great lakes loan transferred to nelnetsales compensation surveys

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. 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. Keeping you up-to-date with information about your student loan(s). 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. If you already have loans of this kind, it indicates that they will be transferred. Great Lakes Educational Loan Services Review - Investopedia Opinions expressed by Forbes Contributors are their own. Federal loan servicer: who's best, who's worst? (Navient, FedLoan As a borrower, it is essential to understand how this . At that time, Nelnet will reach out to help you prepare to begin repayment on your student loan(s). Once the transfer is complete, you will make your payments to Nelnet. Here is an overview on how to request these instructions at Nelnet. Congress recently passed a law preventing further extensions of the payment pause. For publicly accessible What to do after receiving a welcome letter from your new servicer 6. When you consolidate your student loans, you can choose one of four student loan servicers: Navient, Nelnet, Great Lakes or FedLoan Servicing. Cookie Notice ANYONE USING THIS SYSTEM EXPRESSLY CONSENTS TO SUCH MONITORING. Greak Lakes sold to Nelnet : r/StudentLoans - Reddit You can still get answers by going to Nelnet.com Generally, well be able to answer questions about your account(s) once youve received your welcome notice from Nelnet. Your loan was not sold. My Great Lakes loan is being transferred to Nelnet. warning banners displayed when individuals log in to the information system. we'll continue to work together with the shared commitment of helping you successfully manage your student loans. Other major Department of Education loan servicers including Nelnet, Great Lakes Higher Education, and MOHELA have extended their contracts with the government and are not expected to exit the . 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. How Will This Acquisition Affect Me As A Student Loan Borrower? 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. No action is necessary. Offsite ANYONE USING THIS SYSTEM EXPRESSLY CONSENTS TO SUCH MONITORING. Generally, you cannot change your 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 . Once you are informed of your new student loan servicer, you can begin sending student loan payments to your new student loan servicer. Income-Driven Repayment and PSLF Account Adjustment: . Beginning later this According to the most recent proposal, the plan could reduce some borrowers' monthly payments by 50% or more, and accelerate student loan forgiveness. Nelnet.com/contact According to MyGreatLakes.org, by the end of June 2023, all of the Great Lakes student loans will be transferred to Nelnet. and our In 2018 Nelnet acquired Great Lakes, but the two entities handled servicing separately. 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. Unfortuantely, this is a pretty common occurrence. 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. 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 (NYSE: NNI) announced today it has completed its previously announced acquisition of Great Lakes Educational Loan Services, Inc. (referred to as Great Lakes throughout this press release) from Great Lakes Higher Education Corporation . However, after creating my account it appears that not all of my loans transferred over. A loan servicer will also work with you for free on student loan repayment plans and student loan consolidation. Your loan account will transfer to Nelnet on or about February 2, 2023. Nelnet will assign a new federal student loan account number to you once it loads your loan(s) onto its system. June 30, 2023 Updated 2:22 PM PT. or stored in this system by a user. 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.. 30 Jun 2023 16:37:41 This system and equipment are subject to Yes. . EDIT: aaaannnnddd they just showed up, lol. All rights reserved. We hope this is a useful guide for you to use while learning more about Nelnet. We do this by working with you to find the right repayment plan, or program options for your situation. Why Did My Federal Student Loan Balance Drop to Zero? Those two amounts are the same, and Nelnet seems to be missing about $18,000 in loans. How to contact Great Lakes Educational Loan Services. Well apply your payment and credit it to your loan(s) effective the date of the payment. Great Lakes will forward any payments made to them, to Nelnet, for at least 120 days after your transfer date. For more information about the loan transfers to Nelnet, including FAQs, please visit It's important to note that Nelnet acquired Great Lakes and transferred all loans. No action is needed from you at this time. However, I'm a little older - my student loans are relatively new, my oldest credit line is 19 years old. At Nelnet, this is called special payment instructions. You have a network of support to help you succeed with your federal student loan repayment. As one of the largest. The transaction is expected to close January 1, 2018, pending regulatory approval. If this timeframe changes, we'll let you know. The move will make Nebraska-based Nelnet the largest servicer of federal student loans, and represents a significant consolidation in the student loan servicing sector. This system may contain government information, which is restricted to authorized users ONLY. 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. The Education Department will assign you a new student loan servicer and will communicate with you in advance of any transition. Just got an email from Great Lakes saying that my student loans with them are going to be transferred to Nelnet around June 1st. After the transfer, please immediately begin using Nelnets contact information for correspondence. Students, parents, borrowers, and schools deserve a world-class experience when dealing with [Federal Student Aid], and Im confident that FSA has hired the companies with the knowledge, experience and expertise to deliver that.. Edfinancial is not transferring loans to a new servicer, but the company is in the process of changing its. Student Loan Servicing: What's Changing For 14 Million - Forbes However, after creating my account it appears that not all of my loans transferred over. Privacy Policy | If you have questions once youve received your welcome notice, give us a call. Some FedLoan accounts have already been transferred to MOHELA, another contracted loan servicer for the Department. 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. I'm not expecting to see any loan changes today, but was curious to know if anyone else didn . CEO, Mentor (mentormoney.com). Why Did My Student Loan Get Transferred? - MoneyNing Student loan interest will resume starting on Sept. 1, 2023, and payments will be due starting in October. My Great Lakes loan is being transferred to Nelnet. Student Loan Transfers from Great Lakes - Nelnet Privacy Policy. It shows 100% discharge approval when testing the reconsideration option). A9: Great Lakes will report your account (s) as closed due to the transfer. Following the transaction, the companies expect to operate under their respective names and brands. This notice is for informational purposes only. Great Lakes Transfer to Nelnet. Such monitoring may result in the acquisition, recording, and analysis of all data being communicated, transmitted, processed, or stored in this system by a user. 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. Skip to Content. Great Lakes Federal Student Loan Servicer Transfer to Nelnet You can visit StudentAid.gov to see a list of our trusted federal student loan servicers, or submit a complaint directly to the FSA Ombudsman. There are companies that will offer to help you manage your debt for a fee we offer the same services for free! You will not be required to make payments and your interest rate will be 0% as long as the COVID-19 payment pause remains in effect. 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. We encourage you to do the things on this list, so that youre set up for success. I tried calling them and they were not helpful at all. CEO, Mentor (mentormoney.com). A9: Great Lakes will report your account(s) as closed due to the transfer. A servicers role includes: Keep in mind a servicer never charges to provide assistance with your student loans. What to Do If Your Student Loan Servicer Gets Fired Cookie Notice The federal government has contracts with several different loan servicers. Reddit, Inc. 2023. Please see our Wiki: https://www.reddit.com/r/BorrowerDefense/wiki/index. Learn to avoid student aid scams at StudentAid.gov/scams. Cookie Notice You can also explore other ways to submit a payment to Nelnet. 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). I double checked the amount with my transfer email from GL, and the amount listed on StudentAid.gov. After the transfer, Nelnet will contact you with assistance to get you ready for repayment. systems: (i) the system use information is available and when appropriate, is displayed before granting By the end of June 2023, all Great Lakes student loans will be transferred to Nelnet. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Please note that your loan is in the same status as when it was with Great Lakes, and no payments are due at this time. Like two sides of the same coin, Within 90 days of the transfer, these changes will be reflected on your credit report, and Nelnet will continue to report on your federal student loan(s)., Scan this QR code to download the app now. So what does this acquisition mean for your student loans? and our If you have a federal student loan, the U.S. Department of Education will assign you a student loan servicer after your student loan is disbursed. This kinda sucks. Weve put together some commonly asked questions and answers about loan transfers. Find out how Federal Student Aid partners with loan servicers to be here when you need help. Anyone else's Great Lakes loan being transferred to Nelnet?? - Reddit Prior to this change, only six loan servicers would have handled the administration of your loan: Department of Education Student Loan Servicing Center (ACS), Direct Loan Servicing Center (ACS), FedLoan Servicing (PHEAA), Great Lakes Educational Loan Services, Inc., Nelnet, and Sallie Mae. and our Both Great Lakes and Nelnet have sent communications about the transfer, explaining that all loans remain in the same status that they were in prior to the transfer. Privacy and security policies are consistent with applicable laws, Executive Orders, directives, policies, Not really thrilled since I havent heard great things about Nelnet. To find out when Nelnet advisors are available by phone, visit Nelnet.com/contact. 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). You may opt-out by. 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). How does this affect my status in loan forgiveness? Whats the best way to pay off student loans faster? No. This system and equipment are subject to monitoring to ensure proper performance of applicable security features or procedures. 3. Just got the welcome email from Nelnet that everything has been transferred over from Great Lakes. I double checked the amount with my transfer email from GL, and the amount listed on StudentAid.gov. Your student loan servicer is assigned to you. Great Lakes Transferring Loans to Nelnet : r/BorrowerDefense - Reddit If your loan(s) hasnt transferred to us, were not able to answer loan-specific questions, but were happy to help answer any general transfer questions. My Vantage credit score has been at a low of 811 in Jan to a high of 818 in May this year. When President Biden announced his plan to cancel up to $20,000 in federal student loans for some borrowers last August, he framed it as part of a . On June 24, the Department of Education announced that Federal Student Aid which provides more than $120 billion of financial aid to more than 68 million students across 5,800 postsecondary institutions each year signed contracts with five student loan servicers to service federal student loans and provide enhanced customer support: DeVos wants to streamline and simplify student loan repayment. Reddit, Inc. 2023. Great Lakes is no longer servicing student loans. I set up my account and all say Paid in Full. Privacy Policy. This is another major step toward our commitment to improving customer service and holding our contractors accountable for their performance, DeVos said. Is anyone else here still waiting to receive that info? and our The companies said they do not expect borrowers to experience any change in service as a result of the acquisition. On the other hand, the addition of the accounts under the new servicer will thicken up my profile even more which will be nice. Nelnet welcomes borrowers from Great Lakes Educational Loan Services! How to Change Student Loan Servicers - NerdWallet No one likes to hear from a company they know nothing about. Stay Proactive: Great Lakes to Nelnet Student Loan Transfer result in the acquisition, recording, and analysis of all data being communicated, transmitted, processed, Your loan was not sold. No, your eligibility will not be affected. We cant provide feedback on your credit score, however. I have seen cases on here where Nelnet is saying that someone has more than they should, but I couldn't find anything for the opposite. 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. How does this affect my status in loan forgiveness? Sometimes, borrowers want to send more money than is due (an excess payment) and want to specify how it is applied. You don't need to worry if you receive a notice that your student loan has been transferred to another servicer. Credit Karma is a third-party source for credit reporting. Nelnet will inform you of your new account number in the welcome communication it sends to you. Great Lakes Ending Student Loan Servicing: What to Expect in 2023 Yes. I scroll to the bottom of the email to see my loan amounts are all are zeroed out. 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. MOHELA has a track record of over 40 years as a federal student loan servicer. Great Lakes Educational Loan Services, Inc., was a federal student loan servicer that helps borrowers navigate their repayment plans. If you dont make these updates, the bank or bill paying service will send your payments to the wrong servicer, and there will be a delay in your account being credited. The options are Navient, Nelnet, Great Lakes Educational Loan Services, Fedloan Servicing (PHEAA). 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. Download the app today at the. Nelnet And Great Lakes Will No Longer Service Your Federal Student Loans All rights reserved. Once your loan(s) enters a repayment status, we encourage you to sign up for auto debit with Nelnet. Reddit, Inc. 2023. Join our community, read the PF Wiki, and get on top of your finances! My student loans were also transferred from Great Lakes to Nelnet. Contact Nelnet for help instead. Great Lakes > Nelnet transfer - not all loans transferred Just got the welcome email from Nelnet that everything has been transferred over from Great Lakes. All rights reserved. What is a student loan servicer? DeVos believes the current student loan servicing system lacks consistency and accountability, which hurts student loan borrowers. I have great lakes too and I haven't gotten an email yet so they're definitely doing it in groups. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. You usually receive your 1098-E in late January of the following year. Great Lakes > Nelnet transfer - not all loans transferred We can also review your balance information to verify that it aligns with the balance you had with Great Lakes. In addition to federal student loan consolidation, here are some other options: This is a BETA experience. 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). When you pay federal student loans, you dont pay the federal government or Department of Education directly. accommodations for such systems that generally prohibit those activities; and (iii) the notice given to While some companies act as both a lender and servicer, often times a separate company will service your loan. Browser Support | Reddit, Inc. 2023. Your payment history while your loan was at Great Lakes will remain distinct from your payment history once your loan has transferred to Nelnet. My parent plus loans are held with Great Lakes. If Nelnet or Great Lakes service your federal student loans: If you have student loans, make sure to have a game plan. Nelnet, whom we've shared the same parent company with since 2018, is your new student loan servicer. 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. Great Lakes and Nelnet were previously. Great Lakes Student Loan Forgiveness: How to Qualify Big Student Loan Servicing Changes Are Happening Now - Forbes Helping you find the best repayment plan for your budget. 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. We are borrowers primary point of contact for repaying their loans. As of 2017, when student loan giant Nelnet bought Great Lakes, the servicer handled nearly $240 billion in student loans for more than 8 million borrowers and is now responsible for roughly. If monitoring reveals possible evidence of criminal activity, such The plan has not been finalized yet . Why? All Rights Reserved (Nelnet Servicing, LLC NMLS ID# 1508613. 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. Dont send me a fucking email saying they all transferred without it actually being completed. How MOHELA Student Loan Forgiveness Works - Forbes Advisor The surprise announcement comes as the U.S. Department of Education, led by Education Secretary Betsy DeVos, seeks to improve student loan servicing. Nelnet is a student loan servicer (like Great Lakes) that was chosen by the U.S. Department of Education (ED) to service federal student loans. Edit: thanks for the heads up, BTW! You dont need to apply for a new student loan servicer. 69 76 comments Add a Comment PassTheTaquitos 2 mo. /r/StudentLoans: Reddit's hub for advice, articles, and general discussion about getting and repaying student loans. Terms of Use | Sallie Mae, NelNet, Great Lakes, Navient, all of y'all can suck my ass! I actually kinda liked Great Lakes. Financial Aid Professionals | For ways to reach Nelnet, including phone and email, please visit At this point, you can enter payment amounts to apply to each of your loan groups. Just got this notice in my inbox. Does anyone know why this is happening? I just received an email that Great Lakes is transferring my loan balance to Nelnet next month. This change will not impact the existing status, terms, conditions, interest rate, or available repayment plans of your federal student loan. Nelnet reports to the four nationwide consumer reporting agencies (that is, Equifax, TransUnion, Experian, and Innovis). Great Lakes Transferring Loans to Nelnet : r/BorrowerDefense 2 mo. 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. Log in to your Nelnet.com account and select Special Payment Instructions from the Payments drop-down menu. Repayment will begin after the COVID-19 payment pause ends. Student borrowers sue over 'illegally damaged' credit scores amid 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 have consolidated loans from Keller/Devry. Scan this QR code to download the app now. For more information, please see our I scroll to the bottom of the email to see my loan amounts are all are zeroed out. year, we'll start automatically re-directing you to By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. ago I'm with Great Lakes and still haven't been notified of me being transferred to Nelnet 31 Old-Army-7112 4 mo. If you have questions about your payments before the transfer, Nelnet will connect you with Great Lakes representatives to provide answers. What to know if your student loans are transferred to a new servicer The IRS Form 1098-E is your annual student loan interest statement. Privacy Policy. CALL US: 888.486.4722 | Nelnet Businesses. Prior to the transfer at the end of June, everyone was supposed to receive correspondence two weeks before. Nelnet will send you a 1098-E for the interest you paid to us after the transfer. 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. We look forward to continuing to serve you at Nelnet. However, earlier this month, FedLoan Servicing announced that it had reached. Heres what happens if you had automatic payments set up with Great Lakes: No, it will not. To view all of your federal loans, including those with other servicers, visit StudentAid.gov. If you're currently making payments using Auto Pay, please see question #7 for important information. explore other ways to submit a payment to Nelnet, Department of Education Accessibility Statement. You can also get in touch with all of the loan servicer contact centers by calling 1-800-4-FED-AID. Why did great lakes transfer my loans to Nelnet - LinkedIn We are shocked that the two highest rated servicers and the dedicated employees who are responsible for achieving those rankings will not be considered by the Department for this contract, Nelnet CEO Jeff Noordhoek said. Under Great Lakes, youve had a user ID, PIN, and password; with Nelnet, youll establish a username and password. We keep borrowers up-to-date with information about their loans and help them manage the loan repayment process. Great Lakes Educational Loan Services NMLS ID# 218642 NMLS Consumer Access, Great Lakes Educational Loan Services NMLS ID# 218642, how Federal Student Aid partners with loan servicers, list of our trusted federal student loan servicers. What to expect if your student loans are transferred to a new servicer 5. Bestselling Author, The Lemonade Life. Education Secretary Betsy Devos (Photo by John, Missouri Higher Education Loan Authority (MOHELA), Texas Guaranteed Student Loan Corporation (Trellis Company). 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. My FICO is 790 Jan low to 815 high in May this year. What If Great Lakes Is Your Student Loan Servicer? The U.S. Department of Education (ED) authorized this transfer and has posted a notice about it at StudentAid.gov/greatlakes. The U.S . ago Data Security | It may take a few weeks for payments to process, but a payment will not be considered past due under these circumstances.

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