Is my Great Lakes a federal student loan?
How Great Lakes Can Help You With Your Student Loans . Great Lakes is a U.S. Department of Education federal student loan servicer. We help with student loan questions, repayment, consolidation, payment relief, and more.
Is Great Lakes student loans legit?
Chances are, if you have student loans , you get a lot of shady offers in the mail. But don’t throw out that Great Lakes envelope right away. Great Lakes is, indeed, a legit company. In fact, they might even be your student loan servicer.
Can Great Lakes student loans be forgiven?
Great Lakes and Public Service Loan Forgiveness (PSLF) Once you’ve met all the requirements, your student loans may become eligible for forgiveness . If you’re approved for PSLF, all qualifying loans will be moved to FedLoan Servicing to complete the PSLF forgiveness process.
Can Great Lakes garnish my tax return?
Defaulting on your loan(s) has very serious consequences, which may include: Damage to your credit history. Withholding of future federal tax refunds or other federal payments. Garnishment (reduction) of up to 15% of your wages.
What happens if you never pay your student loans?
If you miss a payment on your federal student loans you have 270 days to make a payment before your debt goes into default. Once federal student debt is in default, the government is able to garnish your wage, your Social Security check, your federal tax refund and even your disability benefits.
Can I go to jail for not paying a student loan?
No, you cannot go to jail or be arrested for not paying your student loans . Failing to pay a student loan , credit card, or hospital bill are considered “civil debts” and you cannot be arrested for not paying your student loans or civil debts. Ultimately, failure to repay student loans could result in wage garnishment.
Can student loans be forgiven after 10 years?
The Public Service Loan Forgiveness program discharges any remaining debt after 10 years of full-time employment in public service. The borrower must have made 120 payments as part of the Direct Loan program in order to obtain this benefit.
Will student loans be forgiven?
If you repay your loans under a repayment plan based on your income, any remaining balance on your student loans will be forgiven after you make a certain number of payments over a certain period of time.
Is Great Lakes a private or federal loan?
As a loan servicer , Great Lakes is neither a private nor a federal loan. The company actually services both private and federal loans, so the type of loan you have won’t change once you start paying it off with Great Lakes. That could change if you decide to refinance student loans through a private lender .
Does student loans go away after 7 years?
Your responsibility to pay student loans doesn’t go away after 7 years . But if it’s been more than 7.5 years since you made a payment on your student loan debt , the debt and the missed payments can be removed from your credit report. And if that happens, your credit score may go up, which is a good thing.
Is there a lawsuit against Great Lakes student loans?
Great Lakes now faces a class action lawsuit . The suit claims that millions of people were affected by the company’s mistake and the actions of the credit agencies and they put people’s credit scores in jeopardy.
Will the government ever forgive student loans?
Federal student loans offer benefits that many other loans don’t. One benefit is the ability to qualify for loan forgiveness —under special circumstances, the federal government may forgive part, or all, of your federal student loans . This means you’re no longer obligated to make your loan payments.
Will the IRS keep my refund for student loans?
Tax refund offsets are one of the government’s powerful tools to collect federal student loans . The government may take your income tax refund if you are in default. Borrowers in default can expect to have all or a portion of their tax refund taken and applied automatically to federal student loan debt .
Can you stop student loans from taking my taxes?
Ask your lender for a student loan tax offset hardship refund form or call the Treasury Offset Program at 800-304-3107 to begin this process.
Can student loans take my taxes?
In the case of federal student loans , the Department of Education may send the Treasury a request to seize your tax refund to put toward defaulted loans . If they do this, they can take your entire tax refund. If the debt is paid off and any amount of your refund remains, it will be returned to you.