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Attention Great Lakes will no longer be servicing federal student loans as of June 2023. Nelnet, whom we've shared the same parent company with since 2018, will be your new student loan servicer. Like two sides of the same coin, we'll continue to work together with the shared commitment of helping you successfully manage your student loans. For more information about the transfer to Nelnet, visit Nelnet.com/transfer.

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7 Myths and Facts About Federal Student Loans

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If you have federal student loans, demystifying their common myths can help you in the long-run. Can you separate myth from fact?

MYTH Great Lakes owns my student loans.

MYTH Great Lakes controls my student loan interest rate and profits from the interest.

MYTH I need to pay a fee to sign up for Auto Pay, or apply for loan consolidation or an income-driven repayment plan.

MYTH I don't have to pay back my student loan if I can't find a job after graduation.

MYTH I don't have to think about my loans until it's time to pay them back.

MYTH Past due payments cannot affect my credit score.

MYTH Past due payments cannot affect my ability to obtain services or other loans and their interest rates.

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