Great Lakes Educational Loan Services Inc. (commonly called Great Lakes) is a nonprofit student loan servicer based in Madison, Wisconsin. It’s the second largest of the 10 federal loan servicers, after FedLoan Servicing (also known as AES/PHEAA).
Great Lakes manages federal student loans for the U.S. Department of Education. So if Great Lakes services your federal loans, it processes your loan payments, helps you enroll in repayment plans and answers questions about your loans. Additionally, Great Lakes issues federal Direct Consolidation Loans and processes loans for private lenders.
The company also provides grants to colleges and universities through its philanthropic arm, Great Lakes Educational Philanthropy. Its grants aim to improve graduation rates for low-income students. In 2014, Great Lakes committed to issuing $28.6 million in new grants, bringing its total charitable donations to $134 million since 2006.
Quick facts
8 million: Number of borrowers served
$210 billion: Amount of loans in Great Lakes’ portfolio
(800) 236-4300: Phone number, staffed weekdays 7 a.m. to 9 p.m. Central time
How to make a payment
The easiest way to make payments and keep track of your loans is to create an account on Great Lakes’ online customer portal, mygreatlakes.org. Enter your Social Security number and date of birth to bring up your loan information, then create a username and password so you can log in and create a profile. You’ll be able to make payments on your loans directly on the website, but you’ll be even more likely to stay on top of your loans if you sign up for monthly automatic payments through Great Lakes, called “auto pay.”
Enroll in auto pay by navigating to Payments > Auto pay in the top drop-down menu of mygreatlakes.org. Enter your bank account information, including your account number and routing number, and Great Lakes will automatically deduct the minimum on each of your loans from your bank account each month. You’ll also receive an interest rate reduction of 0.25% on each of your federal Direct Loans when you choose auto pay.
There are two other ways to make student loan payments to Great Lakes.
By mail:
For loans held by the U.S. Department of Education processed and serviced by Great Lakes, send a check made out to either “Great Lakes” or “Great Lakes Educational Loan Services” to:
Great Lakes Educational Loan Services, Inc.
P.O. Box 530229
Atlanta, GA 30353-0229
For FFELP or private loans held by private lenders processed and serviced by Great Lakes, send a check made out to either “Great Lakes” or “Great Lakes Educational Loan Services” to:
Great Lakes Educational Loan Services
P.O. Box 3059
Milwaukee, WI 53201-3059
Make sure to include a payment insert, included on your paper billing statement, along with your check. Write your payment reference number on your check, too, so the company knows to apply the payment to your account.
By phone:
Call (800) 236-4300 to make a payment over the phone. Have your Social Security number and payment reference number nearby.
Tips from Great Lakes
Include your payment reference number in all emails and on all checks you send to Great Lakes.
Set up auto pay for an amount higher than the scheduled amount to pay your loans down faster.
How Great Lakes applies payments to loans
Federal regulations require loan servicers to apply loan payments to late fees first, then to outstanding interest and, finally, to the principal balance, or the original amount of the loan disbursed. The one difference is for federal loans in repayment under an income-driven repayment plan; those payments are applied to interest first, then to late fees and, finally, to the principal balance.
It’s likely the majority of what you pay will go toward interest when you’re on an income-driven plan. Interest accrues quickly on these plans because you’re paying less per month over a longer period of time.
Also keep in mind that you’ll save money in the long run if you make a point to contribute more than your scheduled payment each month. The more you pay now, the larger the dent you’ll make in your principal balance.
How you can pay down loans faster
Your options for paying more than your scheduled monthly payment include:
- Setting up auto pay for a higher amount than you owe each month; or
- Making a separate payment at another point in the month, in addition to your monthly bill.
When you make a single or recurring monthly payment that’s more than the scheduled amount — $500, for instance, instead of the scheduled $300 — Great Lakes automatically applies the
Some borrowers like paying off smaller loans one at a time. If you want the extra you pay applied to a different loan, let Great Lakes know. Send them an email with instructions, including the loan’s account number and interest rate and your individual account information.
Your account will be considered “paid ahead,” meaning the extra amount will automatically go toward next month’s payment on that loan. But if you’re signed up for auto pay, you’ll continue to have your monthly payment deducted. Keep making payments regularly to make sure your principal balance decreases. Learn more in the “Your Situation” section of Great Lakes’ “How Payments are Applied” page.
Whom to contact if you have questions
There are lots of ways to contact Great Lakes.
Call: (800) 236-4300 weekdays between 7 a.m. and 9 p.m. Central time.
If there’s a long wait time, you can ask for someone to call you back the next time a representative is available. Always have your Social Security number and account information handy so you can refer to it when you speak with customer service.
Email: borrowerservices@glhec.org, or fill out an email form online.
If you have an urgent question about your loan payments and it’s during business hours, calling is your best bet. Don’t hesitate to contact Great Lakes, especially if you’re having trouble making your payments or you’re interested in switching repayment plans. It’s their job to help you.
Brianna McGurran is a staff writer at NerdWallet, a personal finance website. Email: bmcgurran@nerdwallet.com. Twitter: @briannamcscribe.
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