Greatlakes Student Loan Forgiveness Sign in: Greatlakes Student Loan Interest Rate
Setting up your login information is fast, easy, and can be completed in a few simple steps. Click sign up at the top of any page to get started. Account access on mygreatlakes.org is available to anyone with a student loan serviced or guaranteed by Great Lakes.
Once you’ve completed the signup process, you can log in anytime to view information about your loans and the repayment options available to you.
Student Loan Guarantor
A student loan guarantor’s primary mission is to manage the Federal Family Education Loan Program (FFELP) on behalf of the federal government. Duties range from enforcing federal student loan rules and regulations to counseling student loan borrowers who may be unable to make their payments. This guarantee allows lenders to be reimbursed for loans that may default. (Federal student loans default when borrowers do not make any payments on their loans for 270-360 days and do not make special arrangements with their lender to get a deferment, forbearance, or other form of payment relief.)
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How do I apply for a federal student loan?
You apply for all federal student aid via the Free Application for Federal Student Aid (FAFSA®) at StudentAid.gov/fafsa . By completing the FAFSA form and submitting it to the Department of Education (ED), you’ll be considered for federal grants, work-study, and student loans. If you are offered and decide to take out a federal loan (also known as a Direct loan), you will also have to sign a Master Promissory Note (MPN), agreeing to the terms of the loan.
When will my loan be disbursed?
A federal student loan must generally be paid out in multiple disbursements. You will likely receive a portion just before or at the beginning of each term (semester, trimester, or quarter). If your school doesn’t use terms, you’ll usually get half at the beginning of and half at the midpoint of the academic year. Contact your school’s financial aid office for dates and details.
How will my loan funds be used?
Your loan funds must be used to pay educational expenses, which include tuition, room and board, books and school supplies, fees, equipment and room materials, and travel and miscellaneous expenses. When your loan funds are disbursed (paid out), your school will generally apply your loan funds first to any charges you owe the institution, and any remaining funds will be sent to you directly.
How Payments Are Applied
Did you know there are rules in your student loan agreement that all servicers are required to follow when applying payments to your loan? The rules require that a payment be applied first to outstanding interest, and any remaining amount is applied to the principal balance.
However, when it comes to excess payments (paying more than is due), you have more flexibility. We automatically apply excess amounts to:
- Accrued interest
- Principal of the loan with the highest interest rate.
Note: If you’re in school, grace, or deferment, after outstanding interest for all loans has been paid, it will be applied to the unsubsidized loan with the highest interest rate.
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What is an Account?
Most students have multiple loans—one or more for each year of school. To reduce the number of payments you have to make each month, we group loans into accounts based on the loan type. The interest rate on loans in an account can be different.
- If you have four loans of the same type, you’ll have a single account with four loans and one payment. Remember, the interest rates can be different.
- Or, if you have four loans of two different types, you’ll have two accounts with loans in each. For example, with two Direct loans and two Grad PLUS loans, you will have two accounts.
- An account can also have a single loan in it.
Each account has a separate payment amount that applies to the loans in that account. If you have multiple accounts and send a check as payment, it’s important for you to identify to which account the payment should be applied. If we can’t determine how you intend to apply a payment, we will apply it proportionately according to its share of the whole—to all of your accounts.
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