Instead of using standard account numbers to identify its student loans, MyGreatLakes uses unique payment reference numbers.
Your Great Lakes account statement bears a 15-digit code known as your payment reference number.
Consolidating student loans with a private lender like SoFi or Earnest is the only way to get a significantly lower interest rate on federal student loans. Reducing costs is a good thing, but don’t take the chance of giving federal student loans total control.
MyGreatLakes – Methods Of Payments
- The simplest method is to make a payment online at www.mygreatlakes.org, the official MyGreatLakes portal.
- There are two methods of payment: one-time payments and automatic payments. Registering for automatic payment entitles you to a 0.25% reduction in interest rates.
- If you are trying to pay off your loans as soon as possible, this reduction is helpful. But what happens if your payment plan is based on your income? The risk should be at most this benefit.
- If you choose the automatic payment option, regardless of the amount of your monthly payment, you grant MyGreatLakes permission to take money from your account more than once.
- You can make all of your payments by mail in addition to using the online payment option. Federal loan payments to MyGreatLakes can be made to two distinct addresses.
Additional Information
Direct Loans: The following address is where payments for loans from the Ministry of Education handled by MyGreatLakes should be sent:
The Great Lakes,
The United States Department of Education,
Post Office Box 790321, USA,
Missouri 63179-0321 St. Louis,
So, the MyGreatLakes portal is for students who want to succeed but are stuck because of a lack of funding.