Here are 20 FAQs for MyGreatLakes:
What is MyGreatLakes?
MyGreatLakes is a student loan servicing company that helps borrowers manage their federal student loans, including providing support with loan repayment, consolidation, and forgiveness programs.
How can I contact MyGreatLakes?
You can contact MyGreatLakes through their customer support phone number, email, or by using the contact form available on their website.
What are the available repayment plans through MyGreatLakes?
MyGreatLakes offers several repayment options including standard, graduated, extended, and income-driven plans like IBR, PAYE, and REPAYE.
How do I log into MyGreatLakes account?
Visit the MyGreatLakes website, click on the “Log In” button, and enter your username and password. If you don’t have an account, you can create one through the registration process.
Can I apply for loan consolidation through MyGreatLakes?
Yes, you can consolidate your federal student loans through MyGreatLakes by submitting a consolidation request.
What do I do if I forget my MyGreatLakes password?
If you forget your password, click on the “Forgot Password” link on the login page and follow the instructions to reset your password.
What is the Public Service Loan Forgiveness program?
The Public Service Loan Forgiveness (PSLF) program offers loan forgiveness for individuals who work in qualifying public service jobs after making 120 qualifying monthly payments.
What are the loan servicing hours for MyGreatLakes?
MyGreatLakes customer service is typically available Monday through Friday during regular business hours. You can confirm exact hours on their website.
How can I make a payment through MyGreatLakes?
You can make a payment online by logging into your account, or by setting up automatic payments. You may also choose to mail a payment to the designated address.
Does MyGreatLakes offer automatic payment discounts?
Yes, MyGreatLakes offers a discount for borrowers who set up automatic payments. This discount may vary based on your loan type and repayment plan.
What is the difference between deferment and forbearance?
Deferment allows you to temporarily stop making payments without accruing interest on subsidized loans. Forbearance pauses payments but may cause interest to accrue.
How can I update my personal information with MyGreatLakes?
You can update your personal details like contact information and employment status by logging into your MyGreatLakes account and editing your information.
What is an income-driven repayment plan?
Income-driven repayment plans adjust your monthly payment based on your income and family size, making it more affordable during tough financial times.
How can I apply for loan forgiveness programs?
You can apply for loan forgiveness programs by following the application instructions for specific programs like PSLF, Teacher Loan Forgiveness, or Income-Driven Repayment forgiveness.
What is a loan consolidation?
Loan consolidation allows you to combine multiple federal loans into a single loan, making it easier to manage payments with a single monthly bill.
Can I make partial payments on my loan?
Yes, you can make partial payments on your loan; however, doing so may cause your balance to grow due to interest.
What happens if I miss a payment?
Missing a payment can result in late fees, and repeated missed payments could lead to default, which has serious financial consequences.
How do I check the status of my loan?
You can check the status of your loan by logging into your MyGreatLakes account. Your loan balance, due dates, and payment history are available on your dashboard.
What are my options if I am struggling to make payments?
If you are having trouble making payments, consider switching to an income-driven repayment plan, requesting forbearance, or consolidating your loans.
How do I apply for a loan modification?
To apply for a loan modification, you need to submit a request through your MyGreatLakes account. Review your loan details and select the modification options that best suit your financial situation.