Great Lakes Students Loans, Interest Rate and Requirements 2024

Filed in Loan, Student Loan by on January 19, 2024

Great Lakes Students Loans – Many changes have been made to the federal student loan system in recent years, one of which is the reorganization of loan servicers. Great Lakes Educational Loan Services handed over to Nelnet. Continue reading to know their interest rate and requirements. 

Great Lakes Students Loans

Great Lakes Students Loans

Federal and private student loan servicer Great Lakes Educational Loan Services was situated in Wisconsin.

The company was sold out to Nelnet in 2018, and as of July 2023, it was in charge of servicing outstanding Great Lakes student loans.

Before the merger, Great Lakes had agreements in place to handle loans for millions of students with more than 6,000 educational institutions and 1,000 lenders, including the U.S. Department of Education.

The Better Business Bureau gave Great Lakes Educational Loan Services an A+ rating, making it one of the biggest loan servicers in the nation before it merged with Nelnet.

Great Lakes Students Loans Interest Rate

Current federal student loan rates are what will determine the interest rate on your loan Great Lake Education Loan.

Interest rates on federal loans can vary from 3.73% to 6.28%. When you compare that to the interest rates on private student loans, you might have to pay anything from 1.49 to 12.99%, depending on whether the loan is fixed or variable. Interest rates on federal student loans are fixed, so they won’t change during the course of the debt.

Great Lakes Students Loans Eligibility

1. You are now considered to be of majority age in your state.

2. You are a citizen or permanent resident of the United States, as well as your cosigner.

3. You are enrolled in a qualified school at least half the time.

4. You have a minimum GPA of 2.0.

5. You must also meet your school’s satisfactory academic progress standards.

6. If you have already joined Great Lakes Credit Union or will do so by completing the online application process.

How to Contact Great Lakes Educational Loan Services

If you have concerns or questions about your student loan, contact Nelnet for assistance. Nelnet is your primary resource for your previously serviced Great Lakes student loans.

You can contact Nelnet via phone, at 888-486-4722. The phone line is open: Monday from 8 a.m. – 9 p.m, Tuesday and Wednesday from 8 a.m. – 8 p.m. ET, and Thursday and Friday from 8 a.m. – 6 p.m. ET.

Email: [email protected].

Great Lakes understands that a college education is the key to a successful and rewarding future. Students relying on loans to pay for college will find that comprehensive advice and support are always available from Great Lakes Education Loan Services.

CSN Team

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