Great Lakes Loan Services is among the many companies that are responsible for the collection and monitoring of payments for federal student loans. They are responsible for timely and correct student loan payments. Great Lakes Education Loan Services, a top student loan company, helps customers manage their debt and reach their financial goals. Read on to learn about Great Lakes Educational Services Inc. and the Great Lakes Educational Loan Services Review.
What Is Great Lakes Educational Loan Services?
Great Lakes Educational Loan Services, commonly referred to as Great Lakes, is among the 10 authorized companies that provide federal student loan servicing. It is a prominent student loan servicer that collaborates with over 6,000 educational institutions and a vast number of students across the United States. Loan servicers are not the entities that provide loans. Regarding federal student loans, the Department of Education serves as the lending institution. The Department of Education has designated a company as the loan servicer to handle billing and customer service issues. The lender automatically assigns the loan servicer after disbursing the loan, and the borrower does not have control over this selection.
Great Lakes Educational Loan Services Review: The Pros and Cons
Here, we will be discussing the pros and cons of the Great Lakes. While borrowers do not have the liberty to choose their loan servicer, it is essential to have a comprehensive understanding of their payment alternatives and other pertinent details.
Pros:
#1. Options for Repayment from the Federal Government
Great Lakes is an official student loan servicer, so you have access to federal programs including income-driven repayment and the Repayment Enhancement and Progress Act (REPA).
#2. Several Payment Methods
Check, money order, credit or debit card, and automatic withdrawal are just some of the payment options available to Great Lakes consumers. Great Lakes has been around for quite some time and is a loan servicer the federal government has hand-picked as a reliable partner.
#3. Proven History
Great Lakes has been around for a while and is a loan servicer the government has hand-picked.
Cons:
Great Lakes was recently involved in a class-action lawsuit that alleged the mishandling of CARES pandemic relief funds. The lawsuit, which garnered significant attention, claimed that Great Lakes was not properly distributing the funds to those who needed them most during the pandemic. This controversy has raised questions about the company’s practices and led to increased scrutiny from both the public and regulatory agencies. Despite these challenges, Great Lakes remains committed to providing quality service to its customers and ensuring that they receive the support they need during these difficult times. It is also important to note that the current situation may not have any direct effect on your student loan repayment.
Benefits of Great Lake Educational Loan Services
Great Lakes provides a range of resources and support services to assist individuals who have taken out student loans. So, if you are a borrower with Great Lakes student loans, this service can benefit you in the following four ways.
#1. Facilitates the Process of Applying for Various Repayment Options for Student Loans
Great Lakes offers a range of repayment options for individuals with federal student loans. These options include the typical 10-year plan, income-driven repayment (IDR), and extended repayment. It is important to note that borrowers with Great Lakes loans have access to multiple repayment plans to choose from. That is to say, if you don’t pursue an alternative plan, you will continue to have your student loans on the typical plan.
#2. Accepts Payment During the Course of Your Academic Pursuits
Student loans typically offer a grace period, allowing borrowers to postpone their repayment obligations until six months after their graduation date. It is important to note that certain types of loans begin accumulating interest from the moment they are disbursed. As a result, when your grace period ends, you may find yourself with a higher outstanding balance than what you originally borrowed. Hence, to prevent your balance from accumulating excessively during your academic years, it is advisable to make modest payments as a student. You can make payments on your Great Lakes student loans even if you are still going to school. Opting for in-school payments can potentially simplify the loan repayment process post-graduation, provided it is feasible for you to do so.
#3. Provides Borrowers With a Beneficial Plan For Managing Their Debt
Upon logging in to your online account, you will have access to a repayment planner tool designed specifically for your Great Lakes student loans. This tool allows you to experiment with various repayment plans and determine which one best suits your needs.
Hence, by inputting your loan amount and interest rate, this tool will provide you with the monthly payments for various plans, as well as the corresponding amount of interest you will pay. Also, by utilizing this tool, you can gain insight into the impact of various repayment plans on both your balance and the duration of repayment. Thus, this information can assist you in determining the optimal approach for managing your debt.
Great Lakes offers multiple channels of communication for its student loan borrowers, including phone and email support. In addition to traditional methods of seeking help, it is worth noting that social media platforms can also provide support and assistance. For those seeking to inquire about any concerns or inquiries, the Great Lakes Facebook and Twitter pages are available for your convenience. Reading the questions put forth by other borrowers can also yield valuable insights. In the event that your inquiry pertains to account-specific details or involves confidential information, Great Lakes will assist you through an encrypted message or over the phone.
Great Lakes Educational Loan Services Address
Great Lakes, a leading provider of student loan servicing solutions, has its headquarters located in the beautiful city of Madison, Wisconsin. In addition to this, the company has strategically established multiple operating centers across the United States, including Rocky Hill, Connecticut; Eagan, Minnesota; Aberdeen, South Dakota; Texas; Boscobel, Eau Claire; and Stevens Point, Wisconsin.
Great Lakes has set up these centers to ensure that it delivers top-notch services to its clients across the country while also providing employment opportunities to individuals in these regions. The presence of dedicated Great Lakes representatives strategically positioned across the nation further demonstrates the company’s dedication to serving its clients. These representatives are always ready and willing to offer direct support to financial aid recipients and business partners, ensuring that they receive the assistance they need to achieve their goals. Hence, with their extensive knowledge and expertise, these representatives are an invaluable resource for anyone looking to navigate the complex world of financial aid and business management.
Repayment Options Great Lakes Offer
When it comes to repaying your Great Lakes student loans, there are several options available to you. The repayment plan you choose will depend on your unique circumstances, as well as whether you have a federal or private student loan. Now, let us analyze it in detail:
#1. Private Student Loans
The lender is primarily in charge of determining the available repayment options for private loans. It is also important to note that Great Lakes merely serves as a collector and is not the actual lender. In the event that you encounter difficulties in meeting your student loan payment obligations or desire to modify the payment terms or obtain a reduced interest rate, it would be prudent to reach out to your lender for assistance.
Additionally, private lenders do not have an obligation to offer borrowers preferential terms depending on their financial status from a technical standpoint. It is worth noting that certain lenders may offer repayment terms that are comparable to those provided by the federal options. Therefore, it is advisable to inquire about such possibilities.
#2. Federal Student Loans
Great Lakes grants individuals who are repaying a federal loan a greater degree of flexibility. By opting for this, you will be able to avail yourself of the complete range of repayment options offered by the federal government. The Standard Repayment Plan for federal student loans is a set payment plan with set amounts to be paid over a period of 10 years.
How can Great Lakes assist you?
If you happen to be a borrower with Great Lakes as your loan service provider, their customer service department is available to assist you with any inquiries or concerns you may have regarding the following subjects:
#1. Paying Back Student Loans
Online, through the app for mobile devices, or by calling customer care, you can make your monthly payment, enroll in automatic payments, or make a one-time additional payment on your student loans.
#2. Different Schemes of Repayment
If you find that you cannot make your monthly payment to Great Lakes, please call them immediately. Your loan servicer can help you apply for earnings-driven repayment plans that scale your monthly payment to your income and family size. They can drastically reduce your payment depending on your personal circumstances. In fact, for some applicants, the monthly payment needed is zero.
#3. Consolidation of Student Loans
The federal government offers direct consolidation loans that allow borrowers to consolidate multiple federal loans into one loan with a single interest rate and payment schedule.
#4. Forbearance and Postponement
Get in touch with Great Lakes if you’ve run into financial difficulties due to things like a layoff or an unexpected medical bill. Your loan payments could be temporarily suspended if you qualify for deferral or forbearance.
#5. Forgiveness of Debt
If you are currently working full-time for a government or non-profit organization, let Great Lakes know that you would like to apply for Public Service Loan Forgiveness (PSLF). Thus, if you qualify for the PSLF, Great Lakes will have your loans serviced by FedLoanServicing.
What Type of Student Loan Is Great Lakes?
The U.S. Department of Education (ED) has carefully chosen Great Lakes to offer top-notch service for your federal student loans because it is a highly reputable and dependable student loan servicer. With a proven track record of excellence in the industry, Great Lakes is committed to helping you manage your loans and achieve your educational goals. You can rest assured that you are in good hands with Great Lakes, as they are dedicated to providing exceptional customer service and support every step of the way. So sit back, relax, and let Great Lakes take care of your student loan needs!
Where Did Great Lakes Loans Go?
In the event that an individual has multiple loans with Great Lakes, it is important to note that all of these loans will be transferred to Nelnet. It’s also possible that you have additional student loans that a different loan servicer is servicing. To discover the loans that Nelnet services, simply create an account on our website and access your Account Summary by clicking on the My Loans tab after logging in.
How Do You Know If You Qualify for Student Loan Forgiveness?
Borrower defense to repayment may allow you to dismiss federal student loans. This means that if you took out loans to attend a school and it failed to offer educational services or did something to negatively affect your loan, you may be eligible to have your loans canceled. To decide if this is the appropriate choice, you must consider all your options and grasp borrower defense and payback criteria.
What Is the Most Common Student Loan?
The most prevalent federal student loans for undergraduate and graduate students are Direct Subsidized and Direct Unsubsidized Loans, generally known as Stafford Loans. Grad PLUS and Parent PLUS loans have higher interest rates and reimbursement costs than Stafford Loans.
References
- nerdwallet.com
- thepennyhoarder.com
- lendingtree.com
- investopedia.com
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