Posted Date:July 7, 2010
|Author:||Jana Hernandes, Service Director, Operations, Federal Student Aid|
Subject: Loan Servicing Information - Great Lakes Educational Loan Services, Inc. Begins Servicing Direct Loans
In a June 23, 2010 Electronic Announcement posted on the Information for Financial Aid Professionals (IFAP) Web site, we informed the community that we were ready to begin assigning William D. Ford Federal Direct Loan (Direct Loan) Program Direct loans to the new federal loan servicers, and began doing so with Nelnet on June 23, 2010.
At this time, we are pleased to announce that we began assigning Direct Loans to Great Lakes Educational Loan Services, Inc. on July 7, 2010. This means that the Direct Loan Servicing Center (ACS), Nelnet, FedLoan Servicing (PHEAA), and Great Lakes Educational Loan Services, Inc. are the four federal loan servicers to which we currently will assign new Direct Loans. We anticipate that we will begin assigning Direct Loans to the other servicer, Sallie Mae, in the coming weeks. We will inform the community of this final servicer's start through an Electronic Announcement on the IFAP Web site.
As is true with any loans assigned to our federal loan servicers, Great Lakes Educational Loan Services, Inc. will correspond with each Direct Loan borrower upon assignment of a Direct Loan. In this correspondence, the borrower will be provided with required information about his or her new Direct Loan and information about how to contact Great Lakes Educational Loan Services, Inc. Borrower and school contact information for Great Lakes Educational Loan Services, Inc. is also available on the IFAP Web site's Loan Servicing Centers for Students page and Loan Servicing Centers for Schools page, respectively.
In addition to the student or parent Direct Loan borrower receiving Great Lakes Educational Loan Services, Inc.'s correspondence, Great Lakes Educational Loan Services, Inc. will be identified as the servicer of the borrower's Direct Loan in the National Student Loan Data System (NSLDS). Both the student or parent borrower and the school will be able to view the federal loan servicer code and name associated with each loan in the NSLDS. Q&A 3.1 in the March 26, 2010 Electronic Announcement includes NSLDS servicer identification information for all federal loan servicers and provides information about the availability of a school report that can be used in addition to individual lookups. Great Lakes Educational Loan Services, Inc.'s NSLDS servicer identification information is as follows:
|Servicer Name||NSLDS Name|| |
Lender Servicer Code
|Great Lakes Educational Loan Services, Inc.||DEPT OF ED/GREAT LAKES EDUCATIONAL LOAN SERVICES, INC.|| |
A school will also be able to view the federal loan servicer code and name associated with each Direct Loan via the Common Origination and Disbursement (COD) Web site. The school can access this information under the Person tab on the Web site's top menu bar by clicking on Servicer and then entering the Award ID or the Social Security Number (SSN).
We appreciate the community's ongoing support of our approach to servicing federally-owned loans and will communicate when other federal loan servicers begin receiving Direct Loans to service on our behalf.