If you are a borrower with federal student loans from Great Lakes, you may have received notification that these loans are going to be transferred to Nelnet. If this is the case, you should contact Nelnet as soon as possible. The new loan servicer for these accounts is Nelnet. This transfer is being made as part of ongoing efforts by the United States Department of Education to improve borrowers’ experiences with the servicing of their student loans and are aimed at improving the overall quality of the education loan repayment experience.  

This article will walk you through everything you need to know about the transition of the servicer for your federal student loans from Great Lakes to Nelnet. The transition is scheduled to begin during the fall of 2022 and last through fall of 2023. 

What factors influenced the decision to transfer?  

This transfer is being made as part of the ongoing efforts that are being made by the Department of Education of the United States of America to improve the overall quality of the experience that borrowers have with regard to the servicing of their student loans. Reducing the number of loan servicers who are responsible for the portfolio of loans they service is the means by which the Department intends to achieve its objective of making the servicing of borrowers’ loans more effective, efficient, and user-friendly. 

When, exactly, is the relocation going to take place?  

The transition of the servicing portfolio for federal student loans from Great Lakes to Nelnet is scheduled to take place throughout 2023, according to the announcement made by both companies. You will be notified by both Great Lakes and Nelnet about the transfer, and you will also be notified about any changes to the contact information for your loan servicer that may have occurred because of the transfer. This is only the case if the transfer will have an impact on your loans. 

What kind of an impact do you anticipate the transfer having on borrowers?  

Great Lakes is responsible for the servicing of any federal student loans that are currently being processed, but Nelnet is going to take over this responsibility. If you already have loans of this kind, it indicates that they will be transferred. The following information will provide you with the understanding you need to fully comprehend the repercussions of the transfer: 

The terms of the loan, including both the interest rate and the repayment schedule, will not change. 

Any payments that have already been made that have met the requirements will not result in any kind of penalty for you. 

 There is a chance that both the website and the contact information of the company that services your loan will be updated. Both Great Lakes and Nelnet will provide you with information regarding the transfer, as well as any modifications to the contact information for your loan servicer that may have occurred. 

 It is possible that any automatic payment plans or loan consolidation strategies that you have set up with Great Lakes will require an update from you. If this is the case, you will need to provide this update to Great Lakes. 

 To get themselves ready for the transfer, borrowers need to know what steps they need to take.  

• They are responsible for ensuring that Great Lakes has their most current contact information in order to ensure that they are notified of the transfer and any changes that may occur to the contact information for their loan servicer. 
• Keep an eye out for any notifications that may come from Great Lakes or Nelnet regarding the transfer, as well as any changes that may occur to the contact information for their loan servicer. Also, make sure to note any changes that may occur to the information that you provide to their loan servicer. 

• They need to make sure that any loan consolidation plans or automatic payments that they had set up with Great Lakes are updated with Nelnet after the transfer so that there is no break in service when it comes to making payments. This will ensure that there is no lapse in service.