Great Lakes

Rely on Us for Private Loan Expertise

January 8, 2018

Staying power requires adaptability and responsiveness to customer needs. Great Lakes passed the 50-year mark and is going strong with our higher education finance and support solutions because we continually adapt these solutions to meet changing customer needs. We've done this since the predecessor for ScholarNet® for Private Loans was introduced in 1989, and the introduction of FASTChoice™ in 2000. In 2005, we launched Central Disbursement Service (CDS)—and 2017 was one of our strongest in recent years.

Nelnet and Great Lakes Acquisition Update

Did you miss a December 21, 2017 update about the Nelnet and Great Lakes acquisition, which had planned to close on December 31, 2017? We encourage you to check out this quick read when you have a chance. We'll keep you informed as we hear more, but feel free to contact us with questions.

What does this mean for you?

It's really business as usual for us—which means we're as busy you are with gearing up for the 2018–2019 processing season! We want to hear from you about challenges you face and new solutions you need. As always, contact your Great Lakes representative or Client Services.

What's New with FASTChoice?

On January 18, you'll find FASTChoice has been updated to comply with all American Disability Act (ADA) requirements, including changes to color, to make it easy for all to use this counseling, selection, and loan disclosure tool.

With this update of our private education loan solution, we're also removing all content and videos related to federal education loans. We want to be sure your students have correct and updated information always, and both the federal and private education loan arenas can see rapid changes and shifts. Keeping users of FASTChoice focused on the latest in private education loans is important. Our policy experts, Great Lakes representatives, Client Services team, and others are here to provide the accurate, updated information you and your students need.

What Does This Mean for You?

With recent changes to FASTChoice, Great Lakes will no longer be reporting itself as a third party servicer for FASTChoice users to the U.S. Department of Education (ED). Please keep in mind that you and your school may be using other Great Lakes solutions that would still have you listing Great Lakes as your third party servicer.

What's Coming Next? Checkups!

Your Great Lakes representative will be in touch in upcoming weeks and months to schedule time with you for your annual private loan processing checkups. We know a short conversation with you about what's working and what isn't can often create huge time savings and eliminate hassle for you and your students. We look forward to talking with you soon!



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