In recent years, the federal student loan landscape has undergone significant transformations, including the reorganization of loan servicers. Notably, Great Lakes Educational Loan Services, formerly based in Wisconsin, transitioned its operations to Nelnet in 2018. As of July 2023, Nelnet assumed responsibility for servicing outstanding Great Lakes student loans.
Interest Rates on Great Lakes Student Loans
Understanding the interest rates on your Great Lakes Education Loan is crucial for informed financial planning. Federal student loan rates, which impact the interest on these loans, range from 3.73% to 6.28%. In contrast, private student loans may carry rates between 1.49% and 12.99%, depending on whether they are fixed or variable. Federal student loan interest rates remain fixed, ensuring stability throughout the loan term.
Eligibility Criteria for Great Lakes Student Loans
To qualify for Great Lakes student loans, applicants must meet specific criteria:
- Legal Majority: Applicants must be considered of majority age in their respective states.
- Citizenship or Permanent Residency: Both the applicant and their cosigner must be U.S. citizens or permanent residents.
- Enrollment Status: Applicants must be enrolled at least half-time in a qualified educational institution.
- Minimum GPA: A minimum GPA of 2.0 is required for eligibility.
- Academic Progress: Applicants must meet their school's satisfactory academic progress standards.
- Great Lakes Credit Union Membership: Consideration is given to those who are already members or join the Great Lakes Credit Union through the online application process.
Contacting Great Lakes Educational Loan Services (Now Managed by Nelnet)
For inquiries or assistance with your student loan, Nelnet is your primary point of contact. Reach Nelnet via phone at 888-486-4722, with operating hours as follows: Monday (8 a.m. – 9 p.m. ET), Tuesday and Wednesday (8 a.m. – 8 p.m. ET), and Thursday and Friday (8 a.m. – 6 p.m. ET). Alternatively, you can email them at writtenrequest@nelnet.net.
At Great Lakes, we recognize that a college education is a gateway to a successful future. Students relying on loans will discover comprehensive advice and support available through Great Lakes Education Loan Services, now managed by Nelnet. Your success is our priority.
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