Great Lakes Student Loan Servicing: The Least Bad of the Unfortunate Options | Student Loan Planner

We did a survey of hundreds of readers who have used Great Lakes for their student loan servicing needs, and we determined that they were the top ranked loan servicer of any of the options. Now, that’s not to say that that means they’re fantastic. They rated 3.8 out of 5 stars. That’s definitely not a restaurant you’d probably visit. But, given your other alternatives, Great Lakes Student Loan Servicing is probably one of the best choices available, if you have an option as to where you would want to send your student loans. People generally gave Great Lakes good reviews on their student loan portal and their website. If you’re wondering “am I crazy right now?” it’s because you should see some of the other websites by comparison. The customer service at Great Lakes gets decent reviews. The reps are described as helpful. They care. They try to get your needs processed in a timely fashion. That’s certainly some sentiments that we haven’t heard for other loan servicers. In terms of improvement areas for Great Lakes, they have been known to give out wrong information to people. Sometimes when the reps try to give you different ideas or different information about your loans, they’ll tell you something that’s just flat-out incorrect. And, you know, they will also sign you up for the wrong repayment program sometime just by making an accident. So, Great Lakes is a good processor, all things considered, but again, they’re still not there to give you student loan advice and to give you the best path available for your situation. They’re not paid for that. They maybe make, maybe you know, something like twenty to fifty dollars per borrower per year or something like that. It’s a very small amount. So you shouldn’t expect Great Lakes to get really in the weeds with you about your student loan needs. They’ll answer basic factual questions, but they’re not going to hold your hand throughout the process. If you want to file a complaint against Great Lakes Student Loan Servicing, I would suggest that you contact the Great Lakes ombudsman, and you can find that information if you click on the link in the article comments below, and you’ll be able to find a phone number as well that you can call and complain, and generally that number will get any resolution that you need for your student loans, with an expert instead of the general customer service representative. If you want to get rid of Great Lakes, you have a couple options. We are a little concerned that Great Lakes recently merged with Nelnet, which is a for-profit student loan servicer. Time will tell if their customer service stays at its levels or it potentially gets downgraded with the big association with Nelnet. If you were trying to get rid of Great Lakes because of whatever worries or frustrations that you have with them, one option is student loan consolidation with the federal government, which allows you to move your loans from one servicer to another. I would personally not do that, because any of the loan servicers that you would move it to, besides Great Lakes, are going to be not as good. If you are going for the PSLF program though, that’s the one exception. You would want to move your loans from Great Lakes to FedLoan servicing because they’re the only one that services PSLF. That’s just the unfortunate truth. The best way to get rid of Great Lakes is to refinance your student loans and get a lower interest rate. You should only do that if it makes sense to refinance, but if it does, then you could cut your interest rate and get thousands in savings, and you can get an easier loan servicer to deal with. Great Lakes is not great, but they’re not terrible. We would love to hear your opinion about this. If you wanted to share your comments in the article that’s linked to, or just vent about whatever you’re going through with Great Lakes, let us know. We also make custom plans for people that are dealing with six figures of student loan debt. Just contact us with any of the buttons that are available on our site, we’ll be happy to reach out to you, and let you know about what we might be able to do to help and make you a custom plan, so that you don’t have to rely on Great Lakes for your student loan help.

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