Great Lakes is currently in the process of discontinuing its role as a federal student loan servicer, with its entire portfolio of student loans being transferred to Nelnet.
Understanding the Great Lakes to Nelnet Transfer
Great Lakes was acquired by Nelnet in 2018. Although Nelnet owned Great Lakes for several years, the two entities continued to operate their student loan servicing independently. This changed recently as Nelnet began the process of consolidating these operations by moving all Great Lakes' serviced loans under its own umbrella.
Key Details of the Transition
The systematic transfer of federal student loans from Great Lakes to Nelnet began in March 2022 and is anticipated to be completed by June 2023. This means that if Great Lakes was your federal student loan servicer, your loan account has either already been transferred to Nelnet or will be in the coming months.
The table below summarizes the key timeline for this significant transition:
| Event | Date/Period |
|---|---|
| Nelnet Acquires Great Lakes | 2018 |
| Loan Transfers Begin | March 2022 |
| Transfers Expected to End | Through June 2023 |
What This Means for Borrowers
For borrowers whose federal student loans were serviced by Great Lakes, the primary outcome of this transition is a change in your loan servicer.
- New Servicer: Your federal student loan account is being, or has been, transferred from Great Lakes to Nelnet.
- Account Management: Nelnet will become your new point of contact for all aspects of your federal student loan, including making payments, managing your repayment plan, and addressing any questions or concerns.
- Ongoing Process: The transfer process is staggered and is expected to continue until June 2023, so the exact timing of your account's transfer may vary.
This change is part of a broader effort to streamline federal student loan servicing. For more details on this transition, you can refer to information available from NerdWallet.
