Today, we are able to process fund reallocation regardless of whether both loan types were part of the original certification. In addition, the loans will maintain their same unique ID on our system. The disbursement dates will remain the same as the original loan, unless the school requests them to be changed. For example, if a student's one-year scholarship has ended, that student may become eligible for more subsidized funds. A reallocation can be performed without a new promissory note or new school certification.
Reallocation can take place before or after final disbursement.
Requests should be in writing, preferably on school letterhead. Requests can be mailed, emailed, or faxed to Great Lakes. Reallocated loan amounts cannot exceed the total loan amount as of the final disbursement date. If Great Lakes is not the originator of the loan, the request must first be made to the originator. When Great Lakes is notified by the originator, we will make the necessary adjustments.