With its partners FastChoice and ScholarNet, Great Lakes offers private loans with federal loan servicing.
Great Lakes does not set interest rates as a federal loan servicer.
Federal undergraduate Stafford Loans currently have a fixed interest rate of 3.73%.
Nevertheless, loans released from July 1, 2022, to June 30, 2023, are expected to rise to 4.99%.
Loan transference from Great Lakes to Nelnet began in March 2022.
Borrowers from the Great Lakes may be able to get all or a portion of their Federal Perkins Loan.
To keep the payment on your Great Lakes student loan manageable, you can apply for an IDR plan.
For 20 to 25 years, the monthly payments made under an IDR plan will be limited to 10% to 20% of your discretionary income.
The FFEL Program loans you have through the Great Lakes Teacher Loan Forgiveness program are forgiven up to $17,500.
The Corona pause till August 31, 2022, has temporarily suspended your payment amount.