As part of the Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, passed on Friday, March 27, 2020, we have suspended payments and interest
accrual on all U.S. Department of Education (ED) federally held student loans until September 30, 2020. We've sent notification in writing or via email to all
eligible borrowers. You can log in at any time to see your account status.
Federal Student Aid's coronavirus (COVID-19) information page is located at
StudentAid.gov/coronavirus.
The page includes information about relief to federal student loan borrowers, including those who have defaulted on their federal student loans.
Please visit the page regularly for updates.
Temporary Relief for Your Federally Held Student Loans
If you have qualifying student loans, you do not need to take any action to have benefits from the CARES Act applied. These benefits were applied automatically,
effective March 13, 2020.
No payments for six months.
You will not have to make payments on your federally held student loans for six months (through September 30, 2020).
No interest will accrue (accumulate).
The interest rate on your federally held student loans was reduced to 0%, effective March 13, 2020 through September 30, 2020.
Additional Important Information
Your accounts have been updated. Great Lakes notified all eligible borrowers of the suspension of student loan payments,
the 0% interest rate, the suspension of collection efforts, and that payments can still be made during this time if you choose to do so. You can
log in at any time to see your account status.
IDR recertification due dates have been pushed out six months. Income-Driven Repayment (IDR) annual recertification dates
occurring between March 13, 2020, and September 30, 2020 have been pushed out six months. We will send notification of your new recertification 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 September 30, 2020.
If you previously requested an administrative forbearance, there's nothing you need to do.
We applied the COVID-19-related administrative forbearance for six months, with an end date of September 30, 2020.
If you wish to continue making payments, to save money in the long run, you can make payments 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 September 30, 2020, 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 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 September 30, 2020.
If your account becomes 30 or more days past due, Federal Student Aid 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 September 30, 2020. 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 and Public Service Loan Forgiveness (PSLF)
forgiveness, provided all other qualifying factors are met, even though no payments are required to be made during the six-month timeframe.
The relief forbearance is a non-capitalizing forbearance.
Exiting the COVID-19-related administrative forbearance will not cause outstanding interest to capitalize. However, if your loans were in a deferment or
forbearance status before March 13, 2020 (when the COVID-19-related administrative forbearance began), your outstanding interest may capitalize after
September 30, 2020. It depends on your individual situation. Please call us so we can look at your specific circumstances.
FAQs
Refer to Federal Student Aid's website for frequently asked questions about the 0% interest rate, COVID-19-related administrative forbearance, and how federally held
student loans are impacted: StudentAid.gov/coronavirus
Yes. To opt out, you can contact us. If you opt out, payments will be due every month 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 September 30, 2020.
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
September 30, 2020.
Continuing to make payments between March 13, 2020, and September 30, 2020, 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 September 30, 2020.
You can also make one-time payments online by logging in to your account and selecting 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.
While you can apply for IDR or a deferment while the six-month COVID-19-related administrative forbearance is in place, your request would NOT take effect until
October 1, 2020, which is the day after that administrative forbearance ends. Applying now may help you by allowing you to base your IDR on your current income
and by getting your application processed before the multitudes who will wait until payments are due again.
If you would like to enroll in an IDR plan for the first time, visit
StudentAid.gov/idr, choose on "Apply Now," and start the
application.
If you are on an IDR plan and your 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 on "Apply Now," and then
start the application by choosing on the button next to "Recalculate my monthly payment." After the administrative forbearance ends on September 30, 2020, 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 your loans
were in a deferment or forbearance status before March 13, 2020 (when the COVID-19-related administrative forbearance began), your outstanding interest may
capitalize after September 30, 2020. It depends on your individual situation. Please call us so we can look at your specific circumstances.
Yes, your loans will be placed into administrative forbearance. If your Cancer Treatment Deferment would have ended after September 30, 2020, your loans will be
placed back into that deferment automatically on October 1, 2020.
If your Cancer Treatment Deferment recertification date falls between March 13, 2020, and April 1, 2020, we will extend the date to October 1, 2020. If your
Cancer Treatment Deferment recertification date falls later in the administrative forbearance period (i.e., between April 2, 2020, and September 30, 2020), we
will extend the date for six months.
If you would like to recertify during the administrative forbearance, contact us to request to do so.
Yes. However, if you consolidate, after the 0% interest rate period ends after September 30, 2020, 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 September 30, 2020. For example, if your loans entered repayment on April 15, 2020, you will receive a
forbearance from April 15, 2020, through September 30, 2020, 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 September 30, 2020. You will receive a billing statement about three weeks before you 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.
The 0% interest period and administrative forbearance is currently set to expire on September 30, 2020. We'll notify you via mail or email, no later than in
August, to remind you that you will need to start making payments again.
Make sure your contact information is up to date in your online account.
Additional Coronavirus 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 coronavirus (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.