Put Loan Servicing Under the federal servicing contract we were recently awarded by the U.S. Department of Education, Great Lakes now services many Federal Family Education Loan Program (FFELP) loans that lenders sell, or put, to the Department.
Lenders
We understand the importance of, and your need for, a clear and streamlined process for selling your loans to the Department. That's why we've developed a comprehensive conversion process that begins immediately with your 45-Day Notice of Intent to Sell and continues right through the day of sale. Robust testing and error checking ensure the proper flow of information, and we’re here to support you at every step along the way.
For more details and contact information, please see Great Lakes — Federal Loan Conversion Process.
Schools
For ease of mind with regards to put loans, you need access to accurate information and continuity in your processes. That's why we've enhanced the products and services on which you rely — e.g., ScholarNet, Person Search, etc. — to accommodate the easy identification and processing of put loans.
You also want to know that your borrowers are receiving the best possible support. With Great Lakes, you can rest assured that we're committed to providing all put loan borrowers with the same high level of service that they already receive for FFELP and private loans. We've updated our products and tools to provide borrowers all the proper information for their put loans.
For details about the put loan process and how to identify and work with put loans, please see Great Lakes Servicing Overview: Put Loans. To further help you and your borrowers with this transition,we have also provided a list of contacts and resources and a sample of the letter your student borrowers may receive regarding loans that have been put to the Department. Please feel free to call Great Lakes Client Services with any questions at (888) 686-6919.
Update! Federally-Held Loans Serviced by Great Lakes Detail Report Now Available
This report, available for you to generate on demand or via subscription, allows you to identify your borrowers who have FFELP loans that lenders sold, or put, to the U.S. Department of Education and that are now serviced by Great Lakes. For more information, view our online announcement.
New to Great Lakes?
Register, via the Training page, for our Getting Started with Great Lakes webinar or view our Getting Started with Great Lakes document to get a head start on taking advantage of the support and services we offer. Highlights include information on how to obtain login access to mygreatlakes.org and a summary of the tools, services, and reporting functionality that make it easy to access up-to-date borrower and loan information.
Borrowers
Under the Ensuring Continued Access to Student Loans Act (ECASLA), your lender may have the option of selling your 2008-2009 academic year loans to the Department of Education. When sold, such loans are commonly referred to as "put" loans. Should your loan be sold to the Department and serviced by Great Lakes, you will receive a letter providing important details.
If you have other loans serviced by Great Lakes, you can continue to use the Borrower portal on mygreatlakes.org to access information about all of your loans (including put loans we service). If you are new to Great Lakes, we encourage you to create an account and browse the Borrower portal. You’ll find helpful calculators and tools, access to repayment options, and important details about your loan. If at any time you need assistance before or during repayment, our staff is readily available to help.