Great lakes Student Loan Forgiveness, Cancellation, Discharge

Great Lakes Student loan forgiveness program is a way they release borrowers from the obligation to pay part or all of the feral student loan debt under their debt record. Sometimes it is called cancellation or discharge of student loans, but they all mean that you will not be obligated to repay the loan.

Notwithstanding, there are some differences between student loan forgiveness and cancellation. You will understand how it works further in this article. In as much as loan forgiveness is carried out by the USA federal government, it is not open to all persons in society. Thus the eligibility for the loan is limited to borrowers in some public service, educational systems, and those in the military.

It is worth noting that private loans do not qualify for forgiveness, but only federal direct loans. A student loan forgiveness application can be done by a student who believes that his educational system is guilty of loan fraud. In such circumstances, the loan forgiveness application will fall under the “Borrowers Defense”.

Although they are used differently, the terms discharge, cancellation, and forgiveness all refer to the same thing. It is often referred to as forgiveness or cancellation if you are no longer required to make payments on your loan(s) as a result of employment in a particular profession (in the nonprofit/public sector). It is often referred to as a discharge if you are no longer compelled to make payments on your loan(s) as a result of additional circumstances, such as a total and permanent incapacity or the liquidation of the institution from which you acquired your loans.

Great Lakes Student Loan Forgiveness Services Overview

Great Lakes student loan forgiveness means that your debt (or part of a debt) has been canceled. In other words, you are no longer required to pay for it.

Although it is believed by so many that any student loan can qualify for loan forgiveness, practically it is only government-issued or backed loans that qualify for forgiveness.

Thus, the widely publicized forgiveness programs do not apply to any privately issued loans, like those from commercial banks or private student loan lenders.

In some cases, borrowers may be able to get their loans forgiven or canceled. Individuals who want their loans forgiven must apply and may have to continue making payments until their application is approved.

Great Lakes company is a student loan servicer with its headquarter office address in Wisconsin, Madison in the United State of America. It is a private company that issues government-backed service loans to students per their contract with the Federal government.

It was reported by the federal student loan portfolio, that over 8 million students in the USA have borrowed about $251.2 billion in Great Lakes student loans as of 31st March 2019. However, it’s noteworthy to state that in 2018, another loan servicer called Nelnet bought the Great Lakes company.

One of the ways to determine a good student loan servicer like great lakes is the number of lawsuits students have filed against them in court. So far, Great lakes account for the least number of suits in court for student loans.

Some students may have received mail or email from this company about student loans. If you’re one of these people, you need not be bothered. You will find all the information you need to go about the Great Lakes student loan forgiveness service on this page.

Also, we’ll explain the student loan payment and forgiveness options available to those who have borrowed from this federal loan servicer.

Types of Student Loan Forgiveness Programs & Qualifications

 Public Service Loans Forgiveness (PSLF)

The Public Service Loan Forgiveness Program (PSLF) is actually made for individuals who worked in the public service as employees either for the government or non-profit organization.

The organization must be one that is tax-exempt under Section 501(c)(3) of the Internal Revenue Code, a federal, state, local, or tribal government organization (including the U.S. military), or a nonprofit organization that is not tax-exempt under Section 501(c)(3) of the Internal Revenue code.

Qualifications Requirements for PSLF

  1. Moreso, you can also be entitled to loan forgiveness if you have provided any specified volunteer work, military service, or medical practice.
  2. You must first make 120 qualifying payments in order to be eligible for debt forgiveness under the public service program (which means paying the minimum amount due on time). These payments must be made when you are employed by a qualified employer, which is typically a branch of the government, a local authority, a state or local government, or a nonprofit with tax-exempt status. In actuality, you become eligible after ten years of employment and ten years of payments (120 payments overall).
  3. Jobs in nursing, politics, the police, fire departments, and social work are all potentially eligible. For purposes of assessing eligibility, only payments made after October 1, 2007, are considered eligible.
  4. Student loan forgiveness is only available for federal direct loans, which are now referred to as the William D. Ford Federal Direct Loan Program. This program does not cover non-federal loans made by private lenders and loan businesses.
  5. You may combine your loans into one loan if you have a William D. Ford direct loan instead of an FFEL loan or a loan from the Perkins Loan Program, which is no longer in existence. The previously indicated PSLF is then applicable to the new combined loan.


Important Limited PSLF Waiver

The Federal Student Aid (FSA) division of the U.S. Department of Education announced a temporary window in which debtors may be given credit for payments that previously did not qualify for PSLF, or Temporary Expanded Public Service Loan Forgiveness, on October 6, 2021. (TEPSLF).

Borrowers of student loans with Direct Loans will be affected by this move, as will those who have already consolidated into the Direct Loan Program and those who do so before October 31, 2022.


Great Lakes Teacher Loan Forgiveness

You may be qualified for the Great lakes Teacher Loan Forgiveness program if you have worked five full academic years as a full-time teacher in a low-income elementary or secondary school or at an educational service organization.

Your Direct Loan or FFEL Program loans may be forgiven under this program for up to $17,500. The U.S. Department of Education annually releases the Teacher Cancellation Low Income Directory, which includes a list of low-income schools and educational aid organizations.

How to Qualify for Great Lakes Teachers Loan Forgiveness

  1. You will have to be a full-time, highly educated math or science teacher who has taught in the secondary school
  2. Highly qualified special education teachers in elementary or secondary schools whose main duty was to teach students with disabilities.
  3. Borrowers who do not teach math, science, or special education may be eligible for loan forgiveness of up to $5,000. They must, however, be full-time, highly qualified primary or secondary school teachers.
  4. Once you have completed the necessary five consecutive years of qualifying teaching, you are eligible to apply for teacher loan forgiveness at Great Lakes. The certification part must be completed by the chief administrative officer of the institution where you worked or an organization that provides educational services.
  5. You will need to send a form to each of your federal student loan servicers if you have more than one.

Note: Teacher loan forgiveness is not subject to any form of tax

Cancellation of Federal Perkins Loans for Teachers

Similar to the federal teachers’ debt forgiveness program, applicants for the Perkins Loan Teacher Cancellation must hold a teaching position at a school that accepts kids from low-income households.

Borrowers must be employed in a sector where there is a scarcity of qualified teachers in their state, such as special education, math, science, foreign language, or bilingual education.

For every complete academic year (or its equivalent) of full-time teaching service, borrowers are eligible to have a portion of their debt canceled.

A full school year or two half-years that occurred during various school years are both considered academic years. However, those two half-years must be full and simultaneous and usually occur within a 12-month period.

For qualified Great Lakes borrowers, the Perkins Teacher Loan amount may be forgiven in the following amounts:

  1. For the first and second years of service, 15% annually
  2. For the third and subsequent years, 20%
  3. For the fifth year, 30%

In contrast, full-time employees in state-regulated pre-kindergarten or childcare programs or in the education component of Head Start programs are qualified for up to 100% cancellation for seven years of qualifying service. For the first six years, loans are canceled at a rate of 15% annually, and for the seventh year, at a rate of 10% annually.

How to Apply for Loan Forgiveness From the Great Lakes Services

The process of applying for student loan forgiveness can be complex. Make sure to review all important information on the Great Lakes loan website, which manages federal student aid. Enter your login details to your account, then move to the loan forgiveness section.

Great lakes Student Loan Discharge

Your federal student loan may be discharged if your school closes while you’re still enrolled or soon after you withdraw. Under certain conditions, a loan discharge releases you from the responsibility to pay back your debt.

To be eligible for a closed school loan discharge, you must meet specific standards and submit an application.

If your school closes, it’s critical for you to acquire your academic and financial aid records because you might need them if you wish to be released from your student loan debt or plan to enroll at another institution.

How to Qualify for Great Lakes Closed School Loan Discharge

You can be qualified for a total discharge of the William D. Ford Federal Direct Loan (Direct Loan) Program loans, Federal Family Education Loan (FFEL) Program loans, or Federal Perkins Loans if you meet the following;

  • you were enrolled when your school closed;
  • you were on an approved leave of absence when your school closed;
  • your school closed within 120 days after you withdrew if your loans were first disbursed before July 1, 2020; or
  • your school closed within 180 days after you withdrew if your loans were first disbursed on or after July 1, 2020.

Check out the conditions that may deny you the closed school discharge from the great lakes

Borrower Defense to Repayment

This is another means to enjoy the great lakes student loan forgiveness package. This option is available for you if you are sure that your school misled you or contravened any law, you may be eligible for a partial or complete discharge of your student loan.

It is worth noting that this borrower defense applies only to direct loans. It does not apply to private student loans or other loans you may have received from programs administered by federal or state agencies, including other programs administered by ED. Visit the borrower’s defense page to learn more. Learn more about the proess, eligibility requirements, and how you can apply

Total and Permanent Disability Discharge

If you’re totally and permanently disabled, you may qualify for a discharge of your federal student loans and/or Teacher Education Assistance for College and Higher Education (TEACH) Grant service obligation as part of the great lakes student loan forgiveness and discharge services.

How to Qualify for TPD Discharge

You can show that you qualify for a TPD discharge by providing documents from one of three sources:

  • U.S. Department of Veterans Affairs (VA)
  • Social Security Administration (SSA)
  • physician

Learn more about the Total and Permanent Disability Discharge process, eligibility requirements, and how to apply.


I believe we have exhaustively told you the various options for the great lakes student loan forgiveness program. Find the one you qualify for and apply for it.

Meanwhile, share this article with your friends to help them get their loan forgiveness.

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