Important COVID-19 Federal Student Loan Information
Last updated December 14, 2020
Great Lakes Educational Loan Services, along with the U.S. Department of Education (ED) office of Federal Student Aid (FSA), is monitoring relief measures for federal student loans pertaining to the COVID-19 pandemic national emergency.
You can log in to your myGreatLakes account at any time to see your loan status. You can also visit FSA's COVID-19 information page at StudentAid.gov/coronavirus. We encourage you to check FSA's page regularly, as it includes information about relief to federal student loan borrowers, including those who have defaulted on their federal student loans.
Latest Update:
On December 4, 2020, the U.S. Secretary of Education directed FSA to extend federal student loan relief measures through January 31, 2021.
Here's what this means for your federal student loan(s):
Your account will be updated to reflect the new extension, and you will not have to make payments through January 31, 2021.
The interest rate remains at 0%, effective March 13, 2020, through January 31, 2021.
If you wish to make payments, you can do so anytime during the COVID-19-related administrative forbearance.
The number of months your loan(s) remains in the COVID-19-related administrative forbearance will continue to count toward income-driven repayment (IDR) forgiveness and Public Service Loan Forgiveness (PSLF), provided all other qualifying factors are met, even though no payments are required through January 31, 2021.
Great Lakes will continue to keep you informed on this page if the incoming presidential administration or Congress extends these relief measures further or makes additional changes to federal student loan policy.
Additional Important Information
Here are some things to keep in mind during this forbearance period. Some of these will apply to all borrowers, and some will apply to borrowers in particular circumstances.
IDR recertifications are now due on or after March 31, 2021. Income-driven repayment (IDR) plan
annual recertification due dates occurring between March 13, 2020, and March 31, 2021, are all now due no sooner than March 31, 2021.
We will send notification of your new recertification due date before it is time to recertify. If you are on an IDR plan and your income
has changed significantly, you can apply now for a new monthly payment amount that would start after the administrative forbearance ends on January 31, 2021.
Example 1: If your IDR recertification was due on May 15, 2020, the new recertification date is May 15, 2021.
Example 2: If your next IDR recertification was originally scheduled to occur on February 15, 2021, it is now scheduled for February 15, 2022.
If you wish to make payments to save money in the long run, you can do so anytime during the
COVID-19-related administrative forbearance. Log in to your account to make a one-time payment.
Payments, including those through Auto Pay, made between March 13, 2020 and January 31, 2021, can be refunded. To
request a refund, please contact us.
If you want to opt out of the COVID-19-related administrative forbearance, please
contact us. By opting out, payments will be due every month going forward, and you'll receive either online or paper billing statements, depending on your communication preference you have selected on your account. No interest will accrue through January 31, 2021. If your account becomes 30 or more days past due, FSA requires that we reapply the administrative forbearance.
If you are on Auto Pay, the COVID-19-related administrative forbearance will stop your Auto Pay payments.
If you want to continue Auto Pay during the COVID-19-related administrative forbearance, you can make that happen. To do so, go to
Payments > Auto Pay and modify your settings by entering new amounts and selecting new payment dates.
This enables you to have payments of the amount you specify withdrawn while you're still in the COVID-19-related administrative forbearance.
Please note that prior to the end of this administrative forbearance, we'll reach out to tell you how much your scheduled monthly payment through Auto Pay
will be after the forbearance ends on January 31, 2021. You can also continue your Auto Pay payments by
contacting us to opt out of the COVID-19-related administrative forbearance.
Months in forbearance count toward forgiveness.
The number of months your loans remain in the COVID-19-related administrative forbearance WILL count toward IDR forgiveness and Public Service Loan Forgiveness (PSLF), provided all other qualifying factors are met, even though no payments are required to be made through January 31, 2021.
The relief forbearance is a non-capitalizing forbearance.
Exiting the COVID-19-related administrative forbearance will not cause outstanding interest to capitalize. However, if you had any accrued interest as of March 13, 2020 (when the COVID-19-related administrative forbearance began), your outstanding interest may capitalize after
January 31, 2021. It depends on your individual situation. Please call us so we can look at your specific circumstances.
FAQs for Great Lakes Borrowers
Yes.
Yes. To opt out, you can contact us. If you opt out, payments will be due every month going forward, and you'll receive either online
or paper billing statements, depending on your communication preference you have selected on your account. No interest will accrue through January 31, 2021.
If you opt out of the forbearance and then experience a change in income, please contact us as soon as possible to
discuss options, such as enrolling in an income-driven repayment (IDR) plan to lower your payments or opting back in to the administrative forbearance that ends
January 31, 2021.
Continuing to make payments through January 31, 2021, could help you pay down your loan balance more quickly because the full amount of a
payment will be applied to principal once all interest accrued prior to March 13, 2020, is paid. There is no penalty for partial (less than the normal regular
monthly payment amount) payments during the forbearance. If you want to make payments during the COVID-19-related administrative forbearance, simply
log in to your account and select Pay Online or use our mobile app. You can also mail payments to the U.S. Department
of Education, P.O. Box 790321, St. Louis, MO 63719-0321. Be sure to include your Payment Reference Number on your check. Note, you will not receive a monthly
billing statement during the forbearance, but you can view your account details when you log in to your account.
Auto Pay is suspended during the COVID-19-related administrative forbearance. If you want to continue Auto Pay during the COVID-19-related administrative
forbearance, you can make that happen. To do so, go to Payments > Auto Pay and modify your settings by entering
new amounts and selecting new payment dates. This enables you to have payments of the amount you specify withdrawn while you're still in the COVID-19-related
administrative forbearance. Please note that prior to the end of this administrative forbearance, we'll reach out to tell you how much your scheduled monthly
payment through Auto Pay will be after the forbearance ends on January 31, 2021.
You can also make one-time payments online by logging in to your account and selecting Pay Online or by using our mobile app.
You can also mail payments to the U.S. Department of Education, P.O. Box 790321, St. Louis, MO 63719-0321.
Be sure to include your Payment Reference Number on your check.
While you can apply for IDR or a deferment while the COVID-19-related administrative forbearance is in place, your request would NOT take effect until
February 1, 2021, which is the day after the administrative forbearance ends. Applying now may help you by allowing you to base your IDR on your current income. If you apply now, you may also get your application processed before the potential rush of applications when payments resume.
If you would like to enroll in an IDR plan for the first time, visit
StudentAid.gov/idr, choose "Apply Now," and start the
application.
If you are on an IDR plan and your income or household income has changed significantly, you can update your information and get a new payment amount based on your current income. To
do so, visit StudentAid.gov/idr, choose "Apply Now," and then
start the application by choosing the button next to "Recalculate my monthly payment." After the administrative forbearance ends on January 31, 2021, your
monthly payments will resume at the new amount.
No. A non-capitalizing administrative forbearance was applied to your account to bring it up to date before the COVID-19-related administrative forbearance was
applied effective March 13, 2020. Exiting the COVID-19-related administrative forbearance will not cause outstanding interest to capitalize. However, if you had any accrued interest as of March 13, 2020 (when the COVID-19-related administrative forbearance began), your outstanding interest may
capitalize after January 31, 2021. If you are interested in avoiding the capitalization event you may contact your servicer in advance to remit payment(s) to
satisfy the interest owed prior to March 13th. Please contact us so we can look at your specific circumstances.
Yes, your loans will be placed into administrative forbearance. Cancer treatment deferment annual recertification due dates occurring between March 13, 2020,
and March 31, 2021, are all now due no sooner than March 31, 2021. We will send notification of your new recertification due date before it is time to recertify.
When the administrative forbearance ends on January 31, 2021, you will be placed back into the cancer treatment deferment.
Example 1:
If your cancer treatment deferment recertification was due on May 15, 2020, the new recertification date is May 15, 2021.
Example 2:
If your next cancer treatment deferment recertification was originally scheduled to occur on February 15, 2021, it is now scheduled for February 15, 2022.
Yes. However, if you consolidate, after the 0% interest rate period ends on January 31, 2021, the interest rate on your loan may be higher than what you were
paying before you consolidated your loans. In addition, when you consolidate, any outstanding interest will be added to your principal balance (capitalized).
If you consolidate, you will also lose credit for any qualifying IDR or PSLF payments you may have previously made. You can call us at (800) 236-4300 for
information about how your loan balance, interest rate, and total amount to be paid would change if you consolidated into a Direct Consolidation Loan.
You will receive administrative forbearance (and your loans will remain at the 0% interest rate mentioned in the section above this one) for any period after your
loans enter repayment between March 13, 2020, and January 31, 2021. For example, if your loans entered repayment on April 15, 2020, you will receive a
forbearance from April 15, 2020, through January 31, 2021, and the interest rate on your loan will be 0% during this period. This means that your first payment
will not be due until after January 31, 2021. You will receive a billing statement about three weeks before your payment is due showing your due date and the
payment amount. Note that entering repayment is a capitalization event, which means any interest that accrued on your loans prior to March 13 will be capitalized
(added to the principal balance) at the end of your grace period. You can make payments during the forbearance and prior to entering repayment if you wish to
avoid capitalization of some or all of the outstanding interest that accrued on your loans prior to March 13, 2020.
Timeline of Federal Action on Student Loan Flexibilities
On March 20, 2020, the U.S. Secretary of Education directed FSA to provide the following relief on ED-owned federal student loans:
suspend loan payments
stop collections on defaulted loans
set interest rates to 0% for a period of 60 days
On March 27, 2020, Congress passed, and the president signed into law, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which provides for the above relief measures through September 30, 2020.
On August 8, 2020, President Trump directed the Secretary to continue to suspend loan payments, stop collections, and waive interest on ED-held student loans until December 31, 2020.
On December 4, 2020, the U.S. Secretary of Education directed FSA to extend these relief measures through January 31, 2021.
Additional COVID-19 Information
The health and well-being of our associates and customers is very important to us. We've been taking proactive steps to protect our associates and communities and
are prepared to serve our customers as the situation evolves with the COVID-19 pandemic.
If You're Impacted
Our call centers are fully staffed by our associates who are working from the safety of their home. If you have questions, call us at (800) 236-4300 or TTY: 711.
Our hours of operations are Monday - Friday 7:00 a.m. to 9:00 p.m. Central time.
Please know that you can also access your accounts 24/7 on our website, mobile app, or automated voice response system to:
Check your account balance and loan status
Find out when your next payment is due
Get confirmation of a recent payment
Make a payment
Request a deferment or forbearance
Request a repayment plan change, such as income-driven repayment (IDR)
Get your IRS Form 1098-E for the amount of student loan interest you paid last year
Update your contact information
Find answers to other questions you may have in our Knowledge Center.
It's our goal to provide the best service possible to you. We're in this together.
We're here if you need us.
