. There are certain steps that you need to take in order to have your loans discharged.
Mygreatlakes Registration Procedure
- Mygreatlakes is a great resource for students looking to manage their student loan payments. With Mygreatlakes, you can easily monitor your loan balance, payment history, and other important information in one place. To get started, all you need to do is create a Mygreatlakes account. This process is quick and easy and only requires your name, email address, and password.
- After you have created your account, you will need to link your student loans by providing the loan servicer’s name, account number, and Social Security number.
- Once your loans are linked, you will be able to access your loan information on the Mygreatlakes website. This includes your loan balance, payment history, and more.
MyGreatLakes Login Procedure
To sign in to your account, you must follow some very simple steps. Have a look at the steps to sign in to your portal below:
- Firstly, visit the official portal of the Great Lake at the website www.greatlakes.com.
- Then, visit the login section of this portal.
- You will be asked to submit your username and password that you submitted during your registration procedure.
- After submitting the required details, verify it once.
- Then, tap “Submit”.
- If the submitted details are correct, you will be signed in to your account home page.
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