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.
As you leave school, understanding how your student loans will impact your finances can help you successfully manage your loans. Great Lakes is a federal student loan servicer. If we're your servicer, we'll be your advisor as you repay your loans.
This timeline teaches you about what happens during your grace period and the steps to take along the path to repayment.
Accruing Interest
Depending on the type of loan you have, interest can build up (accrue) while you prepare for repayment. If you're wondering how this will affect your loan, learn about interest and capitalization.
Scroll to see the whole timeline or jump to a specific period in the timeline:
The idea of making loan payments might be a little overwhelming, but you have time to get ready. Federal student loans come with a six-month grace period—a window of time after you leave school when you aren't required to make payments.
Now is a good time to start thinking ahead a few months to prepare for that first payment.
Make sure we have your active email address, especially if you're done using your school email address. Sign up for account access and update your contact information.
Your grace period is about half over. It's a good time to estimate your monthly payment amount and review all of your repayment options.
Making on-time payments builds good credit, which can be a factor when applying for a job, securing housing, or buying a car.
Review your repayment options to find the option that works best for your situation.
If you don't think you'll be able to afford your payments, you have options. Income-driven repayment plans can bring your payments to as low as $0.
2 months
Select a repayment option
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It's time to decide how you want to pay back your student loans. You determine whether you begin making full payments or pursue an income-driven plan that could possibly lower your payments to $0.
Your six month grace period has ended and you're about a month away from your first payment due date. Soon you'll get a payment schedule that details your repayment terms. If your grace period flew by and you didn't select a different repayment option, we set you up with the level repayment plan (monthly payments that stay the same over a maximum of 10 years).
This is a good time to make sure we have your current contact information and to sign up for automatic monthly payments.
Make sure we have your active email address, especially if you're done using your school email address.
Make sure your payments are always on time by signing up for Auto Pay and having your monthly payments automatically withdrawn from your checking or savings account. Your lender might also offer an incentive for making automatic payments.
9 days
Billing Statement
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You'll be making your first scheduled payment in a couple weeks. Watch for an email or paper billing statement each month. The statement includes your payment amount and due date.
Visit the Knowledge Center to explore additional helpful materials.
30 Days
First Payment Due
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Your first scheduled student loan payment is due, but the path doesn't end here. Successfully repaying your student loans helps you build a solid financial future and Great Lakes will be here to help you every step of the way.
