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What are student loans from the Great Lakes?

Definition and Example of Lakeside Student Loans

How Lakeside Student Loans Work

How to Contact Lakeside Student Loans

Definition and Example of Lakeside Student Loans

Lakeside Student Loans are a service provided by the Lakeside Student Loan Servicing Company, which contracts with the U.S. Department of Education. As a service, the company takes on the responsibility of helping borrowers manage billing and payments for federal student loans.

Lakeside Student Loans handle 18% of the total federal student loan accounts. You can always check your student loan servicer on your Federal Student Aid account.

How Lakeside Student Loans Work

If you have federal student loans, a loan servicer will be assigned to manage your account and payments.

After the Department of Education works with your college to process your student loan application and disburse funds, your account will be handed over to a servicer like Lakeside Student Loans. You cannot choose which servicer will be assigned to you.

The servicers are required to contact you once they are assigned to manage your loan, usually after the first disbursement of your student loan. This servicer will be your point of contact for all matters related to your student loans, from the initial billing to the final payment.

Your account may be transferred to a new servicer. If that happens, the new servicer will need to contact you and inform you of the change. You can always check your current servicer on your Federal Student Aid account.

Initially, since federal student loans do not need to be repaid while you are in college, you may only need to contact Lakeside Student Loans if you have questions or want to check your balance. Once your repayment period begins, Lakeside can offer:

  • Assistance if you are having difficulty making loan payments
  • Options to change your repayment plan, including an income-driven repayment plan
  • Applications for deferment or forbearance – two ways to temporarily suspend or reduce loan payments
  • Advice on whether consolidating federal student loans is right for you, and how to complete the process if it is

You should not have to pay any additional fees for these services.

Always stay in contact with your student loan servicer. They may have important timely information, such as notifications of missed payments or even defaults.

If there is any doubt about whether the communications you received are legitimate, you can easily verify. Visit StudentAid.gov and log into your Federal Student Aid account to view your federal student loan information, including your servicers for each loan.

You may receive calls from some scammers making false claims about student loan forgiveness or your loan status. Many debt relief companies promise student loan assistance, only to charge borrowers for things that are free, such as a deferment or payment reduction application. Learn the signs of scams to protect yourself.

How to Contact Lakeside Student Loans

Whether you are paying off your student loan early or having difficulty making your monthly payments, here’s how to contact the company:

  • Log into your Lakeside online account to view and manage your student loans.
  • Call (800) 236-4300 Monday through Friday from 7 AM to 9 PM Central Time.
  • Fill out a form on the Lakeside contact page to request a call by email.
  • Send faxes to (800) 375-5288.
  • Mail to Lakeside, P.O. Box 7860, Madison, WI 53707-7860.

Stay informed about Lakeside Student Loans to keep them in good standing and protect yourself from fees and harm to your credit rating, or even defaulting on the student loan or wage garnishment.

Source:

https://www.thebalancemoney.com/what-are-great-lakes-student-loans-4768414

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